Marketing Mix - 1968 Words

Marketing Mix P-BSBMX4-MKT-421 Robert Deer January 28, 2006 Abstract A Marketing Mix is a combination of product, packaging, price, channels of distribution, advertising, promotion, and personal selling to get the product in the hands of the customer. Throughout this paper we will be discussing the 4 P s of Marketing and provide examples of Marketing Mix. (Kyle, Bobette). Marketing Mix The Marketing Mix is based on the fact that price is not the only factor that decides whether customers will buy from you or not. In fact, in some cases people never buy the cheapest! Do you know anyone who has taken 3 quotes and then decided to employ, or buy, from the middle priced quote. The error many new businesses make is to†¦show more content†¦Researching consumers opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to pay. An organization s pricing policy will vary according to time and circumstances. Crudely speaking, the value of water in the Lake District will be considerably different from the value of water in the desert. (NetMBA.com) Determining a product s price is a critical marketing tactic. A product s price has to be high enough to cover the total cost of producing the product yet not too high so that it discourages potential customers from purchasing the product. Also pricing can help position a product. For example, a high priced gourmet food may suggest a quality product. There are numerous methods of determining a product price. The following are two commonly used price determination methods: Mark-Up Percentage Pricing refers to the percent of total cost that is equal to profit. Markup percentage pricing allows the producer or retailer to specify a desired profit percentage they would like to obtain and then price their products accordingly. For example, if a profit equal to 30% of a product s cost is desired, the total cost of getting the product to market would first need to be determined and then multiplied by 30%. The calculated figure is then added back to the product s total cost. Thus, the product s price would be setShow MoreRelatedHolden Marketing Mix1768 Words   |  8 PagesAssessment 2 Marketing mix Review and Recommendations Report My brand is V6 Holden Commodore Short review about Holden in Australia;- The history of Holden dates back to 1856 when it started as a saddler business in South Australia. Today Holden is one of only seven fully-integrated global General Motors operations that designs, builds and sells vehicles for Australia and the world. Holden has its headquarters in Port Melbourne, with an engine manufacturing plant on-site and vehicle manufacturingRead MoreMarketing Mix1491 Words   |  6 PagesMarketing Mix MKT 421 Marketing Introduction Companies today try their best to continue to keep up with the changes of services, products and technology. Companies rely on their abilities in marketing to keep consumers interested in their products and services. The success of a company may rely on the company’s marketing performance. Marketing planning starts by thinking of the targeted audience needs, strategies, and the development of the products and or service needed. DevelopingRead MoreThe Marketing Mix Hard Rock Cafe1259 Words   |  6 PagesThe Marketing Mix Place The marketing mix consists in total of 4 elements (Product,Price, Place, Promotion) which are often referred to as ‘the four Ps’. One of those four Ps is â€Å"Place†: Place represents the location where a product can be purchased. 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The marketing mix is reliant on how clear and defined the business’ target market is and how well the company directs the strategies towards its targeted market (Glenco McGraw-Hill, 3rd Edition). This paper will further define marketing mix, the four strategiesRead MoreMarketing Mix Essays2988 Words   |  12 PagesThe Channels of Distribution The products and the services are distributed electronically, where the costumers can buy online on the website or in stores located across Australia. 5 – Braaap’s potencial customer base and key pressure Before marketing your products and services it is important to define your customer base or target market. Braaap’s clients are people who love motorcycles whatever if it is professionally or just a sport on free time. There is a huge difference of ages between theRead MoreGeneric Marketing : Determine The Marketing Mix Essay1771 Words   |  8 Pages– 2935 Generic Marketing – Determine the Marketing mix Name – Pritpal Singh ID Number – A8947 SUBMITTED TO: SUBMITTED BY: Pritpal Singh A8947 ER - 1.1 (a) The elements of the marketing mix adopted by theRead MoreMarketing Mix Of Gionee Smartphones1204 Words   |  5 Pages Marketing Mix Analysis of Gionee Smartphones Kashyap Pd. Marahatta BUS 510 Marketing Management Professor: Dr. Geraldine Goodstone Mr. Krishna Khanal Westcliff University 25/09/2016 â€Æ' Abstract This paper intends to briefly analyze the marketing mix of Gionee smartphones. Despite the many changes that marketing mix has gone through, from four Ps to four As or from four Ps to four Cs, the marketing mix basically consists of product mix, price mix, promotion mix and place mix. This paper wouldRead MoreMarketing Mix - 4Ps of Marketing Mix1219 Words   |  5 PagesMarketing mix can be describes as the use and specification of the 4 Ps describing the strategic position of a product in the marketplace†¦ A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com) The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target