Product resources external factorsmarket environmentcompetitive profile decide on international market involvement market selection market entry marketing mix product price distribution promotion organise department subsidiary jt. The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. Product positioning strategy in marketing management 100 2. If a company has 5 product lines and 10 products under each product lines, the length of the mix will be 50 5 x 10. Aim of article is to analyze marketing mix theoretical aspects. Product mix or product assortment is a set of total number of products lines that a seller offers in the market to its buyers. A product line is a group of closely related products with similar functions, customer groups, outlets and same price ranges. The product mix is the variety of products a company produces or sells to the marketplace. Jun 29, 2019 marketing mix is a strategy which a company uses to formulate a product service offering for its customers. The nine ps namely promotion, product, price, place, process management, personnel, physical facilities. Market planningmarket planningmarket planning is the process of organizing and defining the marketing aim of a company and gathering strategies and tactics to. Hashaam allama iqbal open university, islamabad asc.
This knowledge base will provide a foundation for the concepts presented in marketbased management, 6th edition introduction to marketing and marketbased management dr. Marketing mix a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. In order to analyse each product line, product line managers need to know two factors. The overall goal of this series is to improve the marketing skills of food business managers and owners in new york state so that they can develop successful marketing strategies to increase business profitability. Apr 08, 2015 marketing mix seminar and ppt with pdf report.
Effective marketing mix management enables marketers to create. The marketing mix is often crucial when deciding a product or brands offer, and is often connect with the four ps. Pdf 4 ps of marketing mix a project report submitted. The product must deliver a minimum level of performance. Product mix marketing tutor for marketing professional and. Sometimes a change in place can lead to a rapid increase in sales. These are called the 4ps and are product, price, promotion, and place.
For example if a company produce only soft drinks and juices, this means its mix is two products wide. Product mix or product assortment is a set of total number of products lines that. Thus, product line width is a depiction of the number of product lines which a company has. Marketing mix 7ps example marketing mix 7ps example. Number of different product lines carries by the company. The width of the mix refers to the number of product lines the company has to offer. As of 2020, there are several lush marketing strategies like productservice innovation, marketing investment, customer experience etc. In 1953, neil borden mentioned it in his presidential address to the american marketing association ama in general terms, marketing mix is a variety of different factors that can influence a consumers decision to purchase a product or use a service. There is very limited published research dedicated to product strategy development and its implementation in the pharmaceutical segment in general and in oncology in particular. Whether you are considering a new or existing offer, follow the steps below help you define and improve your marketing mix. However, nowadays, the marketing mix increasingly includes several other ps like packaging, positioning, people and even politics as vital mix elements.
Product mix marketing tutor for marketing professional. Mba notes marketing management product mix decision what is product mix. The marketing mix is a business instrument used in marketing and by marketers. Marketing origination with the recognition of a need on the part of a consumer and termination with the satisfaction of that need by the delivery of a usable product at the right time, at the right place, and at an acceptable price. The term marketing mix is attributed to neil bordon. Jun 25, 2018 length of the product mix refers to the total number of products in the mix. This dimension of the product mix represents the extent to which the activities of the firm are diversified. The 4ps make up a typical marketing mix price, product, promotion and place. Neil borden in the year 1953 introduced the term marketing mix, an extension of the work done by one of his associates james culliton in 1948. Some companies use direct selling, sending their salespeople out to personally meet and talk with the prospect.
Target marketing refers to a concept in marketing which helps the marketers to divide the market into small units comprising of like minded people. It is this need of a specific market that the company should provide the solution to. 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. The product mix is the variety of products a company produces or sells to the. Adjustments in the price, place and promotion must be made as the product ages and the market landscape evolves, so the marketing mix is a fluid dynamic that necessitates constant refinement. Impact of marketing strategy on business performance a. In general terms, marketing mix is a variety of different factors that can influence a consumers decision to purchase a product or use a service. The consumer is found both at the beginning and at the end of the marketing process.
Lux soap comes in packages of 40gm, 80gm and 120gm, colours like white, pink, blue, yellow and green and several fragrances. Pdf marketing management project on coca cola mian. The paper aims to investigate the influencing of marketing mix mm elements product, price, place or distribution, and promotion on increasing the effectiveness of product promotion and their role to reduce the problems within the organization. As of 2020, there are several lush marketing strategies like product service innovation, marketing investment, customer experience etc. Gyor was asked to develop the touristic marketing strategy of the settlement called nyul. A company like hul has numerous product lines like shampoos, detergents, soaps etc. Product mix and product line understanding product length. The product lines may range from one to many and the company may have many products under the same product line as well.
Generally the product marketing mix consists of product, price, place and promotion and it is generally used for marketing mix of tangible goods. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or place strategy. At last, the consistency of a product mix is the close relationship between different product lines. The basic elements of a marketing strategy consist of 1 the target market, and 2 the marketing mix variables of product, price, place and promotion that combine to satisfy the needs of the target market.
It can also be used to test your existing marketing strategy. Mar 14, 2020 the width of the product mix is equal to the number of product lines within a company. The product mix is a subset of the marketing mix and is an important part of the business model of a company. Total number of items in the product mix of the company. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.
Lux is a global brand that deals in manufacturing and marketing of soap and related products. If you add lesser quality, lower priced items, its called downward stretching. This article is about marketing mix 7ps example and has been written by russell bowyer. Before turning to the product mix decisions, we first have to know what the product mix actually is. An organisations product line is a group of closely related products that are considered a unit because of marketing, technical or enduse considerations. The third p in the marketing mix is the place where product or service is actually sold. Marketing mix has been defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market, as per wikipedia. The marketing mix is often crucial when deciding a product or brands offer, and is often connect with. A product line often evolves, as manufacturers want to take advantage of a brands value and the success of other products in the mix. He use a total of 29 questions to measure new product marketing strategy and seven. Simply, it shows the number of items in the product line.
What is marketing mix 4 ps of marketing definition of. We see marketing management as the art and science of applying core marketing concepts to choose target markets and get, keep, and grow customers through creating, delivering, and communicating superior customer value. Marketing mix of lush analyses the brandcompany which covers 4ps product, price, place, promotion and explains the lush marketing strategy. All of these product lines when grouped together form the product mix of the company. The marketing mix model can be used to help you decide how to take a new offer to market. International marketing exam notes marketing and marketing. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. Introduction to marketing and marketbased management. The concept of marketing mix was introduced over 60 years ago. Productresources external factorsmarket environmentcompetitive profile decide on international market involvement market selection market entry marketing mix product price distribution promotion organise department subsidiary jt. The product mix is a subset of the marketing mix and is an. Product is one of the ps referred to in the marketing mix enumerated in basic marketing theories. Marketing is the performance of activities that seek to accomplish an or ganization s objectives by anticipating customer or client needs and directing the flow of need satisfying goods and services from producer to customer or client. Its product range includes shower gels, beauty soaps, hair shampoos, bath additives and hair conditioners.
Marketing mix strategy is created using the 4ps of marketing product, place, price, promotion and 7ps in case of service physical evidence, people, process. Retailers carry a mixture of products to satisfy various customers. Each element is crucial in its own right and needs to be given due focus. Each of the four ps is a variable you control in creating the marketing mix that will attract customers to your business.
Apr 19, 2020 marketing mix of lush analyses the brandcompany which covers 4ps product, price, place, promotion and explains the lush marketing strategy. In 1953, neil borden mentioned it in his presidential address to the american marketing association ama. The product mix also called as product assortment, refers to the complete range of products that is offered for sale by the company. The combination of all these product lines is the product mix. Most strategic concepts and tools, for example, porters five forces, currys pyramid and kotlers 4ps product, price, promotion and place of marketing. History of product positioning positioning is percieved by some researchers as the last stage, after product and image stages, in the historical development of marketing communications. The components of the marketing mix are not independent phases. The article discusses that marketing mix is one of the main objectives of the marketing mix elements for setting. In this article about marketing mix 7ps example im going to cover the following. These four components help determine a clear and effective strategy to bring a product to market. The accounting approach to the marketing mix 289 valuebased marketing 291 the marketing mix and shareholder value 294 making marketing mix decisions 298 summary 311 references 312 further reading 3 12 new product development 314 susan hart introduction 314 the process of developing new products 314 the stages of the new product development. However service marketing mix is related to three different variables for example people, process and physical evidence. In other words, the number of product lines that a company has for its customers is called as product mix. Aug 06, 2014 the marketing mix is a tool that is made up of four unique but interconnected and interdependent variables.
The product mix, also called product portfolio, is the set of all product lines and items that a company offers for sale. International marketing exam notes marketing and marketing management marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The breadth of a product mix shows the different kinds of product lines that firm carries. The example of nike product line includes, footwear, apparel and sports equipment and every product line have similar products what is product mix. This solution is a product or a service that the company has the resources to provide. Product mix and product line understanding product. The key to ensuring the successful implementation of the marketing process is management of various components. As explained, product mix is a combination of total product lines within a company. Jun 27, 2012 set of all product offered for sale by a company.
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