AMA Vintage Motorcycle Days, presented by Honda Motorcycles, will feature vintage competition in road racing, motocross, hare scrambles and trials at Mid-Ohio and flat track racing at the nearby Ashland County Fairgrounds. Riders in these disciplines are racing for national championships or national championship series points. In addition, there will be exhibition pit bike races and dirt drags. The event will include vendors from all areas of motorcycling, selling gear and services for motorcycles old and new.
Product, Price, Place and Promotion. These four elements are known as the marketing mix or the 4Ps. The four marketing mix elements should be viewed as one unit and structured to support each other; Otherwise a firm's marketing strategy will be confusing and unco-ordinated.
This article provides you with a quick introduction to each marketing mix element and provides links for further marketing mix information. The diagram below shows the four factors which make up the marketing mix; product, price, place and promotion Marketing Mix Product Strategy Product is part of the marketing mix because it is the item offered for sale so its features and design need careful consideration.
Whether the firm is manufacturing the product or purchasing the product for resale, they need to determine what product features will appeal to their target market. When an organisation is considering introducing a product into a market, they should ask themselves the following questions: Who is the product aimed at What benefit will customers expect from it What will be its advantage over competitor products?
Or its unique selling point? How does the firm plan to Position the product within the market? The answers to these questions will help a firm design, package and add value to its products.
Apple has an excellent marketing mix strategy in particular a very popular product strategy. Their products are carefully built, with well thought out design backed up with their iconic Apple logo.
To learn more about product strategies within the marketing mix click on the following link: Marketing Mix and Product strategies To learn more about pricing including example pricing strategies click this link: Marketing Mix and Pricing Strategies Marketing Mix Price Strategy Price is part of the marketing mix because if you get the price wrong you will not sell your product.
There are lots of different pricing strategies but every strategy must cover at least your costs unless the price is being used to attract customers to the business loss leader pricing.
A product is only worth as much as people are prepared to pay for it. You will also need to consider competitor pricing and factors within your marketing environment.
Samsung's marketing mix pricing strategy involves them using a number of different pricing strategies for the different types of products they sell. Samsung sell many different types of phones at different prices, this is called product line strategy and it is a very popular way for Samsung and other firms to use their marketing mix.
Marketing Mix Place Strategy The Place element of the marketing mix is about where the product is made, where the product is stored and how the product is transported to the customer. The place for each of these things should ensure that the product gets to the right place at the right time without damage or loss.
The ideal place will be Convenient for the customer and the business Accessible for the customer if it is the place where the product is sold Low cost or free for the customer if it is the place where the product is sold Reasonable cost to the business The following link provides further information on place: Marketing Mix and Place Strategies.
Marketing Mix Promotion Strategy A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. Promotion is any activity to raise awareness of a product or to encourage customers to purchase a product.
Advertising is a form of promotion but not all promotions are advertisements. Promotional activities for consumer sales will be different to promotional activities for business to business sales. The following things will influence how a firm chooses to promote its product: Promotional campaign purpose The budget for the promotional campaign Legal rules about what you can promote and how The target market for the product The marketing environment in which the firm operates Retailer Tesco PLC's marketing mix promotional strategy is very varied.
They use a combination of above the line advertising supported by campaigns on social media and clever use of YouTube. The following link provides further information on place: Marketing Mix and Promotion Strategies. Other Marketing Mix Links Service Marketing Mix The ideal marketing strategy for a firm selling services, includes the traditional marketing mix and three additional elements: Companies like Virgin Atlantic have a clever service marketing mix strategy.Despite increasing importance of international marketing for firms to survive and continue to prosper as well as increase their profitability in a rapidly changing environment, researchers pay more attention to domestic knowledge issues rather than international marketing.
A McDonald’s in Gdańsk, Poland. McDonald’s Corporation uses its marketing mix (4P) to support global growth and maintain its leading position in the fast food restaurant chain industry. Digital marketing is the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium..
Digital marketing's development since the s and s has changed the way brands and businesses use technology for marketing. As digital platforms are increasingly incorporated into marketing. The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition..
It is also a very important component of a marketing plan as it determines your firm’s profit and survival.
|BMW Motorcycle Club of Indianapolis | Where Serious Motorcyclists Gather||The company is primarily known for its burgers. However, the business gradually expands its product mix.|
Strategies for marketing mix of 4p’s for competitive advantage The Marketing mix by 4P’s is a conjuration and it can only be implemented by marketing managers. Marketing mix is a greatest strategy for attaining competitive advantage for any firm. Well, just to challenge the standard view a bit: what if the idea that branding precedes marketing comes from a too narrow view of marketing?
If marketing is seen from the point of view of old-fashioned production or selling orientation, it certainly looks as if branding is the heart of everything, and marketing is just about ‘selling techniques’.