Marketing Mix of 5 Brands
ASSIGNMENT OF MARKETING MANAGEMENT
QUESTION:
In Marketing , we study 4Ps like Product, Price, Place and Promotion. You are supposed to analyze any brand or product of choice based on the above marketing mix i.e. 4Ps.
ANSWER:
MARKETING MIX
The marketing mix is a broad concept which includes several aspects of marketing which all inquire to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution.
Elements of the marketing mix are often referred to as the "Four 'P's", a phrase used since the 1960's * Product - It is a tangible good or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needs to be taken into consideration. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, product differentiation is required and is one of the strategies to differentiate a product from its competitors. * Price – The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product. * Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. * Promotion represents all of the communications that a marketeer may use in the marketplace. Promotion
QUESTION:
In Marketing , we study 4Ps like Product, Price, Place and Promotion. You are supposed to analyze any brand or product of choice based on the above marketing mix i.e. 4Ps.
ANSWER:
MARKETING MIX
The marketing mix is a broad concept which includes several aspects of marketing which all inquire to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution.
Elements of the marketing mix are often referred to as the "Four 'P's", a phrase used since the 1960's * Product - It is a tangible good or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needs to be taken into consideration. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, product differentiation is required and is one of the strategies to differentiate a product from its competitors. * Price – The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product. * Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. * Promotion represents all of the communications that a marketeer may use in the marketplace. Promotion