Together, elements in these four categories help develop marketing strategies and tactics.
Product, Price, Place and Promotion. These four elements are known as the marketing mix or the 4Ps.
The four marketing mix elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and unco-ordinated. This article provides you with a quick introduction to each marketing mix element and provides links for further marketing mix information.
The diagram below shows the four factors 4p bmw product price promotion position make up the marketing mix; product, price, place and promotion Marketing Mix Product Strategy Product is part of the marketing mix because it is the item offered for sale so its features and design need careful consideration.
Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market.
When an organisation is considering introducing a product into a market, they should ask themselves the following questions: Who is the product aimed at What benefit will customers expect from it What will be its advantage over competitor products?
Or its unique selling point? How does the firm plan to Position the product within the market? The answers to these questions will help a firm design, package and add value to its products.
Apple has an excellent marketing mix strategy in particular a very popular product strategy. Their products are carefully built, with well thought out design backed up with their iconic Apple logo.
To learn more about product strategies within the marketing mix click on the following link: Marketing Mix and Product strategies To learn more about pricing including example pricing strategies click this link: Marketing Mix and Pricing Strategies Marketing Mix Price Strategy Price is part of the marketing mix because if you get the price wrong you will not sell your product.
There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business loss leader pricing. A product is only worth as much as people are prepared to pay for it.
You will also need to consider competitor pricing and factors within your marketing environment. Samsung's marketing mix pricing strategy involves them using a number of different pricing strategies for the different types of products they sell. Samsung sell many different types of phones at different prices, this is called product line strategy and it is a very popular way for Samsung and other firms to use their marketing mix.
Marketing Mix Place Strategy The Place element of the marketing mix is about where the product is made, where the product is stored and how the product is transported to the customer.
The place for each of these things should ensure that the product gets to the right place at the right time without damage or loss. The ideal place will be Convenient for the customer and the business Accessible for the customer if it is the place where the product is sold Low cost or free for the customer if it is the place where the product is sold Reasonable cost to the business The following link provides further information on place: Marketing Mix and Place Strategies.
Marketing Mix Promotion Strategy A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. Promotion is any activity to raise awareness of a product or to encourage customers to purchase a product.
Advertising is a form of promotion but not all promotions are advertisements.
Promotional activities for consumer sales will be different to promotional activities for business to business sales.
The following things will influence how a firm chooses to promote its product: Promotional campaign purpose The budget for the promotional campaign Legal rules about what you can promote and how The target market for the product The marketing environment in which the firm operates Retailer Tesco PLC's marketing mix promotional strategy is very varied.
They use a combination of above the line advertising supported by campaigns on social media and clever use of YouTube. The following link provides further information on place: Marketing Mix and Promotion Strategies. Other Marketing Mix Links Service Marketing Mix The ideal marketing strategy for a firm selling services, includes the traditional marketing mix and three additional elements: Companies like Virgin Atlantic have a clever service marketing mix strategy.
Well trained staff make sure that customers are taken care off so they return to use their services. Click on the attached link to learn more about the 7Ps:marketing mix is made up of four main points these are Price, Product, Promotion and Place.
Through these points we can examine the specifics BMW price ranges are from $17, to $80, There are many options The markets BMW position them selves in are very competitive.
This is. Promotion is summarized as the specific communication avenues for a product. In the marketing mix, promotion is a combination of activities such as advertising, public relations and direct sales. Nike Inc.’s marketing mix or 4P facilitates the company’s global growth based on high quality products, numerous places for distribution, advertising-focused promotion, and relatively high prices in the global market for athletic footwear, apparel, and equipment.
Nov 29, · In , the BMW group produced 1,, automobiles and , motorcycles across all its brands. Let’s analyze the system of 4P’s on example of BMW brand and cars.
Product; The most important element in the marketing mix is the company’s product because this provides the useful requirements required by customers. Mercedes has several competitors in terms of price and quality on all of their product platforms.
Historically, Mercedes biggest competitors have been Lexus, BMW, Audi, and Cadillac. The economic downturn coupled with the restructuring of domestic auto . The consumer research proposal to introduce a new energy drink to the market was the final assignment for the Marketing /Consumer Behavior course during the MBA (marketing concentration) program.