In this assignment I will be looking at how product and services are marketed and look at how a marketing mix is developed using the four P 's: Product, Price, Place, and Promotion.
The Marketing Mix provides an excellent framework for developing marketing plan. They are generally accepted as being made up of four parts which are:
These are ideas to consider when marketing a product and shall be described in more detail below:-
The Four 'P 's
A product is anything that can be offered to the market to satisfy a customer needs and desires. Product include physical goods, services experiences, events, person, place and etc. It is therefore the combination of goods and service that are offered to the target consumer. A business will constantly change and update its product range and mix to constantly please their customers and be above competitors.
A product can be viewed in three different levels:
Level 1: The core Product (rather than the physical product) is the benefit of the production that makes it valuable to you.
Level 2: The actual product is the physical item. At this level branding and added features and benefits are important as this what will differentiate the product from competitors.
Level 3: The augmented product is additional value beyond the physical product: it usually consist of after-sales service, warranties, delivery and so on. The extent of the mix is another significant issue. If a business doesn’t have many products, there is a chance that one will go out of date as newer type of products are in the market and this can seriously damage the business scale. It is recommended to never have one product in one market as if the product isn’t successful and fails this could mean a complete failure of the business. Some businesses will adapt and anticipate change, while others reacts to the need to change. An example of this is