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For A Product Of Your Choice Discuss Why It Is Important For Marketers To 'balance' The Marketing Mix.

979 words - 4 pages

The marketing mix is "the set of controllable tactical marketing told - product, price, place and promotion - that the firm blends to produce the response it wants from the target market." - Kotler. This means that the marketing mix is made up of the 4P's mentioned above, these are used together to develop a positive response from its target market. In recent years 7P's have been used, in order for the company to become more competitive, these additional P's are people, physical evidence and process.When dealing with a product like Barbie, marketers need to identify their target markets, these being young girls, grandparents and parents of young children. Marketers need use the marketing mix to satisfy their target market and improve the profitability of the company.The product itself is very much suited for young girls and what they may aspire to be since the doll is presented as always being kind and fun and also doing different jobs, so every girl can relate to one Barbie doll or another. A doll needs to be of good quality, especially since children are not known for taking care of their toys and parents will most probably refuse to buy new ones if the toy does not last long. The brand name 'Barbie' also needs to be carefully chosen, the product will probably become internationally known and the company will not want it translating into a rude phrase or a complicated one in another language. The product itself may have to be changed when selling to customers in a foreign country of a different background or culture. For example when Barbie was launched in Japan it was not successful because the young girls in that country could not relate to the blonde haired, blue eyed new doll and so the product had to be changed.Pricing is one of the more important elements of the marketing mix since it is the element that generates profit for the organisation. The other P's help in enhancing sales but cost money. The pricing of a Barbie doll must reflect the supply and demand relationship. When deciding on a price an organisation should take into account company objectives, competition and the demand for the product. When Barbie is first launched onto the market the prices should be low in order to get people to buy it. Once it has been bought children may realise that a new model was released and will prefer the newer one. When sales start to increase because demand has increased that company can start to push up prices. When looking at a product as cheap as a Barbie doll discounts are not usually given since the product is already cheap, also some form of immediate payment is usually required from the customer.An organisation will sell Barbie in toy shops everywhere and not exclusively. This is the place. The product will be sold through channels of distribution, meaning that the...

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