Case Studies about Marketing Mix: 4p’s
The marketing mix is often referred to as the ’4 Ps’, i.e. product, price, place and promotion. To meet customers’ needs a business must develop products to satisfy them, charge the right price, get the goods to the right place, and it must make the existence of the product known through promotion.
Products or services
Must meet customer requirements whatever these might be. For example, an important aspect is function – products should do what they say they can do and what they are expected to do. For example, Audi cars are popular because of their high performance.
Appearance is also important. This is why for example, consumers are prepared to pay premium prices for some of Gillette’s razors.
Roughly one fifth of the cost of a product is spent getting it to consumers. Of course, the actual figure varies widely from product to product but generally distribution is a very important element in the marketing mix. Different organisations use different approaches to reaching their customers. For example, McDonald’s uses a franchising system enabling it to operate in a wide variety of geographical locations, and Amway distributes through Independent Business Owners worldwide.
Is the process of communicating with customers. For marketing purposes, communication of products and services contributes to the persuasion process to encourage consumers to avail themselves of whatever is on offer. The key processes involved in promotion, include:
- branding – creating a distinctive image and character to an organisation/and or its products and services
- advertising – to inform and persuade the public
- packaging – presenting the product in a desirable and appropriate way
- public relations activities and other forms of publicity
- special promotions – e.g. buy one get one free.
Needs to be relevant to the product/service and the market. For example, BIC the manufacturer of razors, pens and lighters seeks to provide the world’s markets with products at affordable prices. A firm’s pricing decision is often aimed at attracting a particular market segment. For example, if it wants to sell at the top end of the market it will charge a high price, at the bottom a low price, and so on.To refer this case study click here Marketing Mix 4ps
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