2. Let’s understand basics
What is Marketing Mix ?
Planned mix of elements used to determin
actionable marketing plan.
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3. What’s its significance??
To cater demands of consumers.
To crate identity of brand.
To stay focused on core business.
To control inventory.
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5. Let’s see one by one
Product
Companies tend to develop products on
following parameters.
Needs and wants of customers.
Quality.
Value for money.
Service
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12. Price
• As premium brand
approach is on High price
strategy
Premium
Pricing
• Offers small no. of
product’s to target specific
demographics customer’s
No. of
products
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13. Place
• Distributing through online stores,
Social media efforts
Online
stores
• They have direct retail stores and
third-party stores in many countries
e.g. Reliance digital
Retail and
third-party
store
• Apple has exclusive stores catering
different category of product e.g.
Fifth avenue, New york
Exclusive
stores
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14. Promotion
• Increasing eagerness
of customersHalo Effect
• i-Pod to i-phone
Horizontal
strategy
• i-watch, i-pay, i-cloud
Leveraging
brand name
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Editor's Notes
Product in marketing mix consists of set of offering that product convey to its customers. Companies try to create their products considering different factors which includes:
Needs of customers- Products should be designed keeping minds different needs of the products like earlier mobile used to have basic features like calls, music, camera but keeping in minds needs of the product companies have introduced many features in coming years.
Quality: Product must be having high quality standards as customers day by day are becoming aware and knowledgeable.
Value for money : Product should not be mismatch between product offering and price both must go hand in hand.
Services : As time has passed consumers became aware of importance of after sales services offered by companies so focus should be on providing good services to existing customers.
Price becomes sole determining factor when many product are existing in market offering same set of product and services. Some companies try to implement different price strategy as per demands of markets. In placing price strategy companies must understand profit part also.
Some companies have low price strategy and some may try high price strategy to cater customer needs in particular demographics
e.g. Apple products- High price strategy
Place mainly consist of distribution channels. It is said that when product advertisements come up it should be available for buying keeping this in mind companies try to give importance to availability part of products. Also delivery becomes crucial element in recent time as many companies offers their product for buying online. Displaying product range at stores, Outlets becomes important when product is in range of consumer goods.
Promotion forms ‘ The most important’ element in any company. Promotion consist of wide range of activities ranging from branding of product to final sales. It is single most factor that set apart product from its competitors whether product is tangible or intangible. Nowadays social media has become powerful medium to carry out promotions. Apart from its video ads, mobile marketing, mailers become crucial elements.
If we consider product mix of Apple then we find that company believes in creating innovative yet simpler product which target specific set of demographics.
If we carefully observe customer segment of Apple product we find that it mostly appealing to youth and people we are always interested about technological advancements. That is main reason behind brand loyalty of its customer base.
Considering product features Apple’s i-phone have first entered in market with first of its kind ‘ios operating system’, its App store still have more apps than google play store. It have dedicated service stores where technically sound technician provide assistant also they technical mentors who provide online assistance.
Apple believes in following while placing their price strategy
Offering a small number of products.
Focus on the high end
Give priority to profits over market share
Create a halo effect that makes people starve for new Apple products
Apple always launch its product from exclusive stores that are located in almost all major cities around the world
It also uses online medium to sell their products.
Apple put considerable efforts on promotion. They put considerable efforts on creating ‘Halo Effect’ i.e to put customer in curious stage about future launches. No surprise that people commonly seen standing in queue after every product launch; also they believe in leverage brand name to launch their future product like Apple’s i-watch, i-cloud services, i- pay etc
