Product Services And Branding Strategy - Essay

The term "marketing mixture" was coined in 1953 by Neil Borden in his North american Marketing Relationship presidential address. However this was actually a reformulation of an earlier idea by his associate, James Culliton, who in 1948 identified the role of the marketing director as a "mixer of ingredients", who sometimes employs recipes made by others, sometimes prepares his own menu as he should go along, sometimes adapts a menu from immediately available elements, and at other times invents new elements no person else has attempted. [1] A prominent internet marketer, E. Jerome McCarthy, suggested a Four P classification in 1960, which includes seen wide use. The Four P's concept is explained in most marketing books and classes.

-Definition: Marketing combine is the combo of elements that you will use to advertise your product. There are four elements: Product, Place, Price and Campaign. They may be called the four Ps of the marketing mix

Product - A tangible thing or an intangible service that is mass produced or made on a huge scale with a particular volume of devices. Intangible products are service structured like the travel and leisure industry & the hotel industry or codes-based products like mobile phone load and credits. Typical types of a produced in higher quantities tangible object will be the electric motor car and the disposable razor. A less obvious but ubiquitous produced in higher quantities service is some type of computer operating-system. Packaging also needs to be taken under consideration. Every product is subject to a life-cycle including a rise phase followed by an eventual period of decline as the merchandise approaches market saturation. To keep its competitiveness on the market, product differentiation is required which is one of the technique to distinguish from its competitors

Level 1: Primary Product. What's the core gain your product offers?. Customers who purchase a camera are buying more then only a camera these are purchasing thoughts.

Level 2 Real Product: All camcorders capture memories. The goal is to make sure that your prospective customers purchase your one. The strategy at this level entails organisations branding, adding features and benefits to ensure that their product offers a differential advantage from their rivals.

Level 3: Augmented product: What additional non-tangible benefits is it possible to offer? Competition at this level is based around after sales service, guarantees, delivery and so on. John Lewis a retail departmental store offers free five year guarantee on purchases with their Television sets, thus giving their `customers the additional benefit of peace of mind within the five years should their purchase create a fault.

Product Decisions

When placing something within a market many factors and decisions need to be taken into account. Included in these are

Product design: Will the design be the feature for the company as we've seen with the iMAC, the new VW Beetle or the Dyson vacuum cleaner.

Product quality: Quality must constant with other elements of the marketing blend. A premium centered pricing strategy has to reflect the quality something offers.

Product features: What features do you want to add that may boost the benefit offered to your marketplace? Will the company use a discriminatory charges coverage for offering these additional benefits? Additional features should boost the benifit offered to your target market. The firm may decide to ask for more for these additional features.

Branding: Among the most important decisions a marketing manager can make is about branding. The worthiness of brands in todays environment is extraordinary. Brands have the power of instant sales, they convey a message of self-confidence, quality and dependability to their marketplace. In rules of marketing by philip Kotler and gary armstrong a brandname is thought as 'a name, term, hint symbol or a mixture of the, that identifies the marker or owner of the product. ' A brandname must stick out and become recognizable, and should help the company differentiate itself from its competition.

Brands need to be handled well, as some brands can be cash cows for organisations. In lots of organisations they can be represented by brand professionals, who've hugh resources to ensure their success within the market.

A brand is an instrument which is employed by an company to differentiate itself from rivals. Ask yourself what exactly is the worthiness of a pair of Nike trainers without the brand or the company logo? How does your understanding change?

Increasingly brand managers are becoming frustrated by copycat strategies being employed by supermarket food shops particular within the UK. Coca-Cola threatened legal action against UK store Sainsbury after introducing their Traditional Cola, which displayed similar designs and fonts on the cans.

Internet branding is now becoming an important part of the branding strategy game. Recently within the united kingdom banking industry we have seen the release of Internet banks such as cahoot. com and marbles. com the duty by brand professionals is to be sure that consumers recognize that these brands are bankers!

The price is the total amount a customer will pay for the product. The business may increase or decrease the price of product if other stores have the same product

pricing is one of the most important elements of the marketing mix. It is the only combine which creates a turnover for the organization. The rest of the 3 p's will be the varaible cost of the company. It costs to produce and design something, it costs to deliver something and it costs to market a product. Costs is diffiicult and must reflect supply and demand romantic relationship. Pricing a product too much or too low could mean a loss of sales for the company.

Pricing should take into consideration the following factors

1. Fixed and varying costs.

2. Competition.

3. Company objectives

4. Proposed placement strategies.

5. aim for group and willingness to pay.

An company can adopt lots of rates strategies among the following.

1. penetration price

Where the org places a minimal price to increase sales and market share.

2. Skimming costs

The org pieces an initial high price and then gradually lowers the purchase price to make the product available to a wider market. The target is to skim earnings of the marketplace layer by level.

3. Competition costing

Setting a cost in comparision with challengers. A company has three options, price lower, price the same or price higher.

4. Product line pricing

Pricing different products within the same product range at different price things. The higher the features and benifits obtained the greater the consumer will pay.

5. Bundle costs

the company bundles a group of products at a reduced price.

6. Psycological rates

The vendor will consider the psycology of the price and the placement of the purchase price within the marketplace place. Owner with therefore fee 99p instead of 1 or 199 instead of 200.

7. Premium costing

The price set is high to reflect the exclusiveness of the product.

8. Optional pricing

The 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

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