Marketing the product
The marketing mix
The marketing mix is the set of controllable marketing variables that the firm blends to produce the response it wants in the target market. Also known as the 4P’s.
1. Product – goods and services combination the offers to the target market.
2. Price – the amount of money customer’s pay to obtain the product.
3. Place – activities that make the product available to target customers. Eg dealership
4. Promotion – activities that communicate the merits of the product and persuade target customers to buy.
*Discuss how each can be effectively manipulated to meet customer’s needs profitably.
A product is anything that can be offered ...view middle of the document...
2. Brand Decisions
A brand is a name, term, sign, symbol, or design, or a combination of these, intended to identify the goods or services of one seller, or group of sellers and to differentiate them from those of competitors.
*Differentiate between brand name, brand mark, trademark and copyright.
Branding options:- manufacturer’s brand, private brand (middleman) , family-brand.
Brand conveys :-
Companies to known position brand occupies in the consumer mind
Building brand identity – producers must place in consumers mind the brand identity they want to create. Must deliver a set of features, benefits, and services consistently to the buyers.
Brand bonding occurs when customers experience the company as delivering on its promises.
Brand equity – the positive differential effect that knowing the brand name has on customer response to the product or service. Brand valuation – estimating the total financial value of the brand.
a) To brand or not to brand – cost.
Advantages of branding
• The name makes it easier to process orders and track down problems.
• Provides legal protection of...