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...

Find Another Essay On For a product of your choice discuss why it is important for marketers to 'balance' the marketing mix.

Explain why is it important to analyse deviance in society. Using examples to illustrate your answer, discuss what such an analysis can tell us about the social and political implications of deviance.

1372 words - 5 pages The expression, deviance draws reference to frown upon behaviour in a social context; the breach of various concerted norm that generally exist in a community or in society (Newman 2004). Some types of deviance are determined by criminal law, others by social standards, morality, the expectations of certain social groups, the welfare system or the medical vocation (Roach-anleu 2003).It is subjective to classify what is regarded as deviant since

MARKETING OF ENERGY DRINKS - PRODUCT MIX, PACKAGING

3878 words - 16 pages brands are fighting for the shopper's attention, consumers are making more and more purchase decisions at the point of sale.This is why the package, through graphics and colours that are attractive, plays an important role in getting the product noticed in the selves (to encourage impulse purchase for instance).(Philip Kotler, Marketing Management, 2000; Roman G. Hiebing Jr and Scott W. Cooper; The successful marketing plan, a disciplined and

Create a Marketing Plan for a marketed product in your country.

2791 words - 11 pages games.Lastly, third type are consumers who play online games but does not fall into any age category, who are earning between RM1500 to RM2500. The price of the new game is relatively cheaper than other online games currently available in the market.2.3 Product PositioningOur positioning strategy is to promote the new game as a value for money product. Even though the price is lower than most other online games in the market, it does not mean that it

Q: "Advertising is the most 'important' element in the promotion mix." Discuss whether you agree or disagree by evaluating the other elements of the promotion mix. PART 3 DIRECT MARKETING

840 words - 3 pages and sales promotion can have an undesirable effect on a brand. A company such as BMW which prides itself on being a prestigious and elite brand for a select few would send a contradictory message to its target audience if it ran a sales promotion in a local paper offering a dollars-off voucher. Sending these mixed signals may damage the public image of a brand.Direct MarketingDirect marketing is another promotional tool which can also be used as

Marketing Mix: Product and Place

760 words - 3 pages Unit 3 Marketing Mix: Product and PlaceKathryn P. BecerraMarketing Mix: Product and PlaceMKT 255Fundamentals of MarketingUnit 3 Individual Project25, October, 2008AbstractConsumer loyalty is the action of returning customers or the behavior of repeat customers. Returning customers are happy customers, this helps the company to progress and grow. Word of mouth is a form of publicity for the company, by telling friends and family, it helps create

Discuss a cultural text of your choice in relation to representation and ideology.

2885 words - 12 pages the dictionary which shows us there are eight different meanings to the word culture and it is the more traditional meaning which is put near the end of this list, making way for new and more important meanings. It is the first four meanings which are of most importance to us; "1. the ideas, customs and art produced or shared by a particular society. 2. a particular civilization at a particular period. 3. activity or interest in the arts in

Biomass: Which energy resource(s) should be developed for the future? To support your choice(s), discuss use, cost, supply, net useful energy yield, and environmental impact.

1014 words - 4 pages , but every time a new plant grows, carbon will be zero as long as plants continue to be replenished for biomass purposes" . If we use the biomass feedstocks (energy crops, such as fast-growing trees and grasses), "we can increase profits for the agriculture industry" substituting the old tradition of the burning fuels industry.Another reason why I pick biomass is the facility that it will take it to replace the use of fossil fuels. We can

Discuss the quote "a memorable speech holds contemporary worth to society regardless of its time of presentation" with reference to 2 speeches of your choice.

567 words - 2 pages these devices.Denise Levertov's speech, "statement for a television program", an unaired television speech communicating the evils of war, holds significant worth to contemporary society. The first descriptive paragraph summarizes the circumstances for which the statement was composed, and quotes the producer's response in rejecting it. The second section is filled with emotion, criticizing the so called "balanced view" of the war and its

King Lear is a play about conflict between parents and children. Discuss this theme and one other of your choice.

784 words - 3 pages and teach her a lesson. Lear believes that what Cordelia said was wrong and when Kent tries to stand up for Cordelia he is also attacked by Lear's anger. The whole argument results in Lear stripping Cordelia of her dowry and then banishing her and Kent. This argumentative scene has a major level of importance to the play. It is this dispute around which the whole play revolves.When Regan and Goneril learn that Cordelia is no longer in the picture

Explain how the Levi ad. of your choice sells it's product

1342 words - 5 pages The Levi advertisement of my choice is the one with the caption 'separates the men from the boys'. I chose this advert in particular because it has a typical storyline that is easy to follow through and it really sells the product using the music, characters and props mainly catching the audience's eye. Levi jeans are mainly targeted at the younger audience, although jeans in nowadays are very popular and a variety of age groups now wear

Euthanasia Q:Discuss an important issue of your choice

2870 words - 11 pages the legal right to a hastened death as an option of last resort in medical practice for those suffering with no hope of relief except in death. Western culture is essentially death-denying. There is a reluctance to discuss death on the part of both patients and doctors and it is often not easy for the approach of death to be explored. Legal prohibition on giving active help to die inhibits the doctor-patient relationship at a time when the patient

Similar Essays

This Part Is About The 4 P's Or Marketing Mix Of A "Made Up Product" For The Dutch Market. A Facial Massage Device For Men.

2638 words - 11 pages a lot of cases for starting companies, its aspects of promotion can be the key element in its success. In the promotion strategy when launching our new Facial massage Brush it is important to communicate all the advantages that someone can get after using such a product. We believe that the promotion of the brush should be focused on the following factors. In the first place, we have to try to communicate that men in general are more and more

Bonder By Father's Choice: The Assignment Was To Create A Complete Marketing Plan For A Fictional Product.

5620 words - 22 pages Executive SummaryFather's Choice (Pty) Ltd entered into a joint venture with venture capital firm J. Evans & Associates to present their first and flagship product Bonder©This product provides an alternative for breast-feeding mothers and bottle-feeding fathers. The core concept of the product is aimed at developing the bond between father and child by taking part in the feeding cycle in an intimate and meaningful manner. The product is

In The Role Of A Marketing Consultant Provide An Integrated Marketing Communications Plan For A Company Of Your Choice.

742 words - 3 pages planning system will be used in this report as an initial framework to develop a communication plan for Google Nexus 5. It is one of several ways to develop a marketing communication campaign which consist of all essential elements that any plans must have. The SOSTAC system includes situation analysis (or context analysis), objectives, strategy, tactics, action and control (Smith and Taylor, 2004). With a simple structure made up from series of simple

Marketing Mix: Product Essay

1074 words - 4 pages Companies utilize various market research techniques to identify marketing opportunities. I personally have been involved in qualitative and quantitative questionnaires, and I know a bit about observational market research techniques such as Nielsen Media Research. For the purpose of this assignment I will discuss each of these in more detail as well as my insights to observational research for new products and the drawbacks to such research. I