The development of the term constituted a step forward in the classification of interrelated marketing efforts. Article presents the concept of marketingmix in manufacturing companies. The product strategy and mix in lush marketing strategy can be explained as follows. Length of the product mix refers to the total number of products in the mix. Knowing your competitors and your target market will give you an idea on coming up with a product that appeals to customers.
Every stage poses different opportunities and challenges to the marketer. Here i am mentioning three most common definitions of product mix. For a company selling dog collars, a product mix example could be all the different styles and designs of collars. Product mix strategies product line analysis too short vs too long companys objectives affect product line length market share and higher profitability 7. Highlights we consider growing mix complexity problem. It has a large portfolio of products of which 22 are billiondollar brands. Each of stages demands the unique or distinguished set of marketing strategies. The marketing mix, as part of the marketing strategy, is the set of controllable, tactical marketing tools that a company uses to produce a desired response from. Product mix and product line understanding product.
You will be informed about various distribution strategies for your products and services. Line stretching a company stretches its product line beyond the current range of products. Learn about the marketing mix and the 4ps framework and craft a killer marketing strategy for your business. Lush is know to make naturally made body care products. All of these product lines when grouped together form the product mix of the.
Upcoming schedule product strategy tuesday 322 lecture thursday 324 class discussion on truearth healthy foods. Strategies for marketing mix of 4ps for competitive advantage the marketing mix by 4ps is a conjuration and it can only be implemented by marketing managers. Marketing mix refers to determining which elements of the product are necessary for successful selling. A marketer should watch on its sales and market situations to identify the stage in which the product is passing through, and. Major types of product mix strategies marketing notes.
Pdf product mix strategies sahibzada a abas mastana. Expansion of product mix implies increasing the number of product lines. The complete range of products present within a company is known as the product mix. There can be several types of pricing strategies, each tied in with an overall business plan. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. Understanding the marketing mix concept 4ps cleverism. Marketing mix is a greatest strategy for attaining competitive advantage for any firm. For example, bajaj company adds car unrelated expansion in. A marketing strategy that is well articulated will enable one to. Firms need to consider many product decisions including product design, product features, product quality, product branding, target market and product positioning. There are many alternatives for varying the product in the online context when a company is developing its online strategy. Although product mix problems are seldom encountered in their simple textbook form in practice, they very frequently constitute important. Product is one of the four elements that make up the marketing mix, also known as the 4ps. Creating the best marketing mix for a product launch.
Each brand in its range is special with something unique to offer. The product lines may range from one to many and the company may have many products under the same product line as well. A firm may decide to expand its present mix by increase the number of lines or the depth within the lines. If a company has 5 product lines and 10 products under each product lines, the length of the mix will be 50 5 x 10. In any multi brand organizations, there are numerous products present. Product strategy and product mix of britannia britannia. A case of safaricom ltd in kenya telecommunication industry. The article talks about the impact of its product, price, place and promotional strategies on the performance of the company. Finally, price adjustment strategies can take various forms like discount and allowance pricing, segmented pricing.
Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely. A product mix definition is the list of products andor services a business offers for sale. Aldis marketing strategies therefore focus on generating customer loyalty. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. New lines may be related or unrelated to the present products. Pdf product strategies of companies in the fmcg industry. Marketing mix of lg analyses the brandcompany which covers 4ps product, price, place, promotion and explains the lg marketing strategy. Lush manufactures cosmetic products like hair and shower gel, face wash, bath bombs, body wash and fragrances as a part of its marketing mix product portfolio. These brands cater to the needs of different customer segments and follow different pricing strategies.
Pricing can also be used a demarcation, to differentiate and enhance. Another key focus of aldis marketing strategy is on demonstrating that aldi brands are of. Since product strategies are an essential part of companies marketing. The study found various marketing mix and techniques were employed that include. The major alternative product mix strategies given by william stanton and others have been discussed briefly as under. Product mix strategies price lining x is a special pricing technique that sets a limited number of prices for specific groups or lines of merchandise. The study and practice of marketing have broadened considerably, from an emphasis on marketing as a functional management issue, to a wider focus on the strategic role of marketing in overall. Lush marketing mix 4ps lush marketing strategy mba. Product mix strategy by gaurav free download as powerpoint presentation. The marketing mix is most commonly executed through the 4 ps of marketing. Now lines may be related or unrelated to the present products. The difficult part is doing this well, as you need to know every aspect of your business plan. You will learn about pricing strategy for cultural products and services. Increasing customization requires flexible investments.
These elements are typically called the four ps of marketing. Product mix pricing strategy can further be distinguished into many types like product line pricing, optimal product pricing, captive product pricing, by product pricing, product bundle pricing. Product mix strategy and manufacturing flexibility. Marketing mix of nestle 4ps of marketing mix of nestle. The marketing mix is the strategic combination of the product, price, place and promotion elements.
A productproduct is anything that can be offered to a market for attention, acquisition, use, or consumption and that might. Before proceeding towards the main topic product mix pricing strategies in marketing first you should be aware of this common marketing terms product mix or product portfolio. Marketing mix strategies towards the bottom of the. None of the organizations wants to take the risk of being present in the market with a single product if a company has only a single product, than it is understood that the demand of the product is very high or the company does not have. Promotion as part of the marketing mix and its application in. Simply, it shows the number of items in the product line. A product is anything that can be offered to a market to satisfy a want or a need,including physical goods and services, experiences,persons,events,places,properties,organisations,information and ideas. Your selection of a pricing strategy should be based on your product, customer demand, the competitive environment, and the other products you will offer. Module 3 teaching notes toolkit on poverty reduction through tourism october 2012 slide 1 module 3 promotion and marketing in tourism if this is the second day of the course, welcome the group back to the program and do a short recap of the previous days lessons. Product mix width, length, depth, consistency with examples. The breadth of a product mix shows the different kinds of product lines that firm carries. You need to do extensive customer research in building a good marketing mix.
Product mix, also known as product assortment, is the total number of product lines that a company offers to its customers. This dimension of the product mix represents the extent to which the activities of the firm are diversified. Here is the marketing mix of pepsi that analyses the four ps including product, price, place, and its promotional strategies. We refer to investment choice, product mix strategy and sales price positioning. The astrocosmo problem considered earlier is an example. Product and pricing strategies programs, courses aiu. Marketing mix strategy, bottom of the pyramid bop, brazilian market. He use a total of 29 questions to measure new product marketing strategy and seven. Creating value through the marketing mix an aldi case.
Product passes through four stages of its life cycle. So, to keep our product launch customercentered we have to consider audience too. Selling price positioning can minimize customization costs. September 17, 2015 october 12, 2015 posted in product mix, product strategy. Optional product pricing involves setting prices for accessories or options sold with the main product. As of 2020, there are several lg marketing strategies like product service innovation, marketing investment, customer.
For product development, marketing strategy could be distinguished. Development of successful product mix strategies depends on analyzing existing products for market growth and market share. Although more is becoming known about the relationships among elements of the marketing mix. Developing marketing strategies for enhancing the use of solar energy products anupamaa s chavan 74 chapter 5 marketing strategies an overview marketing strategy is a broad plan for achieving marketing objectives. Product characteristics and marketing strategy 19 the term marketing mix suggests a relationship between interacting, elements.
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