Marketing mix

The marketing mix is a business tool that used in marketing and by marketers. The marketing mix is often crucial when it is associated by a product or a brand offer, and is often associated with the four P’s. They are Price, Product, Promotion and Place. In a simple way we can say that putting the right product in the right place, at the right price, at the right time. Product (Hilton Hotel) In order to fulfill everyone’s opportunity in the market, Hilton Hotel Kuala Lumpur operates other…

Marketing mix refers to the controllable variables the company puts together to satisfy this target group, and it is basically made up by the four Ps: product, price, promotion, place. Below, we are going to identify each of these Ps for BWW. Product: Product prefers to the need-satisfying offering of a firm. (Perreault, Cannon, & McCarthy, 2014, p. 199) Since our target market is students, sport fans, and families, the products should be created with a value that satisfies targets’ needs. Food…

Price Price, which is an enduring element of the original Ps of the marketing mix, may generally be perceived in terms of the specific monetary value that a customer attaches to goods and services (Kent & Omar 2003). Farahmand and Chatterjee (2008) conceptualise price within the auspices of the value assigned to something bought, sold or offered for sales, expressed in terms of monetary units. It also pertains to how buyers view a product’s price, as high, low or fair, which ultimately affects…

distribution strategies, promotion plans, and motivation strategies to be a successful firm. The marketing mix of a company needs to be developed successfully when starting a company. This consists of product, pricing, place, and promotion. I will ensure that my lemonade products are always made of quality ingredients and are packaged properly. My company…

Pricing Price is what a buyer must give up to obtain a product and this is the most flexible element of all the Ps of marketing mix strategy which can be changed quickly to suit the changing market demand (Lamb, Hair and McDaniel, 2011). Target costing may prove advantageous as the market needs to expand and this strategy would help in offering the products to lower end of the market with an entry level offering by managing technology with the changing needs of the consumers. Price bundling…

Huawei in China and UK The 4 P’s of marketing mix include product, price, place, and promotion. A promotion blend is a fundamental tool that blends the four variables together to achieve the result it wants to obtain in the target market. The product is the tangible good or intangible service that needs to meet the demand of the customers. According to Mackay, C. (2011), price involves the amount of money that the end user is required to pay so as to obtain the product. Promotion engages…

another. Usually in these circumstances, sellers would ask for higher prices, while buyers would offer less for certain goods or services. Through deals, they would come to a mutual agreement of price acceptance. Price is the only attribute in marketing mix that yields revenue, all other attributes produce costs (Kotler, 1997). Companies often use different pricing techniques to stimulate early purchase specially to accommodate differences in customers, products and locations. Marketers often…

My target market is very large because it will consist of lodging companies. For example, hotels, taverns, resorts, cruise lines, etc. Anything along the lines of housekeeping is who I am marketing to. As long as you have a door and housekeeping, you are include in our market niche. I am aware that the more specific you get about your targeted market the more accurate your sales and market efforts will be, but my company can satisfy the needs of a low cost hotel to luxurious hotel. The goal is…

Our world revolves around needs and wants from the time a person is born. The needs and wants of humans are continuing to evolve as time goes on. Marketing has continued to evolve since its inception in the late 1950s trying to keep up with the desires of the consumer (Bethel University, 2017). For instance, lipstick has evolved from a waxy, hardening, peeling material that made your lips feel like cracking which was the case with Covergirl Outlast Lip stain to a long-lasting, rich color, with a…

Costing and pricing methods reviewed Cost-orientated pricing Many small businesses determine their basic price based on their costs. The idea is to set your price high enough to cover your costs and still make a profit (Van der Walt et al., 1995). Cost-plus pricing Many small businesses use this method. Here you determine the cost of the product and then add a set percentage to the cost for the profit margin. This method is popular and easy to use. Assume you are the manufacturer of steel…