We All Scream for Ice Cream! This lesson is a an activity that allows students to analyze the Four P's of the marketing mix and determine the target market for three ice cram brands. This lesson is a Commerce and Information Technology lesson plan.
These four components help determine a clear and effective strategy to bring a product to market. Each element is crucial in its own right and needs to be given due focus.
A product is an item that satisfies a need or a desire. This can be a physical item, a service or a virtual offering. It is produced at a cost and is subsequently made available to the right audience at a price.
Whatever the nature of the product, it will follow a lifecycle and through reasonable predictions of this lifecycle, a company can increase its competitive edge. A brand can be revamped or re-launched to remain relevant in a changing market or at the end of its lifecycle. A successful product has to fulfill a specific need in the market.
Functionally, it must be able to perform its function as promised. There also needs to be clear communication to users and potential customers regarding its benefits and features.
Branding is another important feature for a product. Developing a product into a brand helps foster customer loyalty and recall and differentiate itself in the market.
Features and Value creation Every product should have certain characteristics that separate it from its competitors. When a product is envisioned, it is an answer to an identified market need. This need is translated into a product with particular characteristics.
These characteristics help determine all subsequent actions such as pricing, communication strategy and additional features or add-ons. For this reason, it is vital to try to create a unique set of characteristics for any product.
Unique Selling Proposition A factor that is shown to be the basis of why one product is better than its competitors is called a unique selling proposition or a USP. There are very few products that have no clear competition in the market.
Most often, there are identical products with almost the same features. In this situation, differentiation becomes of the utmost importance for the success of any product. The company needs not only to identify an USP, but also to clearly communicate this to the potential audience so that it is understood why the product is superior to other similar ones.Most visible component of the marketing mix, techniques for communicating information about products, includes: advertising, personal selling, sales promos, publicity/public relations, direct/interactive marketing.
mix of advertising, sales promotion, personal selling, direct-marketing techniques, public relations used by business to communicate a marketing message advertising non-personal presentation of ideas about a product/line, delivered through media. The marketing mix is critical to determine a product or brand’s offering and is synonymous with the 4 P’s of marketing.
The 4 P’s of marketing have been altered or changed in recent times to reflect the huge shift towards satisfying the needs of customers.
The Marketing Mix: Product. Products come in several forms. Consumer products can be categorized as convenience goods, for which consumers are willing to invest very limited shopping initiativeblog.com, it is essential to have these products readily available and have the brand name well known.
In this article, we look at 1) product, 2) product classification, 3) the product in Four P’s (marketing mix), 4) product decisions, 5) hallmarks of successful products, 6) product development, and 7) Starbucks – a strong product example. PRODUCT What is a Product? A product is an item that satisfies a . In a marketing plan, these state what the marketing function must accomplish to achieve overall business objectives Marketing objectives In this step of the marketing planning process, decisions are made concerning what markets to target and what marketing mix strategies to use. apply the right marketing strategy to promote tourist travel products in order to bring in tourists of the observations made by the researchers showed that the supply of the marketing mix/7p and the provision of basic facilities (product quality is low) and supporting facilities of tourism is.
EXPLANATION: A marketing program is defined as a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. Consumer needs trigger product concepts that are translated into actual products that stimulate further discovery of consumer needs.
The services marketing mix is also called the 7Ps and includes the addition of process, people and physical evidence. The marketing mix is The set of controllable tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market.