Develop a Coherent Markting Mix for an Existing Product
I am going to develop a coherent marketing mix for an existing product which is Coca-Cola
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are Price, Place, Product, and Promotion. More recently 3 more P's have been added to the marketing mix namely People, Process and Physical evidence this is known as the extended marketing mix
Product is a tangible object or an intangible service offered to the customer. This includes the appearance, functionality, and support or non-tangibles the customer will receive. The physical product itself is part of “product” as well as any packaging it arrives
Price is the amount a customer pays for the product. The business may increase or decrease the price of a product if another stores selling the same product
Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer.
Promotion is the advertising and selling part of Marketing. Often, promotions are categorized into push versus pull. Advertising pulls by making the consumer aware of and ask for your product or service. Incentives, such as premiums or price reductions, push your product out the door by encouraging your customers to purchase in volume, more, or more often than he would otherwise purchase.
Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product; it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are Price, Place, Product, and Promotion. More recently 3 more P's have been added to the marketing mix namely People, Process and Physical evidence this is known as the extended marketing mix
Product is a tangible object or an intangible service offered to the customer. This includes the appearance, functionality, and support or non-tangibles the customer will receive. The physical product itself is part of “product” as well as any packaging it arrives
Price is the amount a customer pays for the product. The business may increase or decrease the price of a product if another stores selling the same product
Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer.
Promotion is the advertising and selling part of Marketing. Often, promotions are categorized into push versus pull. Advertising pulls by making the consumer aware of and ask for your product or service. Incentives, such as premiums or price reductions, push your product out the door by encouraging your customers to purchase in volume, more, or more often than he would otherwise purchase.
Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. It costs to produce and design a product; it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the