The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in the right place,… ‘ will happen. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 As of marketing: Price, Product, Promotion, endurance. These have been extensively added to and expanded through additional As and even a C concept. But the ups serve as a great place to start planning for the product or even to evaluate an existing product offering.
O Entrepreneurial Insights In this article, we will look at 1) the four AS, 2) history of the marketing mix concept and terminology, 3) purpose of the marketing mix, 4) key features of the marketing mix, 5)developing a marketing mix, 6) key challenges, and 7) marketing mix example – Naive. THE FOUR AS Product The product is either a tangible good or an intangible service that is seem to meet a specific customer need or demand. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges.
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It is key to understand those problems that the product is attempting to solve. The benefits offered by the product and all its features need to be understood and the unique selling proposition of the product need to be studied. In addition, the potential buyers of the product need to be identified and understood. Price Price covers the actual amount the end user is expected to pay for a product. How a product is priced will directly affect how it sells. This is linked to what the perceived value of the product is to the customer rather than an objective costing of the reduce on offer.
If a product is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative to understand how a customer sees what you are selling. If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value. Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpinned to sell. Price may also be affected by distribution plans, value chain costs and markups and how competitors price a rival product.
Promotion The marketing communication strategies and techniques all fall under the promotion heading. These may include advertising, sales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between marketing and promotion. Promotion is Just the communication aspect of the entire marketing function. Place Place or placement has to do with how the product will be provided to the customer. Distribution is a key element of placement.