Marketing mix - Product
✦ Product life cycle
Aim: transform strategic decisions already take into a sustainable and attracted commercial offer. From a managerial point the key question is: how can we transform our decision, our value proposition into something that can be bought by the market? We have to consider that there are several models that have been suggested over time to depict from a managerial view point what marketing mix meansthey clarify the key managerial levers to transform a strategic value proposition into an attractive commercial offer. Key levers that must be run to identify an attractive commercial offers? 4 p’s model by McCarthy: a commercial offer must be identified according to 4 levers: product, price , promotion and place. Product: we need to transform the value proposition into an output that can be tangible or not and represent the determinant of the exchange. Price: if an exchange takes place, a price is suggested to the target audience to have the info for taking a final decision. Promotion: the target audience must be aware of our offerit’s a matter of communication of the key characteristics of the company’s offer. Place: the company must ensure all the necessary conditions which allow the physical delivery of the outputit’s a matter of distribution channel selection. These 4 determinants relate both the object of the exchange and all the actions taken to allow that the exchange can take place (awareness and deliverability).
Some other models have been suggested in the past years: they are more complex since there is the introduction of further variables that the company should assess in order to better identify the commercial offer. One of these models is the 7 p’s model: Personnel: clarify the growing relevance of the human nature of the offer, of the service embedded in the offer and of course it highlight the relevance of the human contribution beyond technology which is embedded into the output Physical evidence: it’s becoming more and more important the set of attributes of the point of sales, the layout of the point of sales, the type of furniture, the location of itto point out that also the point of sales represents fundamental driver for the final purchase decisionin this evolution it is not just a matter of channel selection, but it is a matter of comprehensive qualification of how point of sales within the selected distribution channel are organized Personalization: it stresses the importance of not simply defining an output, but to adapt it to specific desires of individualsit’s not deliver and promote a unique attractive offer even for a single segmentwe have to take into account, in the light of the growing complexity and sophistication of demand, the possibility of customizing the offer, considering the needs even at an individual level. Lever introduced in the light of the emerging importance of the customization phenomenon. These 3 further elements stress the intangible nature of the offer. These further p’s stress the growing importance of the intangible content of every offer even of a tangible good. Thus they are the consequence of the managerial awareness of the role played by intangible features of an offer.
A further managerial element refers to a basic attribute of the marketing mixconsistency concerning our decisions across the marketing mixa fundamental element that should guide every action taken by the management community. There are 2 types of consistency: external and internal consistency. By external consistency, we mean the management capability of setting up a set of marketing mix levers fully coherent with market expectationI design a product that matches market expectations, I fix a price consistent with market expectations, I have to communicate the right contents at the right time in the right place to make the audience aware, I have to make my offer available exactly with respect to my...
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