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Hi, need to submit a 1000 words essay on the topic Marketing mix.In order to do this, he makes use of a number of tools, which is known as the marketing mix.Marketing mix generally consists of the cho
Hi, need to submit a 1000 words essay on the topic Marketing mix.
In order to do this, he makes use of a number of tools, which is known as the marketing mix.
Marketing mix generally consists of the choices an organisation has to make to introduce a product or service or to increase the saleability of the product. According to renowned marketing guru Philip Kotler, "The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the target market" (Kotler P.2003, Marketing Management, pg 15). In 1960, E.J. McCarthy put together the 4Ps of marketing, which is now widely considered to be the best way to make the marketing mix work most effectively. Small business owners can use this marketing mix model of the 4Ps - Product, Price, Place, Promotion effectively when deciding to introduce a new product or when they want to evaluate their existing strategy.
Any business that wants to sell its products must first choose the market it wants to sell its product to. Once that is determined it is easy to identify the customers and their needs. A product should also be one that has to be replaced periodically. Customers who buy the products should come back to buy again once they use the product. This will automatically increase the volume of sales. When choosing a product based on popularity it is very important to time the product. A product has to be picked before it becomes popular and it should be at the beginning of the product life cycle that means building product awareness, low pricing, selective distribution and innovative promotion. Quality is another important aspect to be considered before choosing a product. The range of products offered must be narrow. The product should be simple to start with. More products can be added as the business grows.
The design and appearance of the product are also very important for a product to succeed. A product must be functional and satisfy the needs and requirements of the customer. For example, Haagen-Dazs ice cream used a high
