2.2 Price
Price is the amount the consumer must exchange to receive the offering [4]. As the price of a product depends on different elements and hence it is changes constantly thus the pricing should be dynamic so that it can bear the changes over duration. The important factor in pricing is the deciding the cost of the product, strategy for marketing & its expenses related to distribution, advertisement expenses or any kind of price variation in the market. Nonetheless if there is change in all the variables then generally the pricing of the product may vary accordingly.
2.3 Promotion
Promotion is one of the most powerful elements in the marketing mix [5]. Sales promotion activities are publicity, public relations, exhibition and demonstrations etc. It is marketing manager who decides the level of marketing expenditure on promotion. Promotional activities are mainly intended to supplement personal selling, advertising and publicity. Promotion helps the trader and sales force to represent the product t the consumers in an effective manner and induce them to buy. Promotion consists of different blends of its components which are used to achieve the company’s marketing goals.
Advertising is a powerful element of promotion mix. The main aim of the advertising is to create and develop the image of a product in the market. It is one of the important tools of competition which maintains the dynamism of industry. Promotion mix decides the positioning of the product in the target market. It should be considered as expenditure and hence added to the cost of a product.
2.4 Place
It includes distribution channels, warehousing facilities, mode of transportation and inventory control management thus it is a mechanism through which goods and services are moved from the service provider and manufacturer to consumer. If the product is a business product then a business team is required to interact with different clients and ensure the availability of the product for them. Distribution has a huge effect on the profitability therefore a firm should have excellent supply chain and logistics management plan for distribution.
All the four variables of marketing mix are interconnected. By increasing the price of the product, the demand of the product will be lessened and lesser distribution points will be required. On the other hand, the product USP can be such that maximum concentration is on creating brand cognisance hence better pricing for a product. Finally, the overall marketing mix can result in dynamic modelling based on customer feedback for improving a product and the same can be launched as the upgraded product.
III. MARKETING MIX OF 4 P’S FOR COMPETITIVE ADVANTAGE: A CHALLENGE
Marketing Mix is the combination of four elements i.e. Product, Price, Promotion and Place and every company has the option to design an optimum admix in order to create a trusted marketing strategy. The marketing manager has to consider the behavioural forces and then decide marketing elements in his mix considering the available resources. The manager must examine the resources of the company to decide a mix of procedures that fit the resources. The top level management has to support their effort in supporting new ways of business through the organization.
Marketing Mix of 4P‟S for Competitive Advantage
www.iosrjournals.org 43 | P a g e
3.1 Theoretical Approach
Due to no specification on how much percentage of attention to product planning mixed with pricing or how much of pricing. Or how much of physical distribution and how much of promotional efforts would bring about an optimum result hence it cannot substitute an individual’s strategy. It is theoretical in nature.
3.2 Lack of Uniformity
There is no uniform opinion about the composition of the variables of marketing mix. It has led to confusion and difficulty to understand the components of four elements.
3.3 Changing Environment
Marketing mix is dynamic and flexible concept. Thus it changes with the change in needs and preferences of the customers and market forces like competition, government policies and marketing situation.
3.4 To Identify Target Customers
The marketing manager has to identify the target customers by discovering their needs as well as expectations for deciding appropriate marketing mix. Proper market research, foresighted approaches are very important factors to locate target markets.
IV. 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. The customer is king thus it is mandatory to employ excellent marketing mix by marketing manager is essential as these key elements will satisfy the customer needs and demands. It is highly necessary to plan and implement appropriate Marketing Mix of 4P’S for competitive advantage. Marketing management is about placing the right product, at the right price, at the right place, at the right time. Following are the strategies for marketing mix by 4p’s for competitive advantage:
4.1 Product Mix
A product, service is the starting point of all marketing activities. A product is a combination of different attributes. It comprises of physical factors such as colour, design, features, performance and non physical factors like value, quality etc. Product planning involves a variety of decision to be taken firmly to bring the product in the market. Decisions concerning to product are related to the following –
4.1.1 Design is very important in a today’s world as it is all about gaining attention, focusing it on the product and influencing the purchase decision of the customers. The design is directly linked to show success and makes the difference because it leads to goal achievement.
4.1.2 Technology should be used to develop user friendly new products with product differentiation.
4.1.3 Usefulness of product can increase market share of the product as it is very essential component to have competitive advantage in the market a product should be developed keeping extra uses in comparison to same type of product available in the market. Product differentiation is established in the market by increasing the usefulness of a product.
4.1.4 Value is something which is a look around of companies while developing a product so that if customers are paying then they should not feel that they have been charged more than the manufacturing cost of the product. Hence high performance product which meets or exceeds a customer demand related to a product’s performance should be developed.
4.1.5 Convenience is a parameter related to usage of the product and the product should bring ease in life of customer.
4.1.6 Quality gains customers as an individual always looks for good quality product or service.
4.1.7 Packaging is used for raising the product’s value. For an illustration, McDonald's had changed its package design across 118 countries. Packaging increases the perceptual experiences about the quality of the product.
4.1.8 Branding usually assures high or at least consistent quality and hence encourages repeat purchasing.
4.1.9 Warranties give an assurance to the customer about after sales service which assures the customer about the durability of the product and maintains satisfied customers in the market.
4.2 Price Mix
The price is the amount a customer pays for a product. It is ascertained by various factors including cost of material, product differentiation, competition, market share and the customer's perceived value of a product [6]. The decisions related to the price are as follows-
2.2 Price
Price is the amount the consumer must exchange to receive the offering [4]. As the price of a product depends on different elements and hence it is changes constantly thus the pricing should be dynamic so that it can bear the changes over duration. The important factor in pricing is the deciding the cost of the product, strategy for marketing & its expenses related to distribution, advertisement expenses or any kind of price variation in the market. Nonetheless if there is change in all the variables then generally the pricing of the product may vary accordingly.
2.3 Promotion
Promotion is one of the most powerful elements in the marketing mix [5]. Sales promotion activities are publicity, public relations, exhibition and demonstrations etc. It is marketing manager who decides the level of marketing expenditure on promotion. Promotional activities are mainly intended to supplement personal selling, advertising and publicity. Promotion helps the trader and sales force to represent the product t the consumers in an effective manner and induce them to buy. Promotion consists of different blends of its components which are used to achieve the company’s marketing goals.
Advertising is a powerful element of promotion mix. The main aim of the advertising is to create and develop the image of a product in the market. It is one of the important tools of competition which maintains the dynamism of industry. Promotion mix decides the positioning of the product in the target market. It should be considered as expenditure and hence added to the cost of a product.
2.4 Place
It includes distribution channels, warehousing facilities, mode of transportation and inventory control management thus it is a mechanism through which goods and services are moved from the service provider and manufacturer to consumer. If the product is a business product then a business team is required to interact with different clients and ensure the availability of the product for them. Distribution has a huge effect on the profitability therefore a firm should have excellent supply chain and logistics management plan for distribution.
All the four variables of marketing mix are interconnected. By increasing the price of the product, the demand of the product will be lessened and lesser distribution points will be required. On the other hand, the product USP can be such that maximum concentration is on creating brand cognisance hence better pricing for a product. Finally, the overall marketing mix can result in dynamic modelling based on customer feedback for improving a product and the same can be launched as the upgraded product.
III. MARKETING MIX OF 4 P’S FOR COMPETITIVE ADVANTAGE: A CHALLENGE
Marketing Mix is the combination of four elements i.e. Product, Price, Promotion and Place and every company has the option to design an optimum admix in order to create a trusted marketing strategy. The marketing manager has to consider the behavioural forces and then decide marketing elements in his mix considering the available resources. The manager must examine the resources of the company to decide a mix of procedures that fit the resources. The top level management has to support their effort in supporting new ways of business through the organization.
Marketing Mix of 4P‟S for Competitive Advantage
www.iosrjournals.org 43 | P a g e
3.1 Theoretical Approach
Due to no specification on how much percentage of attention to product planning mixed with pricing or how much of pricing. Or how much of physical distribution and how much of promotional efforts would bring about an optimum result hence it cannot substitute an individual’s strategy. It is theoretical in nature.
3.2 Lack of Uniformity
There is no uniform opinion about the composition of the variables of marketing mix. It has led to confusion and difficulty to understand the components of four elements.
3.3 Changing Environment
Marketing mix is dynamic and flexible concept. Thus it changes with the change in needs and preferences of the customers and market forces like competition, government policies and marketing situation.
3.4 To Identify Target Customers
The marketing manager has to identify the target customers by discovering their needs as well as expectations for deciding appropriate marketing mix. Proper market research, foresighted approaches are very important factors to locate target markets.
IV. 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. The customer is king thus it is mandatory to employ excellent marketing mix by marketing manager is essential as these key elements will satisfy the customer needs and demands. It is highly necessary to plan and implement appropriate Marketing Mix of 4P’S for competitive advantage. Marketing management is about placing the right product, at the right price, at the right place, at the right time. Following are the strategies for marketing mix by 4p’s for competitive advantage:
4.1 Product Mix
A product, service is the starting point of all marketing activities. A product is a combination of different attributes. It comprises of physical factors such as colour, design, features, performance and non physical factors like value, quality etc. Product planning involves a variety of decision to be taken firmly to bring the product in the market. Decisions concerning to product are related to the following –
4.1.1 Design is very important in a today’s world as it is all about gaining attention, focusing it on the product and influencing the purchase decision of the customers. The design is directly linked to show success and makes the difference because it leads to goal achievement.
4.1.2 Technology should be used to develop user friendly new products with product differentiation.
4.1.3 Usefulness of product can increase market share of the product as it is very essential component to have competitive advantage in the market a product should be developed keeping extra uses in comparison to same type of product available in the market. Product differentiation is established in the market by increasing the usefulness of a product.
4.1.4 Value is something which is a look around of companies while developing a product so that if customers are paying then they should not feel that they have been charged more than the manufacturing cost of the product. Hence high performance product which meets or exceeds a customer demand related to a product’s performance should be developed.
4.1.5 Convenience is a parameter related to usage of the product and the product should bring ease in life of customer.
4.1.6 Quality gains customers as an individual always looks for good quality product or service.
4.1.7 Packaging is used for raising the product’s value. For an illustration, McDonald's had changed its package design across 118 countries. Packaging increases the perceptual experiences about the quality of the product.
4.1.8 Branding usually assures high or at least consistent quality and hence encourages repeat purchasing.
4.1.9 Warranties give an assurance to the customer about after sales service which assures the customer about the durability of the product and maintains satisfied customers in the market.
4.2 Price Mix
The price is the amount a customer pays for a product. It is ascertained by various factors including cost of material, product differentiation, competition, market share and the customer's perceived value of a product [6]. The decisions related to the price are as follows-
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2.2 Price
Price is the amount the consumer must exchange to receive the offering [4]. As the price of a product depends on different elements and hence it is changes constantly thus the pricing should be dynamic so that it can bear the changes over duration. The important factor in pricing is the deciding the cost of the product, strategy for marketing & its expenses related to distribution, advertisement expenses or any kind of price variation in the market. Nonetheless if there is change in all the variables then generally the pricing of the product may vary accordingly.
2.3 Promotion
Promotion is one of the most powerful elements in the marketing mix [5]. Sales promotion activities are publicity, public relations, exhibition and demonstrations etc. It is marketing manager who decides the level of marketing expenditure on promotion. Promotional activities are mainly intended to supplement personal selling, advertising and publicity. Promotion helps the trader and sales force to represent the product t the consumers in an effective manner and induce them to buy. Promotion consists of different blends of its components which are used to achieve the company’s marketing goals.
Advertising is a powerful element of promotion mix. The main aim of the advertising is to create and develop the image of a product in the market. It is one of the important tools of competition which maintains the dynamism of industry. Promotion mix decides the positioning of the product in the target market. It should be considered as expenditure and hence added to the cost of a product.
2.4 Place
It includes distribution channels, warehousing facilities, mode of transportation and inventory control management thus it is a mechanism through which goods and services are moved from the service provider and manufacturer to consumer. If the product is a business product then a business team is required to interact with different clients and ensure the availability of the product for them. Distribution has a huge effect on the profitability therefore a firm should have excellent supply chain and logistics management plan for distribution.
All the four variables of marketing mix are interconnected. By increasing the price of the product, the demand of the product will be lessened and lesser distribution points will be required. On the other hand, the product USP can be such that maximum concentration is on creating brand cognisance hence better pricing for a product. Finally, the overall marketing mix can result in dynamic modelling based on customer feedback for improving a product and the same can be launched as the upgraded product.
III. MARKETING MIX OF 4 P’S FOR COMPETITIVE ADVANTAGE: A CHALLENGE
Marketing Mix is the combination of four elements i.e. Product, Price, Promotion and Place and every company has the option to design an optimum admix in order to create a trusted marketing strategy. The marketing manager has to consider the behavioural forces and then decide marketing elements in his mix considering the available resources. The manager must examine the resources of the company to decide a mix of procedures that fit the resources. The top level management has to support their effort in supporting new ways of business through the organization.
Marketing Mix of 4P‟S for Competitive Advantage
www.iosrjournals.org 43 | P a g e
3.1 Theoretical Approach
Due to no specification on how much percentage of attention to product planning mixed with pricing or how much of pricing. Or how much of physical distribution and how much of promotional efforts would bring about an optimum result hence it cannot substitute an individual’s strategy. It is theoretical in nature.
3.2 Lack of Uniformity
There is no uniform opinion about the composition of the variables of marketing mix. It has led to confusion and difficulty to understand the components of four elements.
3.3 Changing Environment
Marketing mix is dynamic and flexible concept. Thus it changes with the change in needs and preferences of the customers and market forces like competition, government policies and marketing situation.
3.4 To Identify Target Customers
The marketing manager has to identify the target customers by discovering their needs as well as expectations for deciding appropriate marketing mix. Proper market research, foresighted approaches are very important factors to locate target markets.
IV. 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. The customer is king thus it is mandatory to employ excellent marketing mix by marketing manager is essential as these key elements will satisfy the customer needs and demands. It is highly necessary to plan and implement appropriate Marketing Mix of 4P’S for competitive advantage. Marketing management is about placing the right product, at the right price, at the right place, at the right time. Following are the strategies for marketing mix by 4p’s for competitive advantage:
4.1 Product Mix
A product, service is the starting point of all marketing activities. A product is a combination of different attributes. It comprises of physical factors such as colour, design, features, performance and non physical factors like value, quality etc. Product planning involves a variety of decision to be taken firmly to bring the product in the market. Decisions concerning to product are related to the following –
4.1.1 Design is very important in a today’s world as it is all about gaining attention, focusing it on the product and influencing the purchase decision of the customers. The design is directly linked to show success and makes the difference because it leads to goal achievement.
4.1.2 Technology should be used to develop user friendly new products with product differentiation.
4.1.3 Usefulness of product can increase market share of the product as it is very essential component to have competitive advantage in the market a product should be developed keeping extra uses in comparison to same type of product available in the market. Product differentiation is established in the market by increasing the usefulness of a product.
4.1.4 Value is something which is a look around of companies while developing a product so that if customers are paying then they should not feel that they have been charged more than the manufacturing cost of the product. Hence high performance product which meets or exceeds a customer demand related to a product’s performance should be developed.
4.1.5 Convenience is a parameter related to usage of the product and the product should bring ease in life of customer.
4.1.6 Quality gains customers as an individual always looks for good quality product or service.
4.1.7 Packaging is used for raising the product’s value. For an illustration, McDonald's had changed its package design across 118 countries. Packaging increases the perceptual experiences about the quality of the product.
4.1.8 Branding usually assures high or at least consistent quality and hence encourages repeat purchasing.
4.1.9 Warranties give an assurance to the customer about after sales service which assures the customer about the durability of the product and maintains satisfied customers in the market.
4.2 Price Mix
The price is the amount a customer pays for a product. It is ascertained by various factors including cost of material, product differentiation, competition, market share and the customer's perceived value of a product [6]. The decisions related to the price are as follows-
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