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Case Study on Marketing Mix

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Added on  2019-12-03

Case Study on Marketing Mix

   Added on 2019-12-03

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MARKETING MIX1
Case Study on Marketing Mix_1
Table of ContentsINTRODUCTION ...............................................................................................................................31.1 Marketing Mix...........................................................................................................................31.2 Marketing mix as a tool of analysis...........................................................................................41.3 Applying 4 Ps to market the proposed product..........................................................................5Conclusion............................................................................................................................................6References............................................................................................................................................72
Case Study on Marketing Mix_2
INTRODUCTION Marketing in a simple term defined as an activity of selling the right product at right cost inthe right market at the right time. It is all about creating a product for a particular group ofcustomers and place it in a market for sale at a price that the customers value. Therefore marketingcomprises of Product, Price, Place and Promotion, popularly known as 4Ps of marketing. (Aakerand et.al., 2007). The given report analyses the marketing mix and its usefulness as a tool. In addition to thatthe report also features a case study which examines the application of 4 Ps to market HealthySmoothie for young students that belong to the age group of 11-21 years.1.1 Marketing MixEvery organization before launching its product in the market has to take four set of strategicdecisions which are broadly referred to Marketing Mix. The term was initially coined by NeilBorden in the year 1964 (Cranzer, 2006). Marketing mix is a combination of 4 Ps that are Product,Price, Place and Promotion. The decisions that include the four variables play important role as theycan either make or break the marketing strategies of the company. 4 Ps of marketing are discussedin detail in the following pointsProduct- It is the first important variable of the marketing mix. The company first decidesupon the product to formulate its marketing plan. There are certain product related questionswhich need to be addressed before creating product strategies such as type of product- newor re branded, quality, Unique Salient Proposition of the commodity, etc. Once thesequestions are addressed remaining marketing variables are taken into consideration based onthe product decisions (Dennis and Harris, 2003).Price- After the product, pricing decisions are vital for marketers. The price of the productcan directly impact the demand for the good. There is a connection between perceived valueof the commodity for the end users and the cost of the good. If customers feel that theproduct is priced higher and not offering them value for their money then they may stoppurchasing it from the seller (Wright and Calof, 2006). Besides this, pricing decisions arealso influenced by market price fluctuations, competitor's costing strategies, value chain anddistribution costs along with costs involve in advertising and sales of the product.Place- Place refers to the decisions on how the product is made available to the end users. Itmainly associated with the distribution channel of the product (Kokemuller, 2015). In caseof B2C product that stands for business to consumer market, FMCG products for instance,large distribution channels are taken into consideration to make the goods available to the3
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