Professional Documents
Culture Documents
Marketing Mix:
Marketing 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
markets objectives are attained. The 4 Ps of marketing are Product, Place,
Promotion and Price. Each plays a key factor in the overall successful
marketing of a product or service.
1)Product:
The product mix means that What exactly is your product?
Product" Although this typically refers to a physical product, it has been
expanded to include services offered by a service organization. The
specification of the product is one of the variables that a marketer has at
his/her control. For example, the product can include certain colors (or not),
certain scents (or not), certain features (or not). Lastly, in the broadest sense
when a consumer purchases a product it also includes the post-sales
relationship with the company. The post-sales relationship can include
2) Price:
Is the price right or is it out of sight? In the best of worlds, product launches
are thoughtful, labor intensive risk-taking ventures with marketing strategies
firmly in place.
Price" The price is the amount paid for a product. In some cases, especially in
business-to-business marketing this can also include the total cost of
ownership (TCO). Total cost of ownership may include costs such as
installation and other products required to deliver a complete functional
solution.
Let's take it one step further and ask, if you were dying, how much money
would you pay to stay alive? The exchange of money for curing human ills is
a sordid business. It would be interesting to know how they determined the
price of the new cervical cancer vaccination that must be renewed each year.
How many days this year would you like to be protected from cancer? Would
a dollar a day be too much? Sheer unjustifiable extortion, an assumption that
poor people don't have lives worth saving, or something else?
A popular topic of conversation on message boards and forums is pricehow
much should I charge for what I do? Setting the right price is very important
when marketing professional design services. Set it too low, and you may
lose potential clients who suspect shoddy work for bargain prices. Book
writers without real world experience have some radical ideas about
freelance fees including suggesting you use the average income of a full
time designer in a corporation as a basisan annual income that has no
bearing on your expenses, range of projects, or reasonable price
3) Promotions:
The promotions aspect of the marketing mix covers all types of marketing
communications. The methods include advertising, sometimes known as
'above the line' activity. Advertising is conducted on TV, radio, cinema,
online, poster sites and in the press (newspapers, magazines). What
distinguishes advertising from other marketing communications is that
media owners are paid before the advertiser can take space in the medium.
Other promotional methods include sales promotions, point of sale display,
merchandising, direct mail, telemarketing, exhibitions, seminars, loyalty
schemes, door drops, demonstrations, etc.
The skill in marketing communications is to develop a campaign which uses
several of these methods in a way that provides the most effective results.
For example, TV advertising makes people aware of a food item and press
One very reliable promotion: Calendars are one of the oldest, most trusted
methods of promotion, no matter what the business, product, or service.
There's a reason for that; staying power. Few people can discard a calendar;
ask an older, male mechanic where he used to get his favorite free babe
calendar and he'll probably remember Snap-On-Tools or another brand well
enough to think of the brand when he needs new tools. Calendars are
common promotions because they stick around for at least a year, but if
you're self employed, they might be a bit costly to produce on a large format
offset press; at least I thought so when I first started freelancing. For my very
first self-promotion, I wanted something nice I could give to my clients that
they would keep; something that didn't die when the end of the year came
around, and something equally appealing as a reminder after a cold call or
portfolio showing.
4)Place:
Place in the marketing mix, is not just about the physical location or
distribution points for products. It encompasses the management of a range
of processes involved in bringing products to the end consumer.
Let's discuss place. A clear understanding of the strategy behind place (or
positioning) is all you need to make it work for you; even if it's just to see
through the mist some marketers use to fog up discerning shoppers.
Positioning is about painting a pretty picture of how you want people to think
of your product or company; the catchphrase should be simple, easy to
remember, and satisfy the audience enough so that they won't look too
closely at the wicked web you could be weaving.
There are all kinds of good examples of positioning , one can be found on an
insurance website that advertises price comparisons with the competition.
That insurance company's policies often cost hundreds of dollars more than
the caveman/gecko brand, which conveniently is not included in the
comparison.
Ford Motor Companys marketing mix (4Ps) supports the firms ability to
connect with its target customers. The marketing mix refers to approaches
used to implement a marketing plan. In Fords case, the target market is
highly varied and spans the global economy. As such, the companys
marketing mix is also comprehensive. The firm is the second largest U.S.based automaker and the fifth in the world. With this position, a
comprehensive marketing mix is critical to maintaining its performance. This
marketing mix and related strategies also evolve through time to ensure
Product Line:
SUVs
Sports
Cars
Trucks
Luxury
Cars
Convertibles
Midsize
Cars
Vans &
Wagons
Minivans
Small Cars
strategy for most of its products, such as sedans and trucks. On the other
hand, the company applies the premium pricing strategy to set higher prices
for some of its products. This pricing strategy is used for most of the Lincoln
automobiles, which are Fords luxury line of vehicles. This element of the
marketing mix emphasizes the importance of different pricing strategies to
support Fords efforts to secure different segments of the market.
Conclusion:
All the elements of the marketing mix influence each other. They make up
the business plan for a company and handled right, can give it great success.
But handled wrong and the business could take years to recover. The
marketing mix needs a lot of understanding, market research and
consultation with several people, from users to trade to manufacturing and
several others.
Ford motor company has observed the marketing mix in a good manner and
that make the company number two in the world after General motors. The
Ford company's product line gives the customer a wide view of the various
cars and models from which they can choose their interest car and by this
line the company has make them satisfy by its attractive products(cars). The
company made its price strategy in a way that can suit different people with
different life levels. They have cars for high class people , middle class and
also low class as well which shows an effective price strategy of the
company. The company is promoted by its promotion policy which the
company has been doing it in number of ways like through social media,
televisions, bill boards , and through its official websites which made the
company globally we known and has market in all over the world .
So all these efforts are put together by the company's management specially
marketing management and made the company a successful and famous
automobile company. Now Ford cars have fans in all over the world like even
in sports also , because the company makes sport cars as well and all these
are due to a successful marketing mix strategy which the company has and
it has been implementing it from the time it established.