Product in the marketing mix definition,it strategy document example,download video editing software free full version youtube - Review

Marketing usually involves an exchange between buyers and sellers or between other parties. Marketing has an impact on the firm, its suppliers, its customers, and others affected by the firma€™s choices.
Marketing frequently involves enduring relationships between buyers, sellers, and other parties. The 4 Psa€”product, place (distribution), promotion, and pricea€”represent the variables that are within the control of the firm (at least in the medium to long run). Competition: Competitors often a€?creepa€? in and threaten to take away markets from firms.
Patents: It would be difficult to compete against Intel and AMD in the microprocessor market since both these firms have a number of patents that it is difficult to get around. People: Even with all of Microsofta€™s money available, it could not immediately hire the people needed to manufacture computer chips. Distribution: Stores have space for only a fraction of the products they are offered, so they must turn many away.
An analysis is made, taking into consideration issues such as organizational resources, competitors, the competitorsa€™ strengths, different types of customers, changes in the market, or the impact of new technology. Based on this analysis, a plan is made based on tradeoffs between the advantages and disadvantages of different options available. Occasionally, plans will be made at the functional level, to allow managers to specialize and to increase managerial accountability. The Boston Consulting Group (BCG) matrix provides a firm an opportunity to assess how well its business units work together.
A cash cow results when a firm has a large share in a market that is not growing, and may even be shrinking. A SWOT (a€?Strengths, Opportunities, Weaknesses, and Threatsa€?) analysis is used to help the firm identify effective strategies. Rather than merely listing strengths, weaknesses, opportunities, and threats, a SWOT analysis should suggest how the firm may use its strengths and opportunities to overcome weaknesses and threats.
The plan must be specific enough so that it can be implemented and communicated to people in the firm.
Making it profitable for the tobacco industry to a€?harvest.a€? Many see the tobacco industry as the a€?enemya€? and may not want to do anything that can benefit the industry. An alternative approach to fundraising that does not currently appear to be much in use is the idea of a€?sponsoreda€? fundraising. One issue that comes up is the potential match between the sponsor and sponsee organization. Demographic variables essentially refer to personal statistics such as income, gender, education, location (rural vs. Technologically excellent firms, which produce the most advanced products currently available with the latest technology, constantly maintaining leadership in innovation.
Note: The issues discussed below are covered in more detail at consumer behavior section of this site. The amount of effort a consumer puts into searching depends on a number of factors such as the market (how many competitors are there, and how great are differences between brands expected to be?), product characteristics (how important is this product?A  How complex is the product?A  How obvious are indications of quality?), consumer characteristics (how interested is a consumer, generally, in analyzing product characteristics and making the best possible deal?), and situational characteristics (as previously discussed).
Here, the single parent who assumes responsibility for one or more children may not form a relationship with the other parent of the child. As a person gets older, he or she tends to advance in his or her career and tends to get greater income (exceptions: maternity leave, divorce, retirement). Unfortunately, obligations also tend to increase with time (at least until one’s mortgage has been paid off). Note that although a single person may have a lower income than a married couple, the single may be able to buy more discretionary items.
Note that although a single person may have a lower income than a married couple, the single may be able to buy more discretionary items.
Family Decision Making: Individual members of families often serve different roles in decisions that ultimately draw on shared family resources.
Note, however, that the role of the decision maker is separate from that of the purchaser. The important thing in a means-end chain is to start with an attribute, a concrete characteristic of the product, and then logically progress to a series of consequences (which tend to become progressively more abstract) that end with a value being satisfied. An important implication of means-end chains is that it is usually most effective in advertising to focus on higher level items. Market research is often needed to ensure that we produce what customers really want and not what we think they want. People are an essential ingredient in service provision; recruiting and training the right staff is required to create a competitive advantage. Staff require appropriate interpersonal skills, aptititude, and service knowledge in order to deliver a quality service. The Service Marketing Mix involves Product, Price, Place, Promotion, People, Process and Physical Evidence. To certain extent managing services are more complicated then managing products, products can be standardised, to standardise a service is more difficult as there it can be affected by factors outside the service providers control. Vicky has over fifteen years working in client and operations management, domaining and online marketing. One of the most common complaint (or excuse) I hear from potential new bloggers is they don’t know how to install WordPress. The central idea behind marketing is the idea that a firm or other entity will create something of value to one or more customers who, in turn, are willing to pay enough (or contribute other forms of value) to make the venture worthwhile considering opportunity costs. For example, Japanese auto manufacturers became a serious threat to American car makers in the late 1970s and early 1980s. Plans are needed to clarify what kinds of strategic objectives an organization would like to achieve and how this is to be done. A firm that does not have an established relationship with stores will be at a disadvantage in trying to introduce a new product.
This could involve profitability directly, but often profitability is a long term goal that may require some intermediate steps. The firm may design new products, revamp its advertising strategy, invest in getting more stores to carry the product, or decide to focus on a new customer segment. For example, although Microsoft is best known for its operating systems and applications software, the firm also provides Internet access and makes video games. Marketing, for example, may be charged with increasing awareness of Microsoft game consoles to 55% of the U.S.
Here, a balance must be made so that the firma€™s scope is not defined too narrowly or too broadly. For example, Wal-Mart positions itself as providing value in retailing, while Nordstroma€™s defines itself more in terms of high levels of customer service. The firma€™s position, then, is not as strong as it would have been had its market share been greater, but there is an opportunity to grow.
This is generally a somewhat unattractive situation, although dogs can still be profitable in the short run.
Plans that are unrealistic may result in poor use of resources or lowered morale within the firm.
Businesses and people face some constraints on what can ethically be done to make money or to pursue other goals. Sustainability is a notion that proposes that socially responsible firms will somehow financially outperform other less responsible firms in the long run.
This is problematic both because of the inefficiency of the process and the loss of potential proceeds that result and because potential donors who learn about or suspect high fundraising expenses may be less likely to donor. The idea here is that some firm might volunteer to send out fundraising appeals on behalf of the organization. This may or may not be a critical issue since respondents are selected for the solicitation based on their predicted interest in the organization. A These firms, because they work with costly technology that need constant refinement, cannot be as efficient as the operationally excellent firms and often cannot adapt their products as well to the needs of the individual customer.A  Intel is an example of this discipline.
The breakup of a non-marital relationship involving cohabitation is similarly considered equivalent to a divorce. The reality is that few families are wealthy enough to avoid a strong tension between demands on the familya€™s resources. Consumers often buy products not because of their attributes per se but rather because of the ultimate benefits that these attributes provide, in turn leading to the satisfaction of ultimate values. For example, in the flower example above, an individual giving the flowers to the significant other might better be portrayed than the flowers alone. In this article we look at how the marketing mix for marketing a service is different to the marketing mix for products. Customers make judgments about service provision and delivery based on the people representing your organisation.
Imagine you walk into Burger King and order a Whopper Meal and you get it delivered within 2 minutes. A post graduate in Retail Management, he has worked with retail companies like Shoppers Stop and Spar, before venturing out on his own, and now is a successful entrepreneur running a manufacturing business. She has worked with many different online businesses, both large and small, plus put their online marketing strategies into practice.

Terms like FTP and CPanel are like a foreign language and setting up a database might as well be setting up the space shuttle for a launch.
A very expensive producta€”relative to others in the categorya€”may, in fact, represent great value to a particular customer segment because the benefits received are seen as even greater than the sacrifice made (usually in terms of money). Form utility involves the idea that the product is made available to the consumer in some form that is more useful than any commodities that are used to create it.
Similarly, the Lotus Corporation, maker of one of the first commercially successful spreadsheets, soon faced competition from other software firms.
Consumers tend to put off buying a new car, going out to eat, or building new homes in bad times. For example, because consumer groups lobbied Congress, more stringent rules were made on the terms of car leases.
Some firms are willing to take a greater risk, which may result in a very large payoff but also involve the risk of a large loss, than others. The firm may seek to increase market share, achieve distribution in more outlets, have sales grow by a certain percentage, or have consumers evaluate the product more favorably. Even if results are satisfactory, the firm still needs to monitor the environment for changes. Different managers will have responsibilities for different areas, and goals may best be made by those closest to the business area being considered. For example, Hewlett-Packard has a small share of the digital camera market, but this is a very rapidly growing market. On the other hand, stars generate some cash, but even more cash is needed to invest in the futurea€”for research and development, marketing campaigns, and building new manufacturing facilities. Microsoft, for example, has a great deal of technology, a huge staff of very talented engineers, a great deal of experience in designing software, a very large market share, a well respected brand name, and a great deal of cash. For example, Microsoft could either decide to put more resources into MSN or to abandon this unit entirely.
Fraud and deception are not only morally wrong but also inhibit the efficient functioning of the economy. This might result from customer loyalty, better employee morale, or public policy favoring ethical conduct. This is an especially critical issue now that information on fundraising overhead for different organizations is readily available on the Internet.
For example, Microsoft might volunteer to send out letters asking people to donate to the American Red Cross. Microsofta€”directly or indirectly through the Bill and Melinda Gates Foundationa€”has been credited with a large number of charitable ventures and has the Congressional Black Caucus as one of its greatest supporters. In some cases, the non-custodial parent (usually the father) will not pay the required child support, and even if he or she does, that still may not leave the custodial parent and children as well off as they were during the marriage. For example, the wife says that her husband can take an expensive course in gourmet cooking if she can buy a new pickup truck.
Just like the marketing mix of a product the service marketing mix comprises of Product, Price, Place and Promotion.
This is because people are one of the few elements of the service that customers can see and interact with. The marketing mix for a service has additional elements because the characteristics of a service are different to the characteristics of a product.
The newer concept does not have 4Ps, but it has 7Ps, providing a comprehensive categorization of Marketing decisions which a marketer would have to take. She has helped online businesses better their conversion rates quite significantly and raised their online revenue.
None of the organizations wants to take the risk of being present in the market with a single product.
Memorizing a definition is unlikely to be useful; ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, subject to ethical and other constraints that one may have. Some segments have very unique and specific desires, and may value whata€”to some individualsa€”may seem a a€?lower qualitya€? itema€”very highly.
A customer buys a chair, for example, rather than the wood and other components used to create the chair. In contrast, in good times, firms serving those needs may have difficulty keeping up with demand.
Suppose, for example, that cumulative inflation between 1960 and 2007 has been 1,000%--that is, on the average, it costs ten times as much to buy the same thing in 2007 as it did 47 years earlier. The tobacco industry is currently the target of much negative attention from government and public interest groups. It is also more practical to hold managers accountable for performance if the plan is being made at a more specific level. For example, if Dell were to define itself only as a computer company, it might miss an opportunity to branch into PDAs or Internet service.
Microsoft also has some weaknesses, however: The game console and MSN units are currently running at a loss, and MSN has been unable to achieve desired levels of growth.
Microsoft has a great deal of cash ready to spend, so the option to put resources toward MSN is available.
There are also behaviors that, even if they are not strictly illegal in a given jurisdiction, cannot be undertaken with a good conscience. Empirical results testing this hypothesis are mixed, neither suggesting that more responsible firms, on the average, have a clear financial advantage nor a large burden.
This may be a very cost effective method of promotion for the firm since the sponsor would benefit from both the positive publicity for its involvement and from the greater attention that would likely be given a fundraising appeal for a group of special interest than would be given to an ordinary advertisement or direct mail piece advertising the sponsor in a traditional way. In many cases, firms might volunteer for this fundraising effort in large part because of the spear heading efforts of high level executives whose families are affected by autism.
On the other hand, in some cases, some non-custodial parents will be called on to pay a large part of their income in child support. Alternatively, a child may promise to walk it every day if he or she can have a hippopotamus. How ever as a service is not tangible the marketing mix for a service has three additional elements: People, Process and Physical Evidence. The praise received by the volunteers (games makers) for the London 2012 Olympics and Paralympics demonstrates the powerful effect people can create during service delivery. Banks that send out Credit Cards automatically when their customers old one has expired again require an efficient process to identify expiry dates and renewal. Physical evidence can be used to charge a premium price for a service and establish a positive experience. If the company has only a single product, than the demand of the product will be too great or the company does not have the resources to expand the number of products it has.However, if the business market is any example, than all the top companies have multiple products. The 2006 and 2007 definitions offered by the American Marketing Association are relatively similar, with the 2007 appearing a bit more concise. Thus, the customer benefits from the specialization that allows the manufacturer to more efficiently create a chair than the customer could do himself or herself.
One important point to realize is that different industries are affected to different degrees by changes in the economy. If the cumulative inflation between 1960 and 1984 had been 500%, we could talk about one 1984 dollar being worth fifty 1960 cents or two 2007 dollars. Currently, the desire to avoid aiding the enemy may result in laws that make it more difficult for American firms to export goods to other countries.
McDonalda€™s, for example, is currently being sued by people who claim that eating the chaina€™s hamburgers caused them to get fat. Many record stores have been wiped out of business by the trend toward downloading songs (or illegally a€?rippinga€? songs from friendsa€™ CDsa€”an act to which even the President of the United States has confessed).
Microsoft keeps a great deal of cash on hand to be able to a€?jumpa€? on opportunities that come about. Thus, they might instead define themselves as a provider of a€?information solutions.a€? A company should not define itself too broadly, however, since this may result in loss of focus.
For example, Brother could a€?harvesta€? its profits from typewriters and invest this in the unit making color laser printers, which will need the cash to grow. There are a number of areas where an individual must consider his or her conscience to decide if a venture is acceptable. Thus, a useful approach may be to determine (1) specific circumstances under which a firm may actually find the more responsible approach to be more profitable, (2) under which circumstances responsible behavior can be pursued without an overall significant downside, and (3) the ethical responsibilities that a firm faces when a more responsible approach may be more costly. A pharmacy chain, for example, might pay for charitable good to develop information about treating diabetes. This is particularly a problem when the non-custodial parent remarries and has additional children in the second (or subsequent marriages).
Another strategy is reasoninga€”trying to get the other person(s) to accept onea€™s view through logical argumentation. An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company. For example all hotels provide a bed to sleep on but one of the things affecting the price charged, is the condition of the room (physical evidence) holding the bed. Coca cola, Apple, Microsoft, Nestle, Hindustan unilever, Pharmaceutical companies, so on and so forth. Place utility refers to the idea that a product made available to the customer at a preferred location is worth more than one at the place of manufacture.

It is important to recognize that competition can happen at different a€?levels.a€? At the brand level, two firms compete in providing a very similar product or service.
Although families can cut down on the quality of the food they buya€”going with lower priced brands, for examplea€”there are limits to the savings that can be made without greatly affecting the living standard of the family.
Many industries have a strong economic interest in policies that benefit the industry may have a negative impact on the nation as a whole but enhance profits for the industry. Firms are significantly limited in what they can do by various lawsa€”some laws, for example, require that disclosures be made to consumers on the effective interest rates they pay on products bought on installment. Today, there are more a€?blendeda€? families that result as parents remarry after divorce. Each is run by different managers, although there is some overlap in technology between the two.
For example, a manufacturer of baking soda should probably not see itself as a manufacturer of all types of chemicals.
If a firm has cash cows that generate a lot of cash, this may be used to try to improve the market share of a question mark. Microsoft, for example, may have the opportunity to take advantage of its brand name to enter into the hardware market. The firm can earn political good will by engaging in charitable acts, which it has money available to fund. Some a€?paycheck advancea€? loan operators charge very high interest rates on small loans made in anticipation of a consumera€™s next paycheck. The chain could then make this information on its web site, paying for bandwidth and other hosting expenses that may be considerably less than the value of the positive publicity received. These companies need to have a wide product portfolio to be present in the market and to have a sustainable business model. It is much more convenient for the customer to be able to buy food items in a supermarket in his or her neighborhood than it is to pick up these from the farmer. Coca Cola and Pepsi, for example, compete for the cola drink market, and United and American Airlines compete for the passenger air transportation market. On the other hand, it is often much easier to put off the purchase of a new car for a year or hold off on remodeling the family home.
Some goods and servicesa€”such as health care and college tuitiona€”are currently increasing in cost much higher than the average rate of inflation. For example, regulations that limit the amount of sugar that can be imported into the United States is estimated to cost each American approximately $10.00 a year. These families are often strapped for money but may require a€?duplicatea€? items for children at each parenta€™s residence. This means that they may have to forego what would have been a good investment because they do not have the cash to invest and cannot find a way to raise the capital. A firm that has a number of promising stars in its portfolio may be in serious trouble if it does not have any cash cows to support it. For example if you walk into a restaurant you expect a clean and friendly environment, if the restaurant is smelly or dirty, customers are likely to walk out.
Time utility involves the idea of having the product made available when needed by the customer. Firms also face less directa€”but frequently very seriousa€”competition at the product level. If need be, firms can keep the current computersa€”even though they are getting a bit slowa€”when sales are down.
The total increase in profits to the sugar industry is difficult to estimate because many of the large producers of refined sugar are privately held corporations, but it is likely that the net gain to the industry is as much as the roughly $3 billion lost by Americans a whole.
For example, 3M sees itself as being in the business of making products whose surfaces are bonded together. If it is about to run out of casha€”regardless of how profitable it isa€” is becomes vulnerable as a takeover target from a firm that has the cash to continue running it.
It can forego temporary profits by reducing prices temporarily to increase demand, or can a€?hold outa€? by maintaining current prices while not selling as many units. The customer may buy a turkey a few days before Thanksgiving without having to plan to have it available.
The marketing concept, in contrast, focuses on getting consumers what they seek, regardless of whether this entails coming up with entirely new products.
That is, two years later, the computer has not only declined in price by 20%, but it may also be 30% better (based on an index of speed and other performance factors).
Because fewer new computers are bough during a recession, fewer operating systems and software packages. Intermediaries take care of the logistics to have the turkeysa€”which are easily perishable and bulky to store in a freezera€”available when customers demand them. Products or services can serve as substitutes for each other even though they are very different in form.
In that case, then, there has actually been, over the period, a net deflation of 38.5% for the category. Although some consider this practice unconscionable, others assert that such loans may be the only way that a family can obtain cash to fill an immediate need. Possession utility involves the idea that the consumer can go to one store and obtain a large assortment of goods from different manufacturers during one shopping occasion.
Teleconferencing facilities, for example, are very different from airline passenger transportation, but both can a€?bring togethera€? people for a a€?meeting.a€? At the budget level, different products or services provide very different benefits, but buyers have to make choices as to what they will buy when they cannot afforda€”or are unwilling to spend ona€”both. In turn, the industry can join forces with other agricultural interests which each support each othera€™s programs.
Because of costs of administration are high, these costs, when spread over a small amount, will amount to a large percentage.
As the organization can have a number of different types of products, it will have similar number of product lines. Supermarkets combine food and other household items from a number of different suppliers in one place. For example, a family may decide between buying a new car or a high definition television set. Currently, the economy fluctuates between increasing strength, stagnation, or slight decline. Further, because the customer groups in question tend to have poor credit ratings with high anticipated rates of default, rates must be high enough to cover this.
Thus, in Nestle, there are milk based products like milkmaid, Food products like Maggi, chocolate products like Kitkat and other such product lines.
Certain a€?superstoresa€? such as the European hypermarkets and the Wal-Mart a€?super centersa€? combine even more items into one setting.
The family may also have to choose between going on a foreign vacation or remodeling its kitchen. Car makers, for example, have seen declining profit margins (and even losses) as they have had to cut prices and offer low interest rates on financing.
Thus, the total number of products against the total number of product lines forms the length of the product mix. The firm has the cash flow either to remodel its offices or install a more energy efficient climate control system; or the firm can choose either to invest in new product development or in a promotional campaign to increase awareness of its brand among consumers. Generally, in good economic times, there is a great deal of demand, but this introduces a fear of possible inflation.
Width of the product mix – Where product line length refers to the total number of product lines and the products within the product lines, the width of the product mix is equal to the number of product lines within a company. This makes businesses less willing to invest, and as a result, people tend to make less money.
Thus, taking the above example, if there are 4 product lines within the company, and 10 products within each product line, than the product line width is 4 only. This may result in a a€?bad circle,a€? with more people losing their jobs due to lowered demands. Where length and width were a function of the number of product lines, the depth of the product mix is the total number of products within a product line.
Some businesses, however, may take this opportunity to invest in growth now that things can be bought more cheaply. Thus if a company has 4 product lines and 10 products in each product line, than the product mix depth is 10.
But Samsung as a company has many product lines which are completely independent of each other. This will be not be a precise example and all products of P&G might not be taken into consideration.
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