Marketing Mix for Tangible Products vs. Services

This presentation discusses the differences and similarities between the marketing mix for tangible products and services. It explores the four characteristics of services and products, as well as the four elements of the marketing mix. It also provides insights into launching a new food and beverage company and the importance of monitoring business activities. Finally, it suggests auditing assets one year after the company's launch.

MARKETING

INTRODUCTION
Marketing is a wider and brother concert need to be
understood most proper consideration so that all the goals
and objectives of are achieved properly. It includes ample
number of theories, concepts and frameworks which are
important to be used by your system so that all the
functions and operations are carried out in most efficient
way. Astros, new business venture established in UK. The
company comes up with the new food and beverages
products as well as services in this competitive era. The
chosen company uses marketing mix with proper
consideration so that product and services are used at wider
level all over the market.

Differences and similarities between marketing mix for
tangible product & marketing mix for a service
• Overview and use of marketing mix
• Marketing mix is essential part of business which is being used
by money market as well as organisations through which they
are able to attract customers as well as target potential
market. It is a theoretical and practical concept due to which
its applications have become wider and large and which are
being used in most effective manner. This is used by marketers
because it helps them to make effective decisions during the
planning project of implementing new or existing business.

Four characteristics of
service
• Intangible- A service is an intangible which is provided by the manufacturers
masters for medicines and many more to the customers in short for example we
use different mobile networks 5G, 4g etc. these are the services which are
intangible in nature. It is important to analyse and examines the service
characteristics that it is used properly.
• Inseparability- Services are unique and there are many other services which are to
be consumed at the same time and Anderson location. For example to get a haircut
presence of individual must be there in the salon. That is why it is said that services
are inseparable from the individual people who consume or want the service.
• Perishability- This first services perishable in nature and can be stored for longer
period of time how can we using future perspective for example restaurant is full in
a day and his half empty on next day.
• Heterogeneous- Services meaning nature and have different standards in
customers depending upon their level of spending. For example charges different
prices to different customers depending upon their demand and needs (Hurst,
2020).
•

Four characteristics of
product
• Marketing mix element- A product is an element of marketing mix concept
and is being considered as important part of business by the marketers.
Without product sale cannot be done and profit cannot be earned by the
organisation.
• Involves both goods & Service- A product also includes both goods and
services during the process and which is used by all the interested parties. A
product is both tangible as well as intangible and it depend upon the
customer to choose for use which one.
• Core Base- A product is to be considered as important place of the
organisation without which many functions and operations can be carried
out by the enterprises. This means that it is important to provide quality of
product to the consumers so that satisfaction is achieved properly by them.
• Different use- A product is used by consumers, society, marketers,
organisation in different way according to their personal use. With the help
of this value of a product increases at higher level and it provide benefit to
both the organisation as well as customers at deep level (Liu, 2017).

• P’s which make up the marketing mix of product
• There are basically 4 p's of marketing which make something
marketing mix of product, price, promotion, place and product
when blended are combined leads to effective product that
provider correct pitch to the product. It is important to have a
proper knowledge of these p's of marketing so that correct
measures are being being implemented by the organisation. It
is a time consuming process but is mostly used by marketers
to achieve the desired common goals and increase the
customer ratio in comparison will be competitors (Wu, 2018).

• Product- All the activities of marketing mix start with product. Without use
of product, the other elements cannot be performed by anyone in proper
manner. Thus, a product is heart of the market as well as on organisation.
Different products have different types of characteristics and are used by
consumers according to their preferences and demand.
• Price- A price is a value of a thing on the basis of which sale of goods and
services are being done. There are various types of pricing strategies which
are used by entities depending upon their requirements. It is responsibility of
the manager to make sure that suitable pricing strategies are being used
strategies such as skimming, penetration pricing, psychological pricing and
many more (Jindal, 2020).
• Place- Place is the location of a product warehouses or company in which all
the function and options are carried out and customer can access to that
location with motive of use of the product. A location is important to be
focused so that customer are easily accessible to store and product in
inconvenient way. Location is the evidence that organisation and product are
physically present.
• Promotion- Another element of marketing mixes promotion in which
product or service is being marketed by the use of different tools such as
online or offline marketing channels depending upon the decision of the
organisation. There are various types of promotion techniques which are
being used by the enterprises such as online marketing digital platforms and
many more.

P’s which make up the
marketing mix of service
• People- In this type of marketing mix elements includes those
type of people which provide the services or encounter
customer directly on daily basis. For example- it involves
cashier, labours, employees and many more. Moreover,
people have proper interpersonal communication skills and
have a deep knowledge of customer behaviour as well as
attitude which help them to maintain positive customer
relationship management.
• Process- A process is defined as enterprise system which
implements the motive of facilitating the delivery of services a
proper service delivery process can enhance the customer
overall total satisfaction as well as increases retention period
for longer period of time.

• Physical evidence- This element specifies that it includes
tangible and intangible elements that it results in environment
in which a service is being delivered by the provider. Also, it is
often seen that with the positive service environment
customer influence and provide positive feedback regarding
the use of service (Massingham, 2017).

2. Launching a new food and
beverage company
• Astros, a new business centre which provide food and
beverages within the market. Launching a company is not easy
task and requires a market research as well as capital. There
are many things which are to be considered important by the
businessman and business so that all the function and
operations related with which company are carried out in
most effective way. When establishment new food and
Beverage Company, it is important to focus on all the aspects
of businesses and market changes so that decisions are made
accordingly

Important things for
considerations-
• There are various important considerations which are to be focus and
are explained below-
• Culture- It is most important part in business mostly when establishing
a new one in the market. People focus on their culture and purchase
product or services according me as differences demands and wants
are created by the cultural differences. To understand this many
entities uses marketing concept such as STP approach to target their
most potential market as well as customers for their product.
• Legal and regulatory barriers- When establishing and implementing a
new business within the new location it is necessary to be aware and
have a proper knowledge about legal and regulatory barriers and
other rules and regulations of government. So, when introducing a
new business into foreign markets it is essential for entrepreneur to be
flexible so that relation is maintained amongst the local authorities
and other departments which is helpful for the business activities.

• Foreign government considerations- It is not important that the
government of country in which the business is being implemented is
stable and there are other government considerations which are
needed to be analysed such as currency exchange rates,
communication transportation options, access to resources and
materials, rising of funds or capital etc. Also there are different types
of rights and laws and intellectual property rights which are faced by
new processes. Also, it is crucial to higher expertise that has a big
college of local market and government authorities.
• Business case- Other thing which is to be considered is business
case of the new organisation. It is also the business face response to
the challenges, rewards and other aspects of overseas. So, there are
various types of strategies which are needed to be considered such as
market study so understanding market trends, forecasts, financial
feasibility recognising the businesses proprietary needs partnership
development etc. With help of business case knowledge about the
organisation and market environment is analysed which is helpful for
the enterprises. Also, it is to be prepared in such a way that functions
and operations are performed effectively.

Discuss the importance of
monitoring
• Monitoring is essential when running the business for the time
of following business activities so that current progress and
performance level is being analysed properly and effectively.
With the help of monitoring, information about the project
growth and other expects as well as how much time will be
needed to achieve the assigned task. It is mostly operated by
the manager of superior of the department who manages and
handle the team. In relevance with Astros, it is important for
them to focus on this process so that it becomes easier for
them to examine the various aspects of business and other
activities.

• Provide an overview of activities- While going with the
monitoring process it help organisation to deliver information
and statistics of the on-going activities of the organisation this
results in developing and speeding up the conducted process.
This idea to the team and team members to analyse the growth
of their work as well and amount of effort put by them.
• Determine the risk or issues- When monitoring is being adopted
by the enterprise it also give idea about the risk or any problem
related with on-going activities or functions which results in
using the resources in most effective way. Furthermore, correct
measures are also used at the same time and risks are being
identified by the superiors. This assists in making the decisions
properly and eliminating me additional changes in in near future.

• Revise the past experience & deadlines- Another reason of
using monitoring is that it revised past experiences of both
employee as well as team members which help them to work
and make decisions in most appropriate manner. Moreover, it
also gives idea about the deadlines of the project or activity.

ONE thing that needs to be audited 1 year after the
company has launched
• Auditing is essential as financial position and progress level is
been determined by the organisation in continuous form. So, the
one thing that needs to be audited one year after the company has
launched is asset.
• It is the most crucial part of business especially for new
businesses because the value of asset either depreciate for prices
up depending on the market value stop so to carry out in effective
manner it is important to audit the asset value every year so that
it can be used at the emergency. In relation with chosen entity
they also need to audit the asset so that translation related to
other activities are being recorded properly any further used
during the viability of the investment. During the investment
asset is being considered as most valuable thing and it is
important for enterprise to focus on their asset and other capital.

CONCLUSION
• After a brief analysis of above report it has been concluded
that marketing is a wider and broader concept which is to be
adopted by every organisation so that function and operations
are carried out effectively. With the help of marketing mix and
other tools it become easier for marketers to provide products
and services to the customers. To deliver quality of services to
customers, it is important to understanding various types of
considerations and important things so that new venture
established properly.

REFERENCES
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