10 Minute Guide
MARKETING-201ASSIGNMENTMAHTAB UDDINID NO-0830002022
ND
SEMSTER-2009
Marketing Mix- 7Ps of motor parts company
What it is Marketing Mix:
The Marketing Mix is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group. It is also referred to as the 4Ps.The fundamentals of marketing typically identifies the four P's of the marketing mix as referring to:
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Product
•
Price
•
Promotion
•
PlaceThe additional 3 Ps are People, Process and Packaging.
Why it is important:
Businesses need to make sure they are doing marketing properly. _ The right product to _ The right person at _ The right price in _ The right place and at _ The right timeFor example, if you manufacture pens, and have decided to target school children, itwould be more appropriate to market. _ Colored ballpoint pens (product
)
_ At a low price (price
)
_ Selling them through newsagents and stationers (place) _ And promoting them through point of sale material (promotion) than it would be tomarket. _ Gold fountain pens (product) _ At a high price, including insurance against loss (price) _ Selling them through specialist outlets and jewellery stores (place) _ And promoting them in glossy magazines and Sunday Supplements (promotion
)
What you should do:
Before starting any business you must have to analyze the marketing mix. Make sure youhave identified each of your target customer groups. If youhave not already done so and would like further information on groupingyour customers, take a look at our Target Customer briefing Now, with each customer group in mind, work through the steps outlined below.
Product:
Marketing is about identifying, anticipating and satisfying customer needs. You need to be sure that your products and services continue to meet your customers. needs. A product can be tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products areoften service based like the tourism industry & the hotel industry. Typical examples of amass produced tangible object are the motor parts and the disposable razor.If I want to start a business of selling motor parts then I must have to identify which typesof parts I will select.
Place:
Place represents the location where a product can be purchased. It is often referred to asthe distribution channel. It can include any physical store as well as virtual stores on theInternet.For my motor parts business I will prefer to choose a place of Baitussharaf in Chittagong.I choose this place because there are many motor parts shops. So people always go therefor any service.
Price:
The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and thecustomer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product. Price generates profit so it is animportant element of the mix.There are motor parts of different price range. The minimum price of motor parts is 10thousands which are very reasonable comparing with other shop.
Promotion:
Promotion means activities that communicate the merits of the product and persuadetarget customers to buy it .The promotional mix is made up of 5 elements: _ Advertising _ Sales promotion _ Public relations _ Direct marketing _ Personal selling We provide discount for regular customers. The shop kippers that purchase large amountof motor parts we provide free service for them.
People:
The people employed in your organization will determine the quality of service your customers receive. This is truer for services, but also impacts onBusinesses making tangible products.We identify those staff that comes into contact with customers, either face-to faceOr by phone.
1.
Carry out a task analysis of what they do in terms of customer contact.
2
. Involve your staff in setting standards for customer service. For more information oncustomer service, look at the 20-minute Customer Service Program.
3.
Priorities training needs for these staff and provide appropriate training.
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| Upload Date: | 11/26/2009 |
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