Top 5 Breakthrough AI Innovations Elevating Content Creation and Personalizat...
Assignment on 4ps marketing
1. PREMIER
UNIVERSITY
CHITTAGONG
Course Title : - “Marketing Management”
Assignmenton:Marketingmix
Submitted To
Ms. Kaniz Fatema
Lecturer
Department of Marketing
Premier University Chittagong
-: Submitted By:-
Name Id
1) Dipankar Deb Nath 12-026-1-01-06215
2) Saiful Islam 12-026-1-01-06275
3) Sanjoy Deb Nath 12-026-1-01-06274
Department : Accounting
Section : (B)
Submission Date : 14/02/2016
2. **What is the Marketing Mix?
Marketing is the social and managerial process by which individual
and group obtain what they need and want through creating, offering
and exchanging products of value with others.
---------------Philip Kotler
**What is the importance of the marketing mix?
All the elements of the marketing mix influence each other. They
make up the business plan for a company and handled right, can
give it great success. But handled wrong and the business could take
years to recover. The marketing mix needs a lot of understanding,
market research and consultation with several people, from users to
trade to manufacturing and several others.
The
Marketing
Mix
Product
Place
PromotionPrice
3. **The 4Ps of Marketing Mix**
The service marketing mix comprises off the 4Ps. These include….
1. Product
2. Price
3. Place
4. Promotion
-:Product:-
Refers to the item actually being sold. The product must deliver a
minimum level of performance;otherwise even the best work on the
other elements of the marketing mix won't do any good.
-:Price:-
Refers to the value that is put for a product. It depends on costs of
production, segment targeted, ability of the market to pay, supply -
demand and a host of other direct and indirect factors. There can be
several types of pricing strategies, each tied in with an overall
business plan. Pricing can also be used a demarcation, to
differentiate and enhance the image of a product.
4. -:Place:-
Refers to the point of sale. In every industry, catching the eye of the
consumer and making it easy for her to buy it is the main aim of a
good distribution or 'place' strategy. Retailers pay a premium for the
right location
-:Promotion:-
This refers to all the activities undertaken to make the product or
service known to the user and trade. This can include advertising,
word of mouth, press reports, incentives, commissions and awards
to the trade. It can also include consumer schemes, direct marketing,
contests and prize.
7. **Coca cola Marketing Mix**
The marketing mix of coca cola has been changing over time with
more and more product being added such that today it has 3300
product many different way of advertising all those product. But
because of this Coca cola s the brand equity. The 4Ps of marketing:
Product, Price, Place, Promotion
-:PRODUCT:-
Many Products are physical objects that you can own and take
home. But the word product means much more than just physical
goods. In marketing, product also refers to services, such as holidays
or a movie, where you enjoy the benefits without owning the result
of the service. Businesses must think about products on three
different levels, which are the core product, the actual product and
the augmented product. The core product is what the consumer is
actually buying and the benefits it gives. Coca Cola customers are
buying a wide range of soft drinks. The actual product is the parts
and features, which deliver the core product. Consumers will buy
the coke product because of the high standards and high quality of
the Coca Cola products. The augmented product is the extra
consumer benefits and services provided to customers. Since soft
drinks are a consumable good, the augmented level is very limited.
But Coca Cola do offer a help line and complaint phone service for
customers who are not satisfied with the product or wish to give
feedback on the products.
Positioning
Once a business has decided which segments of the market it will
8. compete in, developed a clear picture of its target market and
defined its product, the positioning strategy can be developed.
Positioning is the process of creating, the image the product holds in
the mind of consumers, relative to competing products. Coca Cola
and Franklins both make soft drinks, although Franklins may try to
compete they will still be seen as down market from Coca Cola.
Positioning helps customers understand what is unique about the
products when compared with the competition. Coca Cola plan to
further create positions that will give their products the greatest
advantage in their target markets. Coca Cola has been positioned
based on the process of positioning by direct comparison and have
positioned their products to benefit their target market. Most people
create an image of a product by comparing it to another product,
thus evident through the famous battles between Coca-Cola and
Pepsi products.
Branding
It is often hard to say exactly why we buy one company’s product
over another. Companies such as Nike and Adidas spend large
amounts of money trying to win consumers away from their
competitors who make products that are very similar. The popularity
of the brand is often the deciding factor. Over the time Coca Cola
has spent millions of dollars developing and promoting their brand
name, resulting in worldwide recognition. ‘Coca-Cola’ is the most
recognized trademark, recognized by 94% of the world’s population
and is the most widely recognized word after “OK”. Coca Cola’s
red and white colour and special writing are all examples of world-
wide trademarks.
There are a number of branding strategies: Generic brand strategy,
Individual brand strategy, Family brand strategy, Manufacturer’s
brand strategy, Private brand strategy and Hybrid brand strategy.
Coca Cola utilizes the Individual brand strategy as Coca Cola’s
major products are given their own brand names e.g Fanta, Sprite,
9. Coca Cola etc although they maybe presented as different lines they
operate under the name of Coca Cola.
Packaging
Packaging, which is not as highly perceived by businesses, is still an
important factor to examine in the marketing mix. Packaging
protects the product during transportation, while it sits in the shelf
and during use by consumers, it promotes the product and
distinguishes it from the competition. Packaging can allow the
business to design promotional schemes, which can generate extra
revenue and advertisements. Coca-Cola has benefited from
packaging the product with incentives and endorsements on the
labeling as a promotional strategy to increase its volume of sales and
revenue.
-:PRICE:-
Price is a very important part of the marketing mix as it can effect
both the supply and demand for Coca Cola. The price of Coca
Cola’s products is one of the most important factors in a customer’s
decision to buy. Price will often be the difference that will push a
customer to buy our product over another,as long as most things are
fairly similar. For this reason pricing policies need to be designed
with consumers and external influences in mind, in order to
effectively achieve a stable balance between sales and covering the
production costs.
Price strategies are important to Coca Cola because the price
determines the amount of sales and profit per unit sold. Businesses
have to set a price that is attractive to their customers and provides
the business with a good level of profit. Long before a sale was ever
made Coca Cola had developed a forecast of consumer demand at
different prices which inevitably determined whether or not the
10. product came on the market, as well as the allocation of adequate
money and resources to produce, promote and distribute the product.
Pricing Strategies and Tactics
The pricing Strategy a business will use will have to focus on
achieving the marketing plan’s objectives and support the
positioning of the product, and take external factors such as
economic conditions and competitors in to account. There are 5
strategies available to business: Market skimming pricing,
Penetration pricing, Loss leaders, Price Points and Discounts. Over
the years Coca Cola has used Penetration Pricing as a way of
grabbing a foothold in the market and won a market share. It’s
product penetrated the marketplace. Once customer loyalty is
established as seen with Coca Cola it is then able to slowly raise the
price of its product. There has been a fierce pricing rivalry between
Coca Cola and Pepsi products as each company competes for
customer recognition and satisfaction. Till now it appears as if Coke
has come up on top, although in order to gain long term profits Coke
had to sacrifice short term profits where in some cases it either went
under of just broke even, but as seen it has been all for the best.
Pricing Methods
Good pricing decisions are based on an analysis of what target
customers expect to pay, and what they perceive as good quality. If
the price is too high, consumers will spend their money on other
goods and services. If the price is too low, the firm can lose money
and go out of business.Pricing methods include: Cost based Pricing,
Market based pricing and Competition based Pricing. Over the years
Coca has lost ground here in it’s pricing but has regained its strength
as it employed the Competition-based pricing method which
allowed it to compete more effectively in the soft drink market.
Leader follower pricing occurs when there is one quite powerful
11. business in the market which is thought to be the market leader. The
business will tend to have a larger market share, loyal customers and
some technological edge, thus the case currently with Coke, it was
first the follower but through effective management has now
become the leader of the market and is working towards achieving
the marketing objectives of the Coca Cola.
-:PLACE:-
The place P of the marketing mix refers to distribution of the
product- the ways of getting the product to the market.The
distribution of products starts with the producer and ends with the
consumer.
One key element of the “Place/Distribution” aspect is the respective
distribution channels that Coca Cola has elected to transport and sell
its product.
Selecting the most appropriate distribution channel is important, as
the choice will determine sales levels and costs. The choice for a
distribution channel for any business depends on numerous factors,
these include:
• How far away the customers are;
• The type of product being transported;
• The lead times required;and;
• The costs associated with transport;
There are four types of distribution strategies that Coca Cola could
have chosen from, these are: intensive, selective, exclusive and
direct distribution. It is apparent from the popularity of the Coca
Cola’s product on the market that the business in the past used the
method of intensive distribution as the product is available at every
12. possible outlet. From supermarkets to service stations to your local
corner shop, anywhere you go you will find the Coca Cola products.
Physical Distribution Issues
Coca Cola needs to consider a number of issues relating to the
physical distribution of its soft drink products. The five components
of physical distribution are, order processing, warehousing,
materials handling, inventory control, transportation. Coca Cola
must further try to balance their operations with more efficient
distribution channels.
Order Processing- Coca Cola cannot delay their processes for
consumer deliveries (i.e. delivery to selling centers), as this is
inefficient business functioning and is portrays a flawed image of
the product and overall business.
Warehousing and inventory control- warehousing of Coca Cola
products is necessary. Inventory control is another important aspect
of distribution as inventory makes up a large percentage of
businesses assets. Choosing the correct and desired inventory
measure that Jackson’s sees as most effective is vital. Jackson’s
must remember though that there are factors involved with
inventory control that can hinder the products sales and customer
perceptions (hazards, distribution from storage facilities, etc…)
Materials handling- this deals with physically handling the product
and using machinery such as forklifts and conveyor belts. When
holding products, then Coca Cola has benefited from purchasing or
renting respective machinery.Transportation- transporting Coca
Cola products is the one most important components of physical
distribution. Electing either to transport the sports drink by air, rail,
road or water depends on the market (i.e. global, or domestic) and
depends on the associated costs. The most beneficial transportation
13. method for Coca Cola would be ROAD if the product were moved
around from storage to the cost centers.
-:PROMOTION:-
In today’s competitive environment, having the right product at the
right place in the right place at the right time may still not be enough
to be successful. Effective communication with the target market is
essential for the success of the product and business. Promotion is
the p of the marketing mix designed to inform the marketplace about
who you are, how good your product is and where they can buy it.
Promotion is also used to persuade the customers to try a new
product, or buy more of an old product. The promotional mix is the
combination of personal selling, advertising, sales promotion and
public relations that it uses in its marketing plan. Above the line
promotions refers to mainstream media, advertising through
common media such as television, radio, transport, and billboards
and in newspapers and magazines. Because most of the target is
most likely to be exposed to media such as television, radio and
magazines, Coca Cola has used this as the main form of promotion
for extensive range of products. Although advertising is usually very
expensive, it is the most effective way of reminding and exposing
potential customers to Coca Cola Products. Coca Cola also utilizes
below the line promotions such as contests, coupons, and free
samples. These activities are an effective way of getting people to
give your product ago.
14. -: Conclusion:-
In above, we analyzed marketing mixer of coca-cola cooperation
.From your study we can conclude that main marketing mix
components are how to used in coca-cola cooperation. Products of
coca-cola company, satisfied consumer needs with highly
satisfactions when we consider the characteristics of marketing mix
that is the main objective. Price of coca cola products, get optimally
economical satisfaction for consumer. By understanding Coca-cola
we can say it the company is using its promotional mix in an
effective and efficient manner Finally we can conclude that, for any
company to reach the peak in today’s competitive era, has to use
each and every component of the marketing mix For any company
controllable function as use marketing mix.
