Product to Customer Solution. It is an essential starting point for quantitative researchers, but takes a lesser role for qualitative researchers. In statistics we expend much time and energy to generate hypotheses, to test hypotheses, and to reject them. What do they need.
Examine how your product or service provides its benefit and test-market it with consumers using focus groups, product demonstrations and free sampling. Flexible Concept The marketing mix is a fluid and flexible concept and the focus on any one variable may be increased or decreased given unique marketing conditions and customer requirements.
This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. If it is not right, if it is "wrong" then we reject it. Whatever promotional methods are finalized need to appeal to the intended customers and ensure that the key features and benefits of the product are clearly understood and highlighted.
Information Technology, with Intranets and the Internet, has improved our ability to find such data. It can be specifically defined or it can be loosely explained.
The success in using product placement as an effective marketing tool or strategy depends largely on research. Whether you are starting a small business or expanding your existing business, you need the information and statistics you can get from researching your market to create your business plan.
Price, Product, Promotion how will the product be marketed and promoted and Place where will the product be available and how distributed.
Magazine and similar bodies have enabled the layman appreciate survey findings. Marketers must know their product: This part of the MR Mix involves identifying relevant sampling frames.
How elastic is the price. What is the path to purchase for the target consumer. Reporting must be personalised, writing and presentation style must be customised and adapted to the user.
The marketing mix consists of interrelated product development, pricing, promotions and distribution strategies that should be based on thorough research.
The research agency may report directly to the public on web pages, by email or by post, this is because it is now common to offer a short summary report to a respondent as a gesture of goodwill, an incentive, a thank you for co-operating in the research.
Help Achieve Marketing Targets Through the use of this set of variables, the company can achieve its marketing targets such as sales, profits, and customer retention and satisfaction. What should be communicated. Minimize risks and make the best decisions using the data analyzed from the research of your market.
If it is right then we accept it. Lack of Focus on Services The conventional marketing mix tends to be applicable to tangible goods i. The marketing mix is a basic tool in marketing.
Traditionally it is defined by four elements: Price, Product, Promotion and Place. Marketing Mix of 4P‟S for Competitive Advantage janettravellmd.com 41 | P a g e constitutes the core of company’s style of marketing.
All these elements are very significant and depend upon each other; the four elements in the marketing mix are inter related.
Fig. 1 Marketing Mix Cycle II.
The notion of marketing mix refers to a balance of marketing methods needed to sell products and services. Marketing mix consists of four core elements – product, price, place and promotion that are jointly known as ‘four Ps’. In this article, we will look at 1) the four P’s, 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 – Nivea.
The notion of marketing mix refers to a balance of marketing methods needed to sell products and services. Marketing mix consists of four core elements – product, price, place and promotion that are jointly known as ‘four Ps’. Extended marketing mix contains additional ‘three Ps’ consisting of people, process and physical evidence.
Firstly, marketing mix makes marketing easy in theoretical and practical levels. Generally, the concept of marketing might seem to be vague and complicated to the general audience.Marketing mix research