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• Unit 3 Classic Marketing: Product, Place, Price, and Promotion Introduction The marketing mix lies at the core of a marketing strategy. In this unit, we take a closer look at each component of the mix: Product, Place, Price, and Promotion. Toggle DrawerHide Full Introduction Given the competitive nature of virtually every market these days, the successful marketing plan must truly be an integrated one; one in which each element supports the message being communicated by the other. For example, it is difficult to charge a high price for a product and then channel it through non-exclusive distribution that will ultimately diminish its value in the customer's mind. For this reason, Mont Blanc pens, priced at about $100, are sold in few retail outlets. Coca-Cola, on the other hand, attempts to make its product available in practically every corner of the earth in some form or another (vending, grocery, convenience, restaurants, etc.). They are not as concerned about price as Mont Blanc is. Product The central focus of a marketing program will be on a product or service for which the integrated marketing effort will summarize the essence of that product or service. All of this will include the company, competition, and customer requirements. Design, product positioning, and other elements are part of product line management's efforts to maintain a unique set of values in the customer's mind, either carving out a niche or maintaining market share leadership against the onslaught of competitive products. For the case of REI, consider which products are purchased from manufacturers and which carry the REI label (and design). Which products are for general consumers? Which are for professional climbers and expeditions? Place Selecting the methodology for getting a product to the targeted customer is an essential aspect of the integrated marketing plan. In contemporary marketing, timeliness is critical given the intense competition most products face. Many successful companies have moved to a direct sales model in order to maintain greater control and better profit margins. Selection of non-direct distribution outlets carries the sales responsibility to the retail level as outlets provide the primary interface with each customer. For some products, distribution is now "friction free" (friction being the lag between demand and supply). For certain kinds of software and other digital modalities (including music), delivery can be as simple as a download to your PC: no shortage of supply and no waiting. In the case of REI, consider the different channels through which the company markets its products: direct mail, large and small retail stores, outlet stores, and potentially through other retailers where competition is not a factor for REI. Price The establishment of value, as manifested in a product's price, has to be part of an integrated marketing program. Many times, superior marketing efforts are all that help support a higher price. The key rule in pricing is to set a price point at which your target customers will buy; if you cannot make a profit at that point, then perhaps you do not need to be in that business. As complex as pricing decisions can be, many firms rely on three different methodologies: 1. Cost-based pricing, which takes the basic costs of the product or service and adds an acceptable profit margin. 2. Value-based pricing, which attempts to set a price or value for the product to either solve a problem or save time and money. 3. Competition-based pricing, which simply follows along with what the market is doing on similar products. Promotion The promotional aspect of marketing seeks to develop a communication plan that effectively tells the target customers what they need to know about the product or service. This element should be integrated with the other aspects in order to provide a coherent message. This includes the entire sales plan, ranging from who will represent the product to how they will be trained and compensated to what kind of marketing tools are provided to accomplish the sales task. Panache Some consider this the fifth "p": that total creative element derived from a truly integrated marketing plan that really sets an idea apart. The introduction of Legg's Panty Hose a number of years ago had the panache that was so successful that they forever changed the way products of this kind are marketed. Legg's introduced new packaging (the egg container), new distribution (in grocery stores where women shopped every week as opposed to department stores), new low pricing, and terrific promotion. Dell computers, with their direct-to-consumer model, also set a new standard that others have had to follow.
• Unit 3 Classic Marketing: Product, Place, Price, and Promotion Introduction The marketing mix lies at the core of a marketing strategy. In this unit, we take a closer look at each component of the mix: Product, Place, Price, and Promotion.
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Assignment ID
49622
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CREATED ON
October 15, 2016
COMPLETED ON
October 16, 2016
Price
$30
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very impressive work. able to follow directions and submitted the work on time! thank you! i highly recommend this writer. :)
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