MARKETING MIX
From the various definition of marketing understand that marketing involve the performance if various activities bring about customers and social satisfaction. The controllable variable or marketing mix are of four key’s related to decision making are around which marketer jobs involves. They are made up of product, price, promotion and place. It is achieving a good mix or combination of them that gives the desired overall effort. Let us take a look at each of these variables of marketing and see how marketing control and enhance each one in achieving the goals and objective of the organization.
· The Product Mix
A product is a complex tangible and intangible attribute including functional, social and psychological utilities to benefit. Developing a product that meet the needs of customers required knowledge of fundamental market and product concept. Product is an important variable (promotion, price, place) must be co-ordinate with product decision. A product can be an idea, service, goods of any combination of three. When buyers purchase goods think the product will provide. Buyers purchase intangible goods like insurance, education, health care for instance the basic promise of satisfaction since a product meets pricing mix. Buyers concern for an interest is related to their expectation about buyer have limited resource, they most allocate their purchasing power to obtain the most desired products. A particular product price is determine by the value that consumers place on the product. Hence, price most equal or less than the benefit consumer received.
· Price
How you price, your product or service so that your price remains competitive but allows you to make a good profit.
Pricing objectives: Pricing objective are those objective that specify whole price play in an organization market plan and strategies. In setting price follow pricing objectives.
Profit objectives: The different objectives to a firms profit usually measured in term of returns on investment or return on asset. One objective for managing in a long profit maximizing current objective that is trying to obtain the highest possible profit within the short run.
Sale objectives: The hope is that the increase in market share profit objective related to sales revenue or unit sales has the advantage of being translated easily into meaningful targets for marketing managers responsible for a product line or brand for more easily than with a return on investment target.
Market share objective: Market share are the ratio of the firm sales revenue or unit sales to these industries (competitors plug the firm itself). In this pricing objective its aimed at increasing the market share of the industry or firm.
Unit volume objectives: Many firms use unit volume for produced or as a pricing objective. Social responsibility objectives, a firm may go higher on sales and follow pricing objective that recognize its objective to customers and society in general. For example government agencies which set many for services they offer user objective.
· Promotion
In marketing, promotion refers to a technique that persuasively communicates favorable information about the seller’s product of potentials buyers. Promotion is the method used to communicate the feature and benefits of your product or services to your target customer. The role of promotion is to communicate with individuals, group of people or organization to directly facilitate exchange by influencing one or more of the audience about firms and its product services and ideas. Markets directly facilitate exchange by focusing communication on companies activities and product on interest group (such as environment and consumers group) current and potential investment. To develop and implement effective promotional activities firms must obtain and controlled.
Promotional mix ingredient
Some of the ingredients that can be including in an organization as promotion mix are:
a. Advertizing: is the non personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by identified sponsors through the various media (Bovee, 2002, p.7). Some mass media commonly selected to transmit advertising are television, radio, newspaper and magazines, individual organization use advertising to promote goods and services or ideas and people as political candidate.
b. Personal selling: personal selling is a process of information or informing customers to face conversation in other to persuade them to purchase a products, personal selling is promotional method in which one party (e.g salesperson) uses skill and techniques for building personal relationships with another party (e.g those involved in a purchase decision) that result in both parties obtaining value. Face to face selling in which a selling attempts to persuade a buyer to make purchase.
c. Sales promotion: are the set of marketing activities undertaken to boost sale of the product or service. Sales promotion refers to those marketing activities that stimulate consumer shows and expositions. It encompasses effort other than personal selling advertisement and publicity. Frequently marketer’s employs sales promotion to improve the effectiveness of other promotion mix ingredient especially advertising and personal selling.
· Distribution mix (place)
Distribution involve the movement of product in all stage of development from resources, procurement to manufacturing and to the final sales. It can be seen as adding value or satisfaction to raw material by mobbing them to the manufacturers to intermediaries and finally to ultimate consumers. Distribution involves the marketing of the product available to buyer a convenient assessable and suitable location. Distribution provides place and time utility.
CONTROLLABLE VARIABLE (MARKETING MIX)
From the various definition of marketing understand that marketing involve the performance if various activities bring about customers and social satisfaction. The controllable variable or marketing mix are of four key’s related to decision making are around which marketer jobs involves. They are made up of product, price, promotion and place. It is achieving a good mix or combination of them that gives the desired overall effort. Let us take a look at each of these variables of marketing and see how marketing control and enhance each one in achieving the goals and objective of the organization.
· The Product Mix
A product is a complex tangible and intangible attribute including functional, social and psychological utilities to benefit. Developing a product that meet the needs of customers required knowledge of fundamental market and product concept. Product is an important variable (promotion, price, place) must be co-ordinate with product decision. A product can be an idea, service, goods of any combination of three. When buyers purchase goods think the product will provide. Buyers purchase intangible goods like insurance, education, health care for instance the basic promise of satisfaction since a product meets pricing mix. Buyers concern for an interest is related to their expectation about buyer have limited resource, they most allocate their purchasing power to obtain the most desired products. A particular product price is determine by the value that consumers place on the product. Hence, price most equal or less than the benefit consumer received.
· Price
How you price, your product or service so that your price remains competitive but allows you to make a good profit.
Pricing objectives: Pricing objective are those objective that specify whole price play in an organization market plan and strategies. In setting price follow pricing objectives.
Profit objectives: The different objectives to a firms profit usually measured in term of returns on investment or return on asset. One objective for managing in a long profit maximizing current objective that is trying to obtain the highest possible profit within the short run.
Sale objectives: The hope is that the increase in market share profit objective related to sales revenue or unit sales has the advantage of being translated easily into meaningful targets for marketing managers responsible for a product line or brand for more easily than with a return on investment target.
Market share objective: Market share are the ratio of the firm sales revenue or unit sales to these industries (competitors plug the firm itself). In this pricing objective its aimed at increasing the market share of the industry or firm.
Unit volume objectives: Many firms use unit volume for produced or as a pricing objective. Social responsibility objectives, a firm may go higher on sales and follow pricing objective that recognize its objective to customers and society in general. For example government agencies which set many for services they offer user objective.
· Promotion
In marketing, promotion refers to a technique that persuasively communicates favorable information about the seller’s product of potentials buyers. Promotion is the method used to communicate the feature and benefits of your product or services to your target customer. The role of promotion is to communicate with individuals, group of people or organization to directly facilitate exchange by influencing one or more of the audience about firms and its product services and ideas. Markets directly facilitate exchange by focusing communication on companies activities and product on interest group (such as environment and consumers group) current and potential investment. To develop and implement effective promotional activities firms must obtain and controlled.
Promotional mix ingredient
Some of the ingredients that can be including in an organization as promotion mix are:
a. Advertizing: is the non personal communication of information usually paid for and usually persuasive in nature about products, services or ideas by identified sponsors through the various media (Bovee, 2002, p.7). Some mass media commonly selected to transmit advertising are television, radio, newspaper and magazines, individual organization use advertising to promote goods and services or ideas and people as political candidate.
b. Personal selling: personal selling is a process of information or informing customers to face conversation in other to persuade them to purchase a products, personal selling is promotional method in which one party (e.g salesperson) uses skill and techniques for building personal relationships with another party (e.g those involved in a purchase decision) that result in both parties obtaining value. Face to face selling in which a selling attempts to persuade a buyer to make purchase.
c. Sales promotion: are the set of marketing activities undertaken to boost sale of the product or service. Sales promotion refers to those marketing activities that stimulate consumer shows and expositions. It encompasses effort other than personal selling advertisement and publicity. Frequently marketer’s employs sales promotion to improve the effectiveness of other promotion mix ingredient especially advertising and personal selling.
· Distribution mix (place)
Distribution involve the movement of product in all stage of development from resources, procurement to manufacturing and to the final sales. It can be seen as adding value or satisfaction to raw material by mobbing them to the manufacturers to intermediaries and finally to ultimate consumers. Distribution involves the marketing of the product available to buyer a convenient assessable and suitable location. Distribution provides place and time utility.
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