Marketing Mix A Marketing wax Is the combination of product offering used to reach market for the organization. The marketing mix comprises the product (what the actual offering comprises), Price (the value exchanged for the offering), promotion (the means of communicating that offering to the target audience, promotional mix) and distribution (also known as place, the means of having the offering available to the target audience). The Marketing mix is also known as the four As and which are as follows: Product: Product means goods- and -services combination the company offers to the target market.
Price: Price Is only one of the marketing mix tools a company uses to achieve Its marketing objectives. Price is the amount of money changed for a product or services, so the sum of the values that customers exchange for the benefit having or using the product or service. Place: It includes company activities that make the product available to target consumers. Promotion: Promotion means activities that communicate the merits of the product and persuade target customers to buy it.
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Promotional Mix: A company’s total marketing communication mix also called Is promotional mix, which insists of the specific blend of adverting, public relations and direct marketing tools that the company uses to pursue its adverting and marketing objectives. Advertising: Making known; calling public attention to a product, service, or company by means of paid announcements so as to affect perception or arouse consumer desire to make a purchase or take a particular action.
Or, we can say that advertising Is any paid form of non-personal presentation and promotion of Ideas, goods or services by an identified sponsor _ Advertising objectives can be Informative, Persuasive or Reminder. Marketing management must make four important decisions when developing an advertising programs; setting adverting objectives, setting the adverting budget, developing adverting strategy(message decision and media decision), and evaluating advertising campaigns. Sales Promotion: Sales promotion consists of short-term incentives to encourage purchase or sales of product or service.
Whereas advertising and personal selling offer reasons to buy a product or service, sales promotion offers to buy now. Personal selling: Personal selling Is the personal presentation by the firm’s sales force for the purpose of making sales and alluding customer relationship. Public relation: public relation is building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image and handling or heading off unfavorable rumors, stories and events.
Direct marketing: Direct marketing is the direct connecting with carefully targeted Individual consumer to both obtain an Immediate response and cultivate lasting customer relationship. Consumer Promotion: Sales promotion as know is a very important component of marketing promotion. Consumer promotion (e. G. Coupons, samples, contests, sweepstakes and price packs) s a part of sales promotion that is targeted towards the final buyers of consumer products (kettle and Armstrong, 2002).
There can be various types of consumer sales promotion; some are Incentive based while others are communicative In nature oriented promotion or non price-oriented promotion. According to Britannica (article 21279) advertising presents a reason to buy a product but consumer promotion offers a short-term incentive to purchase. Consumer promotions often attract brand switchers (those who are not loyal to a specific brand) who are looking primarily for owe price and good value. Thus, especially in markets where products are highly similar, consumer promotions can cause a short-term increase in sales.
Abraham and Oldies (1987) stated that many consumer goods categories sold 90% of their volume on special deals, which is a result of consumer promotion. Consumer promotion is thought to be a tool that helps manufacturers and retailers to achieve their objectives of generating sales (Olivarez and Clavicles, 2004). They also stated that the influence of sales promotions on the consumer would also depend on the consumer’s heartsickness. * 12. Marketing Mix of Coca Collateralized Product: The Coca-Cola Company’s products include beverage concentrates and syrups, with the main product being finished beverages.
The business has over 300 brands of beverages around the world with the main ones being Coke, Fantasy, Lift, Sprite, and Powered. Different Price: The prices of Coca-colas products vary according to the brand and the size. Each sub- brand of coca cola has different pricing strategy. Their pricing strategy is based on the competitors pricing, Pepsi is the direct competitor to coke. * 13. Marketing Mix of Coca Collaborationist Activities: The Coca-Cola Company sells its products by bottling and canning operations.
The distributors reached the coke to the wholesalers and the wholesalers reached it to retailers. And at last the customers buy coca cola from retailer shop. Promotion Activities: Advertising The Coca-Cola Company uses advertising as its main source of increasing consumer awareness. It mainly uses the television. There are many television advertisements on Coca-Cola products. This source allows the company’s products to reach a large audience. * 14. Coca-Cola in Evenhandedness-Cola is the most popular and biggest-selling soft drink insisting, as well as the best-known product in the world.
Collar is the oldest brand in Bangladesh. From the last 50 yearbooks cola has been marketing its products through electroencephalograms of Bangladesh. However, now it is marketed Abdul Money Limited. It marketed coca cola under authority of the coca cola company, USA and distribute focal-Cola, Sprite and Fantasy in Bangladesh. * 15. Marketing mix of Coca Cola in Bangladesh:product: Coca Cola offers two different sweet and flavored cola in our country. This is normal cola and another is dieting Cola. Coca Cola does not frequently change its taste.
It has many nutritional values similar to Pepsi. It serves different type of beverage like Sprite, Fantasy, etc. Price: Coca Cola Bangladesh Limited always tries to keep a standard price. It also offers promotional discounts, allowances, credit terms and payment period for the stores and Restaurants. Coca Cola, furthermore, offers discounts in a family size bottle frequently. To thing consumer buying power the coca cola company manufacture different types of can for our countries people, so that they can easily buy it. * 16.