Therefore, the marketing mix for each of these product categories also needs to be different. It seems that marketers use different marketing mix strategies even for goods under the same product category. This paper will analyse the marketing mix strategies of two existing brands that market luxury goods. Theoretical Concepts of the Marketing Mix Elements The term ‘marketing mix’ was firstly used by Neil Borden in 1953. The theory of marketing mix contains four main elements called 4 P’s of marketing; product, price, place, and promotion. These four elements constitute the entire promotional campaign; and “when these are effectively blended, they form a marketing program that provides want-satisfying goods and services to the company’s market (Spiro, Stanton, and Rich, 2003, p.10). The term marketing mix reflects a broader concept that includes several marketing aspects which all work toward a similar objective of creating awareness and customer loyalty. Every firm considers marketing mix as a vital strategy as the elements of marketing mix play a significant role in each stage of product life cycle. In the modern days, ‘people’ is added as the 5th P to the marketing mix elements in order to represent the target people. The 4 P’s of marketing are briefly described below. 1. ...Show more
The Essentials of Marketing Mix Introduction Marketing strategies today have tremendously varied from that of olden days. The traditional marketing was seller oriented; whereas, the modern marketers give more focus on the ultimate customers because they hold that customers are the prime beneficiaries of marketing services…
According to the essay Tropicana is a subsidiary of soda Behemoth Company, Pepsi that makes orange juice at a Bradenton facility located in Florida and sells it to the US and Canada markets. Tropicana has a variety of flagship juice offerings that include reduced calorie, reduced sugar, and calcium fortified versions.
It is presently possessed by Kraft Foods. The head office of the organisation is situated in London of the United Kingdom but it operates more than 60 diverse countries (Cadbury, n.d.). Cadbury was established in the year 1824 by John Cadbury with the idea of delivering excellent tea and coffee to its customers.
Marketing mix Name: Instructor: Subject: Date of submission: Introduction The marketing mix is described as product, place, price and promotion, commonly referred to as the 4P’s. They are designed to enhance decision making of the customer who can lead to increased profits.
Conclusion 12 References 13 1. Introduction In the context of modern marketing communication is considered as of critical importance. Reference is made specifically to the communication between firms and consumers. In practice, it has been proved that firms that are able to communicate effectively with consumers have higher potentials, than their rivals, to secure their growth in the long term.
The storehouses are planned to assist minute-to-medium- ranged industries to decrease the expenses in buying for resale and for daily company use. Customers can also buy the products for their personal requirements. It operates membership storehouse which offer a limited verity of chosen products at extremely low costs.
Investing in product development can be achieved through human resource and enterprise planning. Marketing department is highly invested on for identifying customer needs, test new product lines, and produce information to be used in the field. Developing high levels of productivity through product development gives a business a competitive advantage in the market.
As firms started venturing overseas, Kotler added two more Ps because of the political nature of the new marketing environment. Magrath found the 4Ps insufficient for the service industry and added three more elements – personnel, physical facilities and process management (Low and Tan 1995).
In todays highly competitive market, a company must be on its toes and employ the right tools so that its brand comes out on top. An owner or a manager of a small business has to design and plan out a comprehensive marketing program for the company to meet
4 pages (1000 words)Essay
Get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Apply my DISCOUNT
Got a tricky question? Receive an answer from students like you!Try us!
Didn't find an essay?
Contact us via Live Chat, call us at +16312120006or send an email to firstname.lastname@example.org