+1-817-968-5551
+61-488-839-671
+44-7480-542904About Expert
Key Topics
Requirement
Topic : What is the marketing mix and why is it useful as a tool of analysis.Please write an essay.
Solution
ABSTRACT
This assignment explores the concept of marketing mix and its importance as a tool of analysis and in the entire process of marketing. The work deals with a freshly launched drink- and explores the 4 Ps of marketing in reference to the new product, determining how the concepts can be relatively employed in the relevant promotions.
MARKETING MIX: DEFINITION AND IMPORTANCE
The marketing mix refers to arrangement of strategies, tactics and methods a company employs to advance its own image or its manufactured good in the business sector.
The Ps, four in number, frame a usual blend of namely Product, Place, price and Promotion. Firms need to be mindful of creating an efficacious blend of the following four things:
-
The appropriate good
-
Determining the right price
-
An ideal space for transactions
-
Putting to use the best branding techniques (Coleman, 2016)
To constitute the correct advertising blend, companies need to satisfy these conditions:
-
The product should be having the most suitable compounds and must also appear to be great and should fulfil its purpose.
-
Pricing should be ensured to be reasonable such that the buyer purchases in massive numbers leading to a colossal revenue for the firm.
-
The act of transaction must be carried out at the appropriate spot. The market should be chosen with great care and maximum benefits of the place should be enjoyed.
-
Branding and promotion should be supreme so that the buying class is cognizant of the good product and it attracts many eyeballs (Business case studies, 2016).
Require reliable marketing assignment help? Sign up and place your order at Allassignmenthelp.com. Our professional writers are experts in providing strategic marketing assignment help at an affordable price. We have helped thousands of students with their marketing management assignments help.
Promoting along these lines plays a major part if it fulfils these requirements:
-
The product should be presented in view of the set rules of the business world
-
The product should stand firm on the promises it comes with. It must deliver utility to the buyer.
-
Keeping in perspective the rivalry amongst brands, promotions should be crafted very shrewdly and in such a way that it creates a buzz for the yet-to-be-released product (Young , 2009).
1.Pricing
Of the many consideration of the mix of marketing, the pricing of an item is actually the revenue earned while the other considerations make up the entire cost of production. The pricing is an extremely vital determinant of the kind of demand that the product will garner. Inquiring of the buyers' assessments about determining is essential as the process brings to lightthe things that the customer is looking for and the amount that he can spend out of his pocket.
2.The good
This point towards the product that is being sold in the market. The final good should stand firm on the benefits claimed for it and must satisfy the user.
3.The venue of sale
The procedure of transportation of goods from the factory to the client is very well known as place in the promoting blend. It is the means by which your item is purchased and where it is purchased. This development could be through a blend of delegates such as merchants, wholesalers and retailers. in addition, a more current strategy is the web being the commercial centre for such goods. A perfect place can help an organization to expand its deals and extend this benefit over a period. This will lead to more income and benefits for an organization.
Right arrangement is a key movement that revolves around achieving the right aim and gathering of people at the correct time. It concentrates on the place of the business, where the objective business sector is put, and how to interconnect the two aspects. It also stresses on how to store merchandise in the meanwhile and how to transport goods in the long run.
4. The promotions
As a component of promotion blend, advancement or branding incorporates all exercises that include speaking to the client about the item, its advantages and elements. Once an organization has chipped away at the item and value components, the time has come to begin a discussion with the shopper about the item. This incorporates bringing issues to light through various mediums to expand deals, and to make and encourage brand staunchness.
Data given to the client at this point assists them in settling on purchasing choices with respect to the item. Regularly, there is considerable expense connected with limited time exercises. In any case, subsequent to the outcome is frequently an expansion in deals or client dedication, there is thought to be long haul return on this work.
The group assigned with the task of completing these exercises will start by the comprehension of the elements of the intended interest group and choosing which methods of advancement are prone to meet targets. On the point the decision is made, data from different components of the blend is fused to guarantee the fact that the message regarding the item which is ti be conveyed to the masses has been aptly conveyed and that there is no ambiguity regarding it. No component of the promoting blend works in detachment. Rather a brought together assemblage of data goes about as the hotspot for all exercises inside these principles. The accessible data is sifted to incorporate those ranges which will be most significant to the intended interest group (Purely Branded, 2016).
APPLICATION OF THE MARKETING MIX TO THE PRODUCT
The product in question is a yet-to-be-launched drink named DUAL. It is made with wine and produced using characteristic grape juice. The initial feel is a crisp taste of wine and the prolonged taste is that of a mixed kind of lager. The DUAL beverage is made to fulfil the need for lagers-induced thirst, satiate taste buds and to invigorate the body in view of the cancer prevention agents. DUAL is an item for customers who like to have a go at something new. The primary target business sector will be grown-ups (for the most part men).
The 4Ps of the marketing mix can be applied to the drink in the following manner:
• The product
Research has demonstrated that the designing of certain mixed beverages cater to the tastes of teenagers than they do to a grown-up group of onlookers. However, this being a beer mix beverage, the major market will be constituted of grown-up men. The exterior packing utilized for 'alcopops', originator beverages or Ready to Drink (RTD) refreshments are said to have higher acceptability amongst youths than grown-ups in an Australian study, which likewise demonstrated that alcopop such as Dual had also a higher attractiveness amongst females. In a later study, 33% of young people reported they would will probably buy a liquor item with vitality fixings, and half would will probably buy an item that resembled a delicate drink. In this way, Dual has will have a higher acceptability among the young crowds.
The unique taste in Dual makes liquor taste dependably lovely and, along these lines, make it more open to youths. While there have for quite some time been beverages that incorporate blenders which viably veil the essence of liquor –such as tonic and gin, and so on – alcopops give such blends a more unitary character and connection them with brand pictures which are speaking to young people in their own particular right. Dual, in this capacity can be seen as flagging modernity. The brand estimations of Dual are strikingly sensitive to youth: they celebrate ridiculing the more seasoned era and escaping from things, and that the exterior look of the drink is intended to speak to adolescents and youngsters by utilizing animation and drawings (Kokemuller, 2015).
• Price
The industry for drinks is commanded by several big companies. In this way the evaluation of Dual has to be persuasive. Hence, great analysis and strategy should be employed in the pricing of Dual (Marketingmix91, 2015).
• Promotion
The promotions should utilizes CSR as it is showcasing apparatus to increase enthusiastic advantages in the shoppers mind. Also, Dual should be in collaboration with famous faces to feature in its advertisements. When a big name is associated with a brand, the popularity increases manifold and it induces great curiosity in the view of the public (Purely Branded, 2016).
• Place
The location where the drink is sold has the capability of bringing about huge changes to the number of liquor buys. We realize that increasingly outlets offering the drink for a greater duration of the day has augmented the availability of the drink, which in turn has affected utilization levels (Young , 2009).
Place Order For A Top Grade Assignment Now
We have some amazing discount offers running for the students
Place Your OrderCONCLUSION
It can hence be very easily stated that marketing mix is an integral process of the marketing of a newly launched drink. The proper implementation and inclusion of the 4Ps can yield many advantages and perks for the new product. Hence for Dual, extensive planning, strategy and management aptitude is needed to implement the mix in the most effective way so as to gain maximum customers and produce good profits (Business case studies, 2016).
REFERENCES
-
5. Business case studies. (2016). Marketing mix. Retrieved April 15, 2016, from http://businesscasestudies.co.uk/business-theory/marketing/marketing-mix-price-place-promotion-product.html#axzz45sdJB6GM
-
6. Coleman, B. (2016). Definition of marketing mix. Retrieved April 15, 2016, from http://economictimes.indiatimes.com/definition/marketing-mix
-
7. Kokemuller, N. (2015). What Is the Marketing Mix of Coca Cola? Retrieved April 15, 2016, from http://yourbusiness.azcentral.com/marketing-mix-coca-cola-12969.html
-
8. Marketingmix91. (2015). Marketing Mix of Pepsi. Retrieved April 15, 2016, from http://www.marketing91.com/marketing-mix-of-pepsi/2/
-
9. Purely Branded. (2016). The Four Ps of Marketing. Retrieved April 15, 2016, from http://www.purelybranded.com/insights/the-four-ps-of-marketing/
-
10. Young , J. (2009, December 15). PepsiCo’s Marketing Mix (4Ps) Analysis. Retrieved April 15, 2015, from http://panmore.com/pepsico-marketing-mix-4ps-analysis
Give your grades a boost
Just share your requirements and get customized solutions on time.
-
1,168,768 Orders
-
4.9/5 Overall Rating
-
5,052 Experts
