Developing a marketing mix for a new product or service Essay

In this assignment I exit be flavour at how mathematical harvest-home and gains be marketed and front at how a trade commixture is upliftedly-developed utilize the four Ps crossing, legal injury, Place, and Promotion. The trade Mix issues an excellent framework for developing trade plan. They be globally accepted as macrocosm made up of four parts which be ProductPrice progression buttocksThese be ideas to consider when marketing a egress and shall be described in more detail downstairs- The Four PsProductA w atomic number 18 is anything that basin be offered to the market to indulge a customer rents and desires. Product intromit physical goods, services experiences, events, person, place and etc. It is therefrom the combination of goods and service that atomic number 18 offered to the organize consumer. A melodic line will constantly change and modify its output be sick and mix to constantly beguile their customers and be above competitors. A ha rvest-time understructure be viewed in three variant levels take aim 1 The core Product (rather than the physical product) is the receipts of the production that makes it valuable to you. Level 2 The existent product is the physical item. At this level stigmatization and added features and benefits are heavy as this what will pick stunned the product from competitors. Level 3 The augmented product is additional value beyond the physical product it usually consist of after- sales service, warranties, delivery and so on.The close of the mix is another signifi assholet issue. If a bloodline doesnt work many products, there is a chance that one will go out of date as newer type of products are in the market and this screwing seriously damage the business scale. It is recomm finised to never have one product in one market as if the product isnt successful and fails this could mean a complete ill of the business. Some businesses will adapt and anticipate change, plot of land others reacts to the need to change. An example of this is that IPhone makes changes to their products such(prenominal) as their supple squalls, they add more features to their products giving their customers a range of features to look for in a product. Once a business has identified their target group of customers it has to manage what products or services it needs to do and provide in establish to appeal and attract to them.The study they provide their customers should illust calculate the features of the product or service so that the customers know what to expect and it r separatelyes their expectations and the business will make a profit. However its important to take into consideration that the benefits to a customer are not always for a practical sense datum there are psychological benefits such as status for example. An example of this is if everyone has a specific phone and a person went and got the same phone they whitethorn get it more for a status reason. The pro duct life cycle concept reflects the theory that product, want people, live a life. They go through 4 stages. The main stages of the product life cycle areIntroduction- researching, developing and then launching the productGrowth-when sales are increasing at their fastest rateMaturity-sales are near their lastest, but the rate of growth is slowing down, e.g. new competitors in market or saturationDecline-final stage of the cycle, when sales begin to pay heed So understanding what part of the cycle your product is in will shape your marketing mix. PricePrice is the one element of the marketing mix that revenue the others produce costs. A business mustiness(prenominal) set a expense for a product and in deciding the products charge marketing must follow a six-step-process. 1.Select the price objective-This could be to be or to maximize market share. 2.Determine direct-the higher the price, the disappoint the demand. 3.Estimate cost-charge a price that c everywheres the cost of producing, distributing and swoping the product. 4.Analyze competitors costs, prices and offers-take into cipher its competitors cost and prices move its price. 5.Select a price strategy-there a number of pricing, which is listed below. 6.Select the final place-this is decided after interrogatory on a range of pricing points. aid pricingThis is where the business will keep the price of a product or service high in order to encourage customer to ally it will high quality. Penetration pricingThis is when a product is sold into a market at a low initial price in order to generate sales before the price is increased. Economy pricingEconomy pricing is the take setting of low price in order to boost sales. Skim pricingwhen launching a new product there will be less competition in the marketplace. Skimming involves setting as reasonably high initial returns from those consumers willing to buy the new product. Psychological pricingThis ground on customer pricing method. It relie s on consumers emotive responses, subjective views and feeling towards specific purchases. absorbed product pricingThis is a strategy that can apply to products with consumable supplies. This is where the pricing at high prestige levels, otherwise they will not dole out customers equate higher quality with higher prices. Product line pricingThis is the pricing of different products at heart the same product range at different price points. PlacePlace in marketing mix refers to where the product is purchased from and how its distributed. For example, most consumer of confectionery will buy products form retail stores. Businesses need to adapt their marketing mix depending on the end customers- that is whether they are a consumer or reseller- as each seek different benefits from the same product. DistributionA business may use two types of statistical distribution method in unmediated or direct. Indirect distribution is when a business sells its products via an intermediary such as wholesaler, who then sells to retailers. Direct distribution is where the business sells and distributes direct to the customers. Choosing indirect distribution may mean that a business loses some of the control over the pricing of their products, as they have offer discounts to wholesalers and retailers, who may need to pass on saving to their customers. OnlineThe growth of online shop have given businesses a new place to sell their products to customers. This offers businesses an advantage as they can sell directly to the customers. This mean they can avoid the wholesaler and therefore increasing the profit margin on their products. The promotional mix involves the blending of number of variables to occupy the needs of a businesss target market and achieve its organizational objectives. With the promotional mix, a business attempts to achieve the best blend of promotional elements to suit their promotional objectives. The components of the promotional mix areAdvertisingSales promotion own(prenominal) marketingPublic dealingAdvertisingThis may be defined as paid promotions through divers(a) media by businesses, non profit organizations and individuals that are in some way identified in the advertising message and hope to inform or persuade members of particular audience. Advertisers have many tricked up their selves such asExcitementPersonality military groupPut-down Business put down their competitions startle on the bandwagon Advertisements encourage the audience to join the crowd.Personal sellingThis is where a seller presents a product direct to a consumer often front to face but can be done over the phone and through video conferencing. Public relationsThis covers a firms communications and relationships with its public. This includes customers, suppliers, stockholders, employees, the government, the general public and the society in which the organization operates. This can be formal or informal. Publicity is important part of effective publi c relations efforts. It can be defined as the non-personal stimulation ofdemand for a good, service, person or cause. Sales promotionThis is related to marketing activities that fall outside of the categories such as coupons, trade shows, displays, samples and other promotional efforts that derive on an irregular basis. Some of these promotions are poor term and opportunistic. In this assignment I have examine how products and services are marketed and look at how a marketing mix is developed using the four ps Product, Price, Place and Promotion.