Product Services And Branding Strategy Essay

Product Services And stigmatisation Strategy EssayThe term marketing mix was coined in 1953 by Neil Borden in his Ameri cornerstone Marketing Association presidential address. However this was genuinely a reformulation of an earlier idea by his associate, James Culliton, who in 1948 depict the role of the marketing manager as a mixer of ingredients, who sometimes follows recipes prep atomic number 18d by opposites, sometimes prep ars his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried.1 A prominent marketer, E. Jerome McCarthy, proposed a Four P classification in 1960, which has seen wide use. The Four Ps concept is explained in most marketing textbooks and classes.-Definition Marketing mix is the confederacy of elements that you get out use to market your harvesting. There are four elements Product, Place, hurt and Promotion. They are called the four Ps of the mar keting mixProduct A tangible object or an intangible service that is ken produced or manufactured on a large scale with a specialized volume of units. Intangible carrefours are service based like the touristry constancy the hotel industry or codes-based products like cellphone load and credits. characteristic examples of a mass produced tangible object are the motor political machine and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needfully to be taken into consideration. Every product is subject to a life-cycle including a growth phase followed by an eventual period of dec phone line as the product approaches market saturation. To retain its competitiveness in the market, product specialty is required and is one of the strategy to nock from its competitorsLevel 1 tenderness Product. What is the core benefit your product offers?. Customers who purchase a camera are buying more then just a camer a they are purchasing memories.Level 2 Actual Product All cameras impound memories. The aim is to ensure that your potential customers purchase your one. The strategy at this aim involves presidential terms branding, adding features and benefits to ensure that their product offers a differential advantage from their competitors.Level 3 Augmented product What additional non-tangible benefits can you offer? Competition at this level is based around later sales service, warranties, delivery and so on. John Lewis a sell departmental store offers free five dollar bill year guarantee on purchases of their Television sets, this gives their customers the additional benefit of recreation of mind over the five years should their purchase develop a fault.Product DecisionsWhen placing a product indoors a market umpteen factors and decisions return to be taken into consideration. These includeProduct de condense willing the design be the selling point for the organisation as we have s een with the iMAC, the new VW Beetle or the Dyson vacuum cleaner.Product quality fibre has to consistent with other elements of the marketing mix. A premium based determine strategy has to reflect the quality a product offers.Product features What features will you add that may increase the benefit offered to your target market? give the organisation use a discriminatory set policy for offering these additional benefits? Additional features should increase the benifit offered to your target market. The regular may watch to charge more for these additional features.Branding One of the most most-valuable decisions a marketing manager can make is about branding. The esteem of brands in todays environment is phenomenal. Brands have the power of crying(a) sales, they convey a message of confidence, quality and reliability to their target market.In principles of marketing by philip Kotler and gary armstrong a brand is defined as a name, term, sign symbol or a combination of thes e, that identifies the marker or vendor of the product. A brand must stand out and be recognizable, and should religious service the firm differentiate itself from its competitors.Brands have to be managed well, as some brands can be cash cows for organisations. In many organisations they are represented by brand managers, who have hugh resources to ensure their success within the market.A brand is a tool which is used by an organisation to differentiate itself from competitors. Ask yourself what is the value of a pair of Nike trainers without the brand or the logotype? How does your perception change?Increasingly brand managers are bonnie devil by copycat strategies being employed by supermarket food retail stores particular within the UK . Coca-Cola threatened legal action against UK retailer Sainsbury after introducing their Classic Cola, which displayed similar designs and fonts on their cans.Internet branding is now becoming an essential part of the branding strategy game . Recently within the UK banking industry we have seen the introduction of Internet banks such as cahoot.com and marbles.com the task by brand managers is to make sure that consumers understand that these brands are banksThe price is the keep down a customer pays for the product. The business may increase or accrue the price of product if other stores have the same product determine is one of the most important elements of the marketing mix. It is the only mix which generates a turnover for the organization. The remaining 3 ps are the varaible cost of the organisation. It cost to produce and design a product, it costs to distribute a product and it costs to promote a product. price is diffiicult and must reflect supplying and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation.Pricing should take into consideration the following factors1.Fixed and variable costs.2.Competition.3.Company objectives4.Proposed positioning strateg ies.5.target group and willingness to pay.An organisation can adopt a number of determine strategies among the following.1.penetration priceWhere the org sets a low price to increase sales and market share.2.Skimming pricingThe org sets an initial high price and then slowly lowers the price to make the product available to a wider market. The objective is to skim profits of the market level by layer.3.Competition pricingSetting a price in comparision with competitors.A firm has three options, price lower, price the same or price higher.4.Product line pricingPricing different products within the same product puke at different price points.The greater the features and benifits obtained the greater the consumer will pay.5.Bundle pricingthe organisation bundles a group of products at a reduced price.6.Psycological pricingThe seller will consider the psycology of the price and the positioning of the price within the market place. The seller with therefore charge 99p instead of 1 or 19 9 instead of 200.7.Premium pricingThe price set is high to reflect the cliquishness of the product.8.Optional pricingThe organisation sells optional extras along with the product to maximise its turnover.http//www.vodafone.com/etc/medialib/cr10/pdf.Par.17290.File.dat/vodafone_sustainability_report.pdf