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feefeelafemm | Explain what a marketing mix is? |
Explain the meaning of the marketing mix in a prouct marketing mix and a service marketing mix |
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Tim
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The Marketing mix is the management of different areas of marketing to build a product or service. The different areas of the mix are:
Product (all things to do with the actual physical item or service e.g. packaging, falvour, benefits etc), Promotion (The actual communication to a target audience e.g. advertsing, coupon collection, sampling, outbound telephone marketing etc), Price (the selling price, the recommended retail price, the level of promoted price etc) and Place (where the product is actullay sold) |
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Mike L
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The marketing elements are traditionally viewed as product, price, placement, promotion. Within each you have subsets e.g product may vary by colour, size, function etc. Promotion may be broken into various forms and media, e.g. electronic, print, advertising, placed features etc. Each element has subsets and possibilities. The marketing mix therefore is n acknowledgement of the various, often complex, options involved in planning the successful marketing of a product or service. |
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hedzyhedzy
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The marketing mix is simply the term used to descsribe the use of various marketing techniques by any individual product or service.
some brands may only have TV ads in their marketing mix, others might use web, radio, tv, outdoor advertising, PR, word of mouth, events, sales prmotions, etc. |
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Ayati
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The marketing mix refers to the approaches taken by a firm to market its produst or services with regards to the 4 Ps [or the 7 Ps]. The four p's are product, price, place and promotion [an addition of positioning, people and physical evidence].
Product
The product in this case will be the service or the good the firm produces and the aspects concerned with the product are the brand name, packaging, product quality and these should appeal to the consumers.
Price
The company will adopt a pricing strategy that is suitable for their target market, for example, for mass products, a company may choose to implement marginal pricing strategy, and there are also strategies such as differential pricing, mark up pricing, cost plus.
Place
This is concerned with the distribution channel used by the firm to make sure that the product or service reaches the consumer at the right place and at the right time. for physical products, there is no problem because there exist a physical market and a physical channel to market them. But for services, they are usually distributed through agents but the consumer will have to go to the service provider and not the service provider transproting the product to the consumer as is the case with physical produst and the consumer cam also not sample the service before purchase.
Promotion
It deals with the activities that aorganisation can take to to make sure that the consumers are aware of the products and services on offer, their value to customers, the quality and also their features. it inlude activities such as advertising, public relations, sales promotions |
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Monica Maria
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The marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained. |
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Mathew C
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The marketing mix is called the four p's, product, place, price and period. It means the right product should be sold at the right convenient place for the customer at the fair exchange price at the right time when he needs it. The right product means the product should be fit enough for the standard purpose for which it is meant. Convenient place means you cannot expect a person in Michigan to buy his product from LA, so the stores should be easily accesible to your customer and products should be made available in convenient locations. Fair exchange means, when a customer pays for your product he should feel that he is not robbed by the vendor and the vendor should not feel that he has made excess profit. In Economics this phenomenon is called 'giving something for nothing' and this is how things are marketed in freemarket economies. At the right time means the customer should be able to buy the product at the time he needs it not at the time when the vendor is willing to sell. This involves lot of things like having your product sold through shops that have multiple cash counters, parking spaces etc;. There is a fift p added lately called promotion. This means there should not be any deception initiated by the vendor to promote and sell his product. |
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Krishna
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THE MARKETING MIX EXPLAINED
Marketing comes with a host of semi-scientific jargon — but much of it comes down to simple common sense. This film cuts through the fancy words to explain the practical realities of the marketing mix.
THE MIX
The classic definition of the marketing mix is the "four Ps" — product, place, price and promotion. These are four factors which marketers think are critical to the success or failure of marketing anything.
PRODUCT
We all think we know what a product is, but most products these days are, in fact, services. And even with a product the physical part is only part of the product — it's bundled up with all kinds of things called benefits — considerations such as the brand name, reliability, after sales support and credit facilities.
PRODUCT LIFE CYCLE
Products don't last forever. In marketing terms, they go through four phases: introduction, growth, maturity and decline. This is what urges producers to constantly innovate, bringing out new products.
PRODUCT MIX
So companies tend to end up with a number of different types of products or "lines". You might try to bring out lots of new products aimed at your existing customers (called width) or bring out new products designed to attract new customers (called depth). Taken together the width and depth is what's called the product mix. Marketing research plays a critical role in deciding what products to make.
PLACE
But as well as deciding what to make, you've also got to work out where your customer is going to get your product. You need channels of distribution. You may sell through intermediaries like retailers or the internet. The point is to get the product where the customer wants it and how the customer wants it.
PRICE
Pricing products is an art form involving psychology, emotion and science: the simplest approach is cost-based pricing. With market penetration pricing, companies make a big initial impact with an extremely low price. Market skimming means companies positioning themselves at the quality end of the market by setting high prices.
PROMOTION
Also known as "marketing communications", product promotion embraces advertising, publicity, sales promotions, direct marketing, sponsorship and personal selling. This is the promotional mix — and the secret is to get the right combination of promotional techniques to reach the people you want to reach.
SEVEN PS
Product, place, price and promotion are the four Ps. But some people believe marketing involves another 3 Ps — people, process and physical evidence. These are all things that influence people to give their custom to a business.
BUT SHOULD WE DO IT?
Marketing techniques are now used to sell anything to anyone. But can we take things too far? What about the dangers of over-consumption? |
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Mike10613
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A mix of marketing ideas, flyer's, newspaper adverts, TV adverts, emails, website adverts. Also cascading one advertisement pointing to another like a small card pointing to a website. Novel advertising like free pens or personalised mugs. Postcards are good - there are more postcard collectors in the world than stamp collectors or any other type of collector - so they don't get thrown away - if they're quality. CD and DVD advertising can be massive. A DVD will hold over 4.3 GB of information, video, presentation, data the lot and they are cheap enough to give away. |
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robert m
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as already stated the 4 Ps help define, but look up the CIM and that will help identify 7P's, especially things like process and people which are specifically service related. |
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Ego Fatigo
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Mix just means do X, Y, and Z activities when you're trying to market, rather than a single activity. E.g. Answer questions on Yahoo! Answers, write articles, post to your blog daily, and use PPC Ads like Google Adwords.
Having a marketing mix means that if one method fails you all is not lost. |
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ConsultingCurious
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The marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained. The model was developed by Neil Borden (Borden, N. 1964) who first started using the phrase in 1949. Borden claims the phrase came to him while reading James Culliton's description of the activities of a business executive:
(An executive is) "a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients immediately available, and sometimes experiments with or invents ingredients no one else has tried." (Culliton, J. 1948)
When blending the mix elements, marketer(s) must consider their target market. They must understand the wants and needs (see Maslow) of the market (customer) then use these mix elements in constructing (formulating) appropriate marketing strategies and plans that will satisfy these wants. The mix must also meet or exceed the objectives of the organization. As Borden put it,"When building a marketing program to fit the needs of his firm, the marketing manager has to weigh the behavioral forces and then juggle marketing elements in his mix with a keen eye on the resources with which he has to work." (Borden, N. 1964 pg 365). A separate marketing mix is usually crafted for each product offering or for each market segment, depending on the organizational structure of the firm. Borden goes on to suggest a procedure for developing a marketing mix. He claims that you need two sets of information; a list of important elements that go into the mix, and a list of forces that influence these decision variables.
Other realated concept is Managemenet Mix, a concept promoted in my published article. You can read about it at
Introducing BIM4U
http://docs.google.com/View?docID=df495q56_0f3h4hf&revision=_latest
The other links on my published articles that may interest you are BIM4U in Action
http://docs.google.com/View?docID=df495q56_3c5r33w&revision=_latest
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Ten commandments
http://docs.google.com/View?docID=df495q56_5c24pgd&revision=_latest
Learning Process
http://docs.google.com/View?docID=df495q56_7fh7wcf&revision=_latest |
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ajith kumar
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excelent information about marketing mix
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