The first market mix element is Product. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want. Product decision normally base on brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty, accessories and services. These product attributes can be manipulated depending on what the target market wants. Also, customers always look for new and improved things, which is why marketers should improve existing products, develop new ones , and discontinue old ones that are no longer needed or wanted by the customer. Coco secret knows its position just to be a small company and have to compete with a ton of big giants like the face shop and the body shop. Therefore, the products of Coco secret are special and unique. They are virgin coconut oil and extra virgin coconut oil. They take full advantage of the image of a company from a country in which agriculture industry accounts for more than 70% - Vietnam. The virgin coconut oil is filled in a 60ml tube and sold in a form of a combination of 3 tubes. On the other hand, the extra virgin coconut oil is produced in a 500ml tube and
Of all the aspects of the marketing mix, price is the one, which creates sales revenue - all the others are costs. The price of an item is clearly an important determinant of the value of sales made. In theory, price is really determined by the discovery of what customers perceive is the value of the item on sale. Researching consumers' opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to pay. As I have mentioned above, the Coco secret have to compete with many giants in other to get some niche market in this beauty industry. Providing quality product at the lowest possible price has always been one of the main concerns of Coco secret. In other to do that, one of the ways they use is by expanding their use of inexpensive and recyclable plastic bottles and tubes. The price for a combo of three 60ml tube is about 5 USD while one 500ml bottle is 10USD. The place
Although figures vary widely from product to product, roughly a fifth of the cost of a product goes on getting it to the customer. 'Place' is concerned with various methods of transporting and storing goods, and then making them available for the customer. Getting the right product to the right place at the right time involves the distribution system. The choice of distribution method will depend on a variety of circumstances. It will be more convenient for some manufacturers to sell to wholesalers who then sell to retailers, while others will prefer to sell directly to retailers or customers. The promotion
Promotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. The razzmatazz, pace and creativity of some promotional activities are almost alien to normal business activities. The cost associated with promotion or advertising goods and services often represents a sizeable proportion of the overall cost of producing an item. However, successful promotion increases sales so that advertising and other costs are spread over a larger output. Though increased promotional activity is often a sign of a response to a problem such as competitive activity, it enables an organisation to develop and build up a succession of messages and can be extremely cost-effective.
Promotion is a key element of marketing program and is concerned witheffectively and efficiently communicating the decisions of marketing strategy, tofavorably influence target customers’ perceptions to facilitate exchange betweenthe marketer and the customer that may satisfy the objective of both customer and the company.A company’s promotional efforts are the only controllable means...
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