If you are working with a product portfolio you have a range of tools at your disposal to determine how each one or a group of the products are doing. Back in a clever chap from Boston Consulting Group, Bruce Henderson, created this chart to help organisations with the task of analysing their product line or portfolio. The matrix assess products on two dimensions.
Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long.
One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 Ps to explain the mix, nowadays it is more commonly accepted that a more developed 7 Ps adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further.
Before we get carried away though what is the Marketing Mix and what is the original 4 Ps principle? The Marketing Mix Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering.
The 4 Ps have been associated with the Marketing Mix since their creation by E. Jerome McCarthy in You can see why there may have been some need to update the theory. The Marketing Mix 4 Ps: Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
Place — The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop. Price — The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
This now allowed the extended Marketing Mix to include products that are services and not just physical things. The extended 7 Ps: People — All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Processes —The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.
Physical Evidence — Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material.
Is there an 8th P? In some spheres of thinking, there are 8 Ps in the Marketing Mix. The final P is Productivity and Quality.
This came from the old Services Marketing Mix and is folded in to the Extended Marketing Mix by some marketers so what does it mean? The 8th P of the Marketing Mix: A good marketer will learn to adapt the theory to fit with not only modern times but their individual business model.The product life cycle is an important concept in marketing.
It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market.
Another product attribute that is highly important for the individual product decisions is that of the product features. Obviously, we can offer a product with varying features.
A low-level model, without any extras, or a high-level model, with a lot of features. A product does not have to be an entirely new product, can be a new model (car), a new product for the company, or repositioning a product to a new market. Marketing Mix (MM) considerations Need to build channels of distribution/selective distribution Dealers offered promotional assistance to support the product PUSH strategy.
The concept behind the Brand Equity Model is simple: in order to build a strong brand, you must shape how customers think and feel about your product. You have to build the right type of experiences around your brand, so that customers have specific, positive thoughts, feelings, beliefs, opinions, and .
Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.
A browned chuck roast with the addition of this mix and a can of cream of mushroom soup, wrapped tightly in foil, placed on a baking sheet and baked slowly at for four Reviews: