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THE MARKETING MIX

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Buying selling market research transportation storage advertising – these are all parts of the complex area of business known as marketing. In simple terms marketing means the movement of goods and services from the manufacturer to customer in order to satisfy the customer and to achieve the company’s objectives.

Английский

2015-09-17

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THE MARKETING MIX. THE FOUR PS.

Buying, selling, market research, transportation, storage, advertising – these are all parts of the complex area of business known as marketing. In simple terms, marketing means the movement of goods and services from the manufacturer to customer in order to satisfy the customer and to achieve the company’s objectives. Marketing can be divided into four main elements that are popularly known as the four P’s: product, price, placement and promotion. Each one plays a vital role in the success or failure of the marketing operation.

The product element of marketing refers to the goods or service that a company wants to sell. This often involves research and development (R&D) of a new product, research of the potential market, testing of the product to insure quality, and then introduction to the market.

A company next considers the price to charge for its product. There are three pricing options the company may take above, with or below the prices that its competitors are charging. For example, if the average price of a pair of women’s leather shoes is $27, a company that charges $23 has priced below the market; a company that charges $27 has priced with the market; and a company that charges $33 has priced above the market. Most companies price with the market and sell their goods or services for average prices established by major producers in the industry. The producers who establish these prices are known as price leaders.

The third element of the marketing process – placement – involves getting the product to the customer. This takes place through the channels of distribution. A common channel of distribution is: manufacturer–wholesaler-retailer-customer.

Wholesalers generally sell large quantities of a product to retailers, and retailers usually sell smaller quantities to customers.

Finally, communication about the product takes place between buyer and seller. The communication between buyer and seller is known as promotion. There are two major ways promotion occurs: through personal selling, as in a department store; and through advertising, as in a newspaper or magazine.

The four elements of marketing – product, price, placement and promotion – work together to develop a successful marketing operation that satisfies customers and achieves the company’s objectives.

Dialogue 1

  •  Now I’d like to say a few words about our marketing strategy. We are planning our marketing strategy to satisfy the customer and to achieve our company’s objectives.
  •  Who in your company is responsible for the marketing strategy?
  •  Let me clarify that for you. The marketing department carries out the market research to find out what the customer wants. The sales department deals with wholesalers and retailers. The advertising agency is responsible for the advertising campaign.
  •  An obvious problem at this stage is the choice of effective advertising media, isn’t it?

Dialogue 2

  •  As you know, we trade in blue jeans.
  •  Do you take into consideration the 4 P’s?
  •  Sure. We always take into account the so-called marketing mix: product, price, place and promotion.
  •  Excuse me, can I interrupt here? What is your target market, i.e. who will probably buy the product?
  •  Let me clarify this for you. Product, as you know, means the goods or services which we want to sell. Our product is blue jeans. Our target market is “middle-class teenagers”. Now, you may well ask how pricey it is.
  •  Exactly, The price of jeans shouldn’t be too low or too high. Do you price with the market?
  •  Right. Our prices are reasonable and competitive.

Dialogue 3

  •  I can hear you say: what does he mean saying “place”? Place is a channel of distribution which usually includes producer, wholesaler, retailer and end-user. We sell large quantities to our retailers, namely to the network of department stores.
  •  What kind of promotion do you use?
  •  We place our adverts on a “pop-music” radio station. It’s the most effective media for our target market – the teenagers.
  •  You haven’t mentioned promotion yet. What non-media advertising do you use? Any leaflets, booklets, flyers?

Dialogue 4

  •  Promotion is a non-media or below-the-line advertising. It includes catalogues, booklets, leaflets, exhibitions, show- rooms, also outdoor advertising, such as advertising on transport, billboard posters, window displays and so on.
  •  What do you find the most effective media?
  •  Radio and TV. They are above-the-line advertising. Also newspapers. The main advantage is their broad reach. TV also offers a combination of sight and sound.
  •  But air time on TV is too pricey.
  •  Yes, it’s a disadvantage. Only big companies can afford it. Another disadvantage is that TV-viewers and radio-listeners can easily switch stations when the advertisements come on.
  •  Who is responsible for preparing advertising messages in your company?
  •  Our advertising manager is. He is in charge of the group of brand managers. He contacts some local media to place our adverts with them.


 

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