Marketing Mix What is the marketing mix?

The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion. Read on for more details on the marketing mix.

The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar!

It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix. If you'd like to see the marketing mix applied to a real business - then take a look at our Ryanair marketing mix.

Some commentators will increase the marketing mix to the Five P's, to include people. Others will increase the mix to Seven P's, to include physical evidence (such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World). The term was coined by Neil H. Borden in his article The Concept of the Marketing Mix in 1965. Price

There are many ways to price a product. Let's have a look at some of them and try to understand the best policy/strategy in various situations. Read more... Marketing Mix Video

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Place

Another element of Neil H.Borden's Marketing Mix is Place. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Read more... Product For many a product is simply the tangible, phsysical entity that they may be buying or selling. You buy a new car and that's the product - simple! Or maybe not. When you buy a car, is the product more complex than you first thought? The Three Levels of a Product . . . Read more... The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). Read more... The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products or services that customers NEED throughout their lives. Read more...

Promotion

Another one of the 4P's is promotion. This includes all of the tools available to the marketer for 'marketing communication'. As with Neil H.Borden's marketing mix, marketing communications has its own 'promotions mix.' Think of it like a cake mix, the basic ingredients are always the same. However if you vary the amounts of one of the ingredients, the final outcome is different. Read more... Physical Evidence

Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following: Read more...

People

People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it. Read more... Process

Process is another element of the extended marketing mix, or 7P's.There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example - to achieve a 30% market share a company implements a marketing planning process. Read more...

Also see eMarketing Mix, eMarketing Price, eMarketing Place, eMarketing Promotion, eMarketing Product. Coca Cola is a company established in 1886 by Dr John Styth Pemberton. Today, this company is known as one of the leading manufacturer in food and beverage industry. In order to evaluate the current situation of any company and to analyze their position for the future outcomes, marketing mix is known as one of the best tool. Marketing mix of Coca Cola is mentioned as under: Product

Around 300 beverages are produced by this company including; Sprite, Fanta, Fruitopia, Coke and Powder juices too. Packaging also varies from the size of 300mL, 600mL, 1.25 litres, 2 litres and cans of 375mL. One of the well-known and best trademark that is recognized by around 94% of the population. Coca Cola holds the best reputation in the market too. Price

Price of Coca Cola brands vary from different size and amount. Prices offered by the company are genuine and readily accepted by the population too. This is all due to the increase rate of demand. Promotion Promotion is another important issue as well as a main tool of marketing mix of Coca Cola. This brand did promotion from the very start in an effective manner in order to retain customers and to attract them. This is the best way with the help of which demand can increase and that can increase the revenue too. The promotion of Coca Cola comprises of television, radio, internet, billboards and pamphlets too.

Place

Coca Cola is one of the leading brand that is easily available worldwide. You can find it everywhere due to the increased rate of demand. Anywhere at any time, you can find this brand and this is all because of the strategies implemented by Coca Cola. People

Youngsters are the main target of this brand. Apart from this, kids and old people do try this too and appreciates it too. In order to attract more consumers, Coca Cola always tried to implement attraction and effective strategies with the help of which beneficial outcomes can easily be generated.

References

Michael J Baker, Michael Saren (2010), "Marketing Theory: A Student Text", SAGE Publications Ltd, pg 448 (No Ratings Yet)

Tags: coca cola marketing mix, coca cola price, coca cola products, marketing mix, marketing mix of coca cola, marketing mix of companies Posted in Marketing Mix | Comments (1) The term "marketing mix" was coined in 1953 by Neil Borden in his American Marketing Association presidential address. However, this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients", who sometimes follows recipes prepared by others, sometimes prepares 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. The marketing mix (price, product, distribution, promotion) forms the entire promotional campaign. As stated in Management of a Sales Force by Rosann L. Spiro, Gregory A. Rich, William J. Stanton, when these are effectively blended, they form a marketing program that provides want-satisfying goods and services for the company s market." The term became popular in the article written by Niel Borden called, The Concept of the Marketing Mix, as explained on the site netmba.com. He started teaching the term to many after he himself learned about it with an associate of his. The marketing mix is a broad concept which includes several aspects of marketing which all inquire to obtain a similar goal of creating awareness and

customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution. Those are the four main ingredients of the marketing mix, but there are other components not already mentioned on the Wikipedia site, including, planning, branding, packaging, display, distribution channels, personal selling, advertising, servicing, and physical handling. All in all the current description of the marketing mix is accurate, but missing some vital pieces of information which will allow individuals to gain a better understanding and implement a more effective marketing mix.[1] A prominent marketer, E. Jerome McCarthy, proposed a Four P classification in 1960, which has seen wide use.

Contents [hide] 1 Four 'P's 2 Extended Marketing Mix (4 P's) 3 Five Cs 4 References 5 External links

[edit] Four 'P's

Elements of the marketing mix are often referred to as the "Four 'P's", a phrase used since the 1960's Product - It is a tangible good or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service based like the tourism industry & the hotel industry or codes-based products like cellphone load and credits. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. Packaging also needs to be taken into consideration. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, product differentiation is required and is one of the strategies to differentiate a product from its competitors. Price The price is the amount a customer pays for the product. The business may increase or decrease the price of product if other stores have the same product.

Place Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. Promotion represents all of the communications that a marketeer may use in the marketplace. Promotion has four distinct elements: advertising, public relations, personal selling and sales promotion. A certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations (see Product above).

Any organization, before introducing its products or services into the market; conducts a market survey. The sequence of all 'P's as above is very much important in every stage of product life cycle Introduction, Growth, Maturity and Decline.

In recent years the addition of a 5th P has become common place. The 5th P being people. This is to represent the people who you are targeting but also the people who will physically conduct each part of the campaign. Some people even go up to as many as 10 P's. [edit] Extended Marketing Mix (4 P's)

More recently, three more Ps have been added to the marketing mix namely People, Process and Physical Evidence. This marketing mix is known as Extended Marketing Mix. People: All people involved with consumption of a service are important. For example workers, management, consumers etc. It also defines the market segmentation, mainly demographic segmentation. It addresses particular class of people for whom the product or service is made available. Process: Procedure, mechanism and flow of activities by which services are used. Also the 'Procedure' how the product will reach the end user. Physical Evidence: The marketing strategy should include effectively communicating their satisfaction to potential customers.

"Posture" it represents a friendly behavior with people and make a relation. [edit] Five Cs

(CONSUMER, COST, CONVENIENCE and COMMUNICATION , CULTURE )

Robert F. Lauterborn proposed a four Cs classification in 1993.[2] The Four Cs model is more consumeroriented and attempts to better fit the movement from mass marketing to niche marketing. Product part of the Four Ps model is replaced by 'Consumer' or Consumer Models, shifting the focus to satisfying the consumer needs. Another C replacement for Product is Capable. By defining offerings as individual capabilities that when combined and focused to a specific industry, creates a custom solution rather than pigeon-holing a customer into a product. Pricing is replaced by 'Cost' reflecting the total cost of ownership. Many factors affect Cost, including but not limited to the customer's cost to change or implement the new product or service and the customer's cost for not selecting a competitor's product or service. Placement is replaced by 'Convenience'. With the rise of internet and hybrid models of purchasing, Place is becoming less relevant. Convenience takes into account the ease of buying the product, finding the product, finding information about the product, and several other factors. Promotions feature is replaced by 'Communication' which represents a broader focus than simply Promotions. Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer

WELCOME to PROJECTS WATCHES

For nearly 30 years The Markuse Corporation has dedicated itself to celebrating the role architecture and design play in our daily lives. Our purpose has been to raise the collective consciousness of design, regardless of what form it may take: watches, alarm clocks, wall clocks, mailboxes, weathervanes, house numbers, bath accessories or homewares.

For 16 years, President Jack Markuse acted as ALESSI s exclusive US Distributor and design consultant, dedicating himself to offering the finest and most innovative home products to the US Market. Those efforts contributed to making Michael Graves, Ettore Sottsass, Richard Meier, Stanley Tigerman and Philippe Starck household names synonymous with good design.

In 1990, PROJECTS began producing a series of Architect designed accessories for the exterior of the home. Michael Graves, Stanley Tigerman, Takenobu Igarashi and Smart Design contributed designs for Mailboxes, Weathervanes, exterior House Numbers, and a line of bathroom accessories. This group of production can be viewed in our Archives.

In 1992, PROJECTS began it s enduring romance with timepieces by producing Michael Graves OH Watch. It quickly became recognized as a classic design with an affordable price. Notable watch designs followed from Richard Meier, Stanley Tigerman, and Laurinda Spear of Arquitectonica. PROJECTS recommitted itself to bringing fine design, at a reasonable price, to market.

In 1998, PROJECTS launched Building Timepieces I. Seventeen renowned Architects, who had each designed a museum or performing arts center, were commissioned to design a watch in the image or essence of their building. The resulting collection is as varied and textured as the architects and structures themselves. Contributing Icons include: Michael Graves, Stanley Tigerman, Richard Meier, Charles Gwathmey, Maya Lin, Kisho Kurokawa, Francois de Menil, Cesar Pelli, Antoine Predock, Moshe Safdie, Laurinda Spear, James Wines, Coop Himmelblau, Thom Mayne, James Freed, Eric Owen Moss and Richard Gluckman.

BUILDING TIMEPIECES goal was to recognize the great design icons of the 20th century and their work. This is the reason why you will see watches in our Collection such as The Newark Museum Watch or the High Museum Watch.

In Spring 1999, PROJECTS launched Building Timepieces II-Alarm Clocks. Several of the contributors to Phase-I returned to create a collection alive with color and style.

In Summer of 1999, Phase-III of Building Timepieces enters the marketplace as a series of ten 13 1/2 Wall Clocks designed by Projects Architects Richard Gluckman, Michael Graves, Charles Gwathmey, Kisho Kurokawa, Antoine Predock, Laurinda Spear and Stanley Tigerman.

The year 2000 witnessed the introduction of our Architect designed Cookie Jars. This limited production run turned out to be a project that garnered interest from everyone including cookie afficinados to collectors and ultimately lovers of great design. Michael Graves brought his Italian Villa, Palazzo to life, Stanley Tigerman did the same with his Sam/Emma (mom and dad) while Cesar Pelli and Arquitectonica designed Volcano and Innovative Technology respectively. Other contributors included Antoine Predock with Stealth, Richard Gluckman with Inside the Cube and Richard Meier with The White Chocolate Chip!

2001 brought us back to our roots as we focused on design of the timepiece by pushing the limits of what a watch can do. First, by continuing to develop our ARCHITECT DESIGNED TIMEPIECE; watches designed by architects. These watches have a three-dimensional aspect to them. They deal with color, structure and each element of the watch plays off other aspects of the watch. Simply put, the beauty, structure and appeal are obvious.

The second collection of our KINETIC COLLECTION of watches direct themselves to a younger and more hip consumer. It is our newest and fastest growing segment of the market. These are individuals who normally depend upon their cell phones or IPODS for the time and are driven by the watches design elements. The interesting part about these watches is that they do something; interactive, if you will. These watches include our best selling ever Reveal Watch which shows the time fading away from the old or just passed by time, and fading into the new. This includes Chroma which utilizes two color wheels allowing the numbers to change colors every couple of seconds and the hour hand to change 16 colors over a 12 hour period. It includes, Iridium, Past Present & Future, Free Time, Equilibrium, Twilight as well as STEEL Reveal. Each of these watches do something.

Lastly, our M&Co Collection of watches represent our third category of watches. These are significantly different than the other two, but, none less important as they have roots in the graphic design world. M&Co watches were designed in the 80s by graphics guru, Tibor Kalman, the founder of M&Co. They are thin watches that play upon witty graphics such as the Onomatopoeia, 5 to the 10-One-4 which is included in MoMA s permanent design collection.

We here at Projects Watches strive to introduce 4 to 6 new designs every year; many as a result of your direct feedback and for that, we thank you!

All of us here at Projects wish to thank you, our customer for all the support you have provided us over the years not just by purchasing our products, but with your comments and suggestions in both the design and product development.

Yours in good design,

Jack Markuse President Projects

BTW Projects Watches make nice table settings!