Marketing Mix: Tangible Products and Intangible Services Analysis

This essay provides a comprehensive analysis of the marketing mix, comparing and contrasting the strategies used for tangible products and intangible services. It begins with an introduction to the marketing mix concept, explaining its importance and application for businesses. The essay then delves into the characteristics of both products and services, highlighting their key differences and how these differences influence marketing strategies. A detailed examination of the marketing mix elements (product, price, promotion, and place) is provided, with specific examples from the Vodafone company to illustrate practical applications. The discussion covers the specific "Ps" that constitute the marketing mix for both products and services, offering insights into how each element is tailored to meet the unique needs of the target audience and achieve business objectives. Finally, the essay concludes by summarizing the key takeaways and reinforcing the significance of an effective marketing mix in achieving business success. The essay adheres to the guidelines of the London School of Commerce, Malta, and incorporates references from academic literature in Harvard style, as per the assignment brief.

Part 1
MARKETING
MANAGEMENT

Table of content
• Introduction
• Overview of marketing mix concept
• Characteristic of product and services
• Marketing mix of product and services
• Conclusion
• References

Introduction
Marketing mix affect the company directly. If the
company is following marketing mix they can get lot of
benefits out of it. It helps the company to do the task in
hand with efficiency. For better understanding of report
Vodafone company has been taken and few points
related to marketing mix are thoroughly discussed.

Marketing Mix
Marketing mix help the company to promote its brand and the
products. All the factors are considered so that a company can get the
most from its products. It originally comprises of 4 factors which are
price, place, product and promotion. It helps the marketers to build
the product and promote it by using various marketing strategies.
Marketing mix mainly focus on understanding the target audience.
With the introduction of digital media taste of customer keeps on
changing rapidly.

Characteristic of products
It is one of the elements of marketing mix; different people have
different expectations with product say management, society and
consumer. Product is the combination of both goods and services.
Product need to be modified continuously so that satisfaction level
of the consumer can be increased, company sell the product to get
profit out of it that states product is a source of revenue for the
company.

Characteristic of services
Company need to keep in mind that services are highly perishable in
nature and time plays a very important role in service marketing.
Demand for services is highly fluctuating in nature. Most of the
services have peak demand at seasonal time and less demand at the
time of off season. Services are intangible in nature, unlike product
they can’t be touched and it is an abstract phenomenon. Another
characteristic of services are their pricing decision are determined by
perishability, fluctuation in demand and inseparable nature.

Marketing mix of product
Product, price, promotion and place are 4 marketing mix for product.
Various products offered by Vodafone are prepaid, postpaid and VAS.
Vodafone also provide smart phones, headsets and even internet
services. The aim of the company is to assist the customers with their
telecommunications needs. The focus of the company is to meet with
customer’s needs and preference. Talking about the Price factor,
Vodafone try to keep their price in lower side and they try to get more
and more customer base so that the market can be increased.

Marketing mix of services
The first element in the marketing mix is the packaging. Develop
the habit of standing back and looking at every visual element in
the packaging of your product or service through the eyes of a
critical prospect. Remember, people form their first impression
about you within the first 30 seconds of seeing you or some
element of your company. Small improvements in the packaging
or external appearance of your product or service can often lead
to completely different reactions from your customer. The next P
is positioning. The manager of company should develop the habit
of thinking continually about how they can position brand in the
hearts and minds of your customers.
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Conclusion
From the above presentation it has been determined that marketing
management emphasize on the effective allocation of resources,
technique and activities in order to promote smooth business
functioning. Marketing mix of product and services focuses on
diverse areas like price of offering and its promotion to build
successful image worldwide.

Reference
Anitsal, I., Girard, T. and Anitsal, M.M., 2012. An application of
services marketing mix framework: how do retailers
communicate information on their sales receipts. Business Studies
Journal. 4(2). pp.77-90.
Gilaninia, S., Taleghani, M. and Azizi, N., 2013. Marketing mix and
consumer behavior. Kuwait Chapter of the Arabian Journal of
Business and Management Review. 2(12). p.53.