Marketing Mix Analysis: Tangible Products & Services - Report

This report delves into the intricacies of marketing mix strategies, contrasting the approaches for tangible products and services. It begins with an introduction to the marketing mix, emphasizing its importance in attracting customers and achieving business objectives. The main body of the report provides a detailed comparison of the marketing mix for tangible products and services, highlighting the differences and similarities in their application. The report also includes a case study on launching a new food and beverage company, analyzing the key considerations such as culture and legal barriers. It then explores the essential aspects of establishing a new venture, including market research and capital requirements. The report concludes by emphasizing the importance of understanding market dynamics and making informed decisions to ensure the success of a new business, supported by relevant references.

Marketing
Table of Contents

INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
1. Explain the differences and similarities between marketing mix for tangible product & marketing
mix for a service................................................................................................................................3
REFERENCES......................................................................................................................................7
Books & Journal:...............................................................................................................................7
2. Launching a new food and beverage company..............................................................................9
CONCLUSION...................................................................................................................................12
REFRENCES......................................................................................................................................13

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. This report includes differences and similarities between marketing mix automobile
product and service, launching of a new food and beverage company in competitive market.
Service and products are essential for individual to fulfil daily needs and wants. Moreover, it
is important to focus on both the terms so that appropriate and correct measures are being
used during the process.
MAIN BODY
1. Explain the 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. Furthermore, the use of marketing mix has become
an integral part of businesses and enterprise through which they carry out activities
effectively (Jen, 2020).
To conduct a proper marketing mix, a deep market research is being conducted by the
marketers so that trends and dynamic changes are being analysed effectively. Also this gives
a brief knowledge about the market to the organisation with the help of which they can
implement new strategies as well as tactics to survive in this competitive world and increase
their sustainable development. Products and services are different from each other according
to which the concert of marketing mix is used by the marketer. Furthermore, this also helps
them to use their valuable information in optimum manner without wasting time and cost of
the organisation (Lin, 2019).

By using the concept of marketing mix appropriately various types of approaches and
tools as well as new opportunities are being explored. This also results in implementation of
suitable strategies and decisions.
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).

After analysis of above matter, it has been given that importance of marketing mix is
he coming vital to adopt and followed by every organisation high level of skills and
knowledge as well as reliable information related with the market is required to conduct the
process of marketing mix it is not easy to use elements as it is a time consuming process and
cost expensive. When the process it is required to have a correct data and information so that
no problem saw issues are being faced by the marketers in near future. This also results in
using of resources in most efficient manner (Dileep, 2017).

REFERENCES
Books & Journal:
Lin, 2019. A Preliminary Study of IoT in Smart Manufacturing Management and Product
Integration Services.International Journal of Innovation, Management and
Technology,10(2).
Jen, 2020.Product catalog services. U.S. Patent 10,636,021.
Hurst, 2020.System, method, apparatus, and computer program product for providing mobile
device support services. U.S. Patent Application 16/448,583.
Wu, 2018. Marketing mix, customer value, and customer loyalty in social commerce.Internet
Research.
Jindal, 2020. Marketing-Mix Response Across Retail Formats: The Role of Shopping Trip
Types.Journal of Marketing,84(2), pp.114-132.
Liu, 2017. The effects of products’ aesthetic design on demand and marketing-mix
effectiveness: The role of segment prototypicality and brand consistency.Journal of
Marketing,81(1), pp.83-102.
Massingham, 2017. Introducing Knowledge Management to the Marketing Mix.
Dileep, 2017. Marketing of Tourism Industry: Enhancing Services through Marketing Mix
Elements. InStrategic Marketing Management and Tactics in the Service Industry(pp.
304-329). IGI Global.
Mesak, 2020. Optimal dynamic marketing-mix policies for frequently purchased products and
services versus consumer durable goods: A generalized analytic approach.European
Journal of Operational Research,280(2), pp.764-777.
Othman, 2020. The effects on customer satisfaction and customer loyalty by integrating
marketing communication and after sale service into the traditional marketing mix
model of Umrah travel services in Malaysia.Journal of Islamic Marketing.

Alam, 2017. Discriminant Analysis of Marketing Mix Factors’ in influencing the Use of
Hotel Services in Pakistan.communities (Hampton, 2003).

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
(Villani, 2018).
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. In relation with
Astros, it is important for them to focus on this culture element so that customer needs
and demands are fulfilled without affecting their values. With the help of this, it is
also helpful wine rolling on the business in the local market which provides most
profit and sales revenue to the business (Younger, 2020).
 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.
After analysing the above matter, it has been seen that it is important to focus on these
four things by the businessman so that new venture is established with correct measures and
without facing any problem or challenges. While focusing on these considerations, it is easy
to use the information and other assets of the organisation in most efficient manner which will
be helpful for them future perspective (Kuratko, 2017).
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.
Importance of monitoring
 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. The help of money it is easier for manager to give
feedback to the employees for their work and growth of the task and assignment. In
context to chosen entity, this will help them to increase their activity as well as work
efficiency (Meiners, 2019).
 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. In relation with selected enterprise,
this will help them to complete their assigned task as well as within a given period of
time so that product or services are being provided to the customers as soon as
possible (Biwott, 2017)
After a brief analysis of above paragraph it is seen that without use of vomiting it is not
possible for entities to access the actual result of project activities which are being currently
running it is the responsibility of the manager to make ensure that monitoring is being done
by every month and week so that a small report of progress is being prepared which will help
them to review their work performance level. With deep analysis and smart way of
perception, it will be easy for them to carry out the process easily (Abeid, 2016).
Periodically, businesses need to be audited to check the viability of the investment.
Mention 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. Moreover, it has been also
seen that a deep understanding of accounting and auditing to carry out the process without
any problem or issue. After a brief analysis of above matter it has been stated that it is
important to be active and aware about the asset value so that auditing process and procedure
is being carried out with proper consideration.
Business need to be audited so that it is easy for finance and auditing to carry out their
functions smoothly and effectively. Furthermore, it also helps in market information and asset
value. It has been also seen that it is a time consuming process which is to be properly
understood by the new ventures so that legal problems on not being faced by them during the
running process.

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.