Marketing Mix - Petrol Outlets
| Marketing Mix and Retail Petrol Outlets | The Four P’s | |
Introduction
This report aims to address four elements that collectively create the marketing mix. These marketing tools will then be analysed and how these marketing elements are applied to retail petrol outlets within Australian will be discussed.
The Marketing Mix elements collectively are made up of the four P’s; Product, Price, Place and Promotion. Marketing as often defined, utilises these four tools; putting the right product in the right place, at the right price, at the right time. Marketing in simple terms is creating a product that a particular group of people want, putting it on sale in some place that the same people visit regularly, and pricing it at a level which matches the value they feel they get out of it; and doing it all at a time that consumers want to buy. The strategy emphasises the organisations ability to understand and satisfy customer’s in a position that will be profitable to the organisation and valuable to the customer.
This report provides an overview of each individual element used in the four P’s strategy and how they are applied to retail petrol outlets.
Marketing Mix
Marketers use a combination of marketing tactics from the marketing mix to develop marketing strategies. The marketing mix is a set of controlled variables that formulate the strategic position of a product or service in the market place. The primary goal of marketing is to optimise the marketing mix, offering the best possible combination of the four P 's to maximise the effectiveness of marketing efforts.
Product
The term product refers to tangible physical products as well as intangible Services (www.netmba.com). Product is the mix of all the features, advantages, and benefits that you offer to your target market. It may include certain characteristics such as quality, packaging, after sales support, customer services etc. As per Solomon (2011) a product is whatever is
Introduction
This report aims to address four elements that collectively create the marketing mix. These marketing tools will then be analysed and how these marketing elements are applied to retail petrol outlets within Australian will be discussed.
The Marketing Mix elements collectively are made up of the four P’s; Product, Price, Place and Promotion. Marketing as often defined, utilises these four tools; putting the right product in the right place, at the right price, at the right time. Marketing in simple terms is creating a product that a particular group of people want, putting it on sale in some place that the same people visit regularly, and pricing it at a level which matches the value they feel they get out of it; and doing it all at a time that consumers want to buy. The strategy emphasises the organisations ability to understand and satisfy customer’s in a position that will be profitable to the organisation and valuable to the customer.
This report provides an overview of each individual element used in the four P’s strategy and how they are applied to retail petrol outlets.
Marketing Mix
Marketers use a combination of marketing tactics from the marketing mix to develop marketing strategies. The marketing mix is a set of controlled variables that formulate the strategic position of a product or service in the market place. The primary goal of marketing is to optimise the marketing mix, offering the best possible combination of the four P 's to maximise the effectiveness of marketing efforts.
Product
The term product refers to tangible physical products as well as intangible Services (www.netmba.com). Product is the mix of all the features, advantages, and benefits that you offer to your target market. It may include certain characteristics such as quality, packaging, after sales support, customer services etc. As per Solomon (2011) a product is whatever is
References: Sydney Morning Herald, The, 02/08/2008 Australian competition and consumer commission, 2012, Fuel facts: What drives fuel prices in regional Australia? www.Mindtools.com 2012 Fuel Price Strategy Explained, March 2010, Administrator, Fuel Pricing Software Petrol Prices and Australian Consumers, Australian competition and consumers commission (2007) http://www.accc.gov.au/content/item.phtml?itemId=806216&nodeId=d5fc6a56fb589b453abc58f22e0b78bd&fn=Petrol Solomon, M. Hughes, A Chitty, Fripp B, Marshall G, Stuart G(2011) Marketing 2 Real People, Real Choices. Convey K, 2011, Revenue roller-coaster: Industry performance has fluctuated due to volatile prices, IBISWorld Industry Report G5321, Automotive Fuel Retailer in Australia, November 2011 www.BP.com www.netmba.com