Marketing Mix Name Institution affiliation Tutor Date Marketing Mix An organization requires adequate planning structure to explore it full potential. This includes allocating resources such as capital and people in response to changes in the market. Products define the success of a business, and product development is vital for accomplishing business mission…
This includes increasing the number of products in the market while maintaining quality and low production costs. Product development ranges from identifying customer needs to designing activities that analyze and refine new ideas. These ideas bring about new products or refine existing products. Unique, high quality and affordable products give a business an advantage over competitors (Brassington and Pettitt, 2005). Beauty for price Hairdressing has faced steep competition from similar businesses in the region. Product development requires intense marketing especially in a competitive industry. Investing on marketing involves advertising, employing human marketers, promotions, and other activities that sell out the business. With the upcoming events, the salon needs intense marketing and reorganizing the business process. This includes buying better hairdressing equipment and employing more hairdressers. Human resource is necessary for service delivery. Events such as sports and conferences have several participants and more workers are required to handle the large numbers effectively. Employing experts improves the quality of services offered which surpass competing businesses. Introduction of new business services such as massage, manicure, pedicure and other related services can also increase the number of customers (Adcock, Halborg and Ross, 2001). Businesses distribute their products in different ways to provide customer convenience. Distribution methods depend on the type of business and its intended customers. Global companies have distribution centers in several regions around the globe. Products are dispatched from the distribution center nearest to the customer (Jobber, 2010). This reduces distribution cost and time required for the product to reach the customer. Retailers incorporate several distribution methods that focus on customer satisfaction at a minimum cost. Efficient and pleasurable shopping experiences that meet customer needs and market demands are required by business organizations. Most customers prefer businesses providing quality and convenient services. A salon can introduce mobile services to their customers. During major events, most participants reside in hotels and prefer room services. Starting mobile room services would serve as a boost to business activities (Jones Mothersbaugh and Beatty, 2003). E-commerce and advertising through the internet is another way of ensuring availability of products. Customers can access the business website to learn about their services and book appointments. The distribution channel in a hairdressing business consists of wholesalers who sell and supply products to the salon. The salon then uses the products to offer services to customers. Maintaining a constant link with suppliers is necessary for constant availability of products for customer convenience. The business location also determines customer convenience. Customers prefer business locations that are easily accessible. A salon business should be located in a secure and convenient location such as a busy street. Businesses located along streets are easily noticed by customers and they are accessible at any time of the day and season. Security agents in cities and towns are vigilant and customers feel secure when attending such businesses. Product prices are ...
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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.
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).
Marketing Mix is a useful tool used by almost all the organizations in the world to determine and establish their advertising strategy. This advertising strategy further helps the organization to boost up their products and sales. The four Ps of this marketing mix are important ingredients which form it.
These are explained below:
A product is either a tangible, physical product or a service. It is critical for organisations to understand the product or services that they will sell. Some of the features of the product/ service that the organisation must carefully design and should be knowledgeable about, include market segment, product quality, brand name, support and other factors.
In fact, a company should back its objectives with the appropriate strategies.
Marketing strategies are essential in maximizing the performance and profitability of a company. Philip Kotler (2001), regarded as one of the world's marketing guru defined marketing strategy as "the marketing logic by which the business unit hopes to achieve its marketing objectives." A marketing strategy significantly involves "specific strategies for target markets, positioning, the marketing mix and the marketing expenditure levels (Kotler 2001)." Each of the areas of the marketing strategy should be crafted so as to complement each other.
ing mix is pretty simple to comprehend since it makes use of the four basis facets related with the marketing aspect of a brand or in simple terms, a product. The marketing mix is the mix that a company offers to its target consumers. It is for the audiences to pick and choose
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
These four categories together form the whole Marketing Mix which in turn, if implemented effectively, can make the business successful. It is compulsory for every organization to use four of these approaches effectively to get
Integration of the elements brings out a marketing strategy for a product. Marketing mix helps Coca Cola Company to reach their set target without wasting resources. Incorporation of the elements helps
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