- To begin, you must decide which part of the marketing mix to focus on first: price, product or promotion. Which is the best starting point for your marketing mix decisions?
We choose Product as the best starting point for your marketing mix decisions.
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'Understanding The Marketing Mix Concept: Selecting a Mix Variable'
To succeed, we must develop the ability to select and offer the right products or services to your customers in a competitive market.
We chose product because Price and promotion decisions are best made once the product attributes are established.
We believe that the more you think about a product or service before you bring it to market, the better your decisions will be.
- Now that you are considering the product first, what elements should you include in your analysis?
We chose the design, product name, and packaging as the important elements to be included in the analysis.
We arrived to this point because these three elements are all part of the “product” category, the product packaging can play a role in the success or failure of the sales of the product.
We believe that a product package, Design may be what attracts the consumer to take a look on the product as is sits on store shelves.
Many companies conduct extensive research on color schemes, designs and types of product packaging that is the most appealing to its intended consumer.
- Based on your focus test, you ask your product research team to develop different formulas for Blythe. They offer you three new options.
We chose Formula 2 is the best at beautifying skin, and at a reasonable cost, but has only limited medication benefit.
As it best addressed the number one need the focus group identified—beautifying skin.
Since the target consumers were teenagers, they cannot afford costly creams and we find formula 2 serves the best for their needs as most of the girls want a beautifying cream.
- You also need to decide on the best packaging style for Blythe. Your design team has come up with three options. Based on what you learned from your focus group, what is the best packaging style?
We chose our packaging in a hot pink box. Print the slogan "Bring out your outer beauty." across the top in black letters.
The slogan on the packaging makes Blythe most appealing to its target market.
For any best product slogans are a vital part of marketing and have been used to help promote business and engage with customers for many years.
We believe the slogan bring out your outer beauty is very catchy, memorable and helps in enhancing the brand identity.
- Next you must choose a pricing strategy for Blythe. Keep in mind your product formulation decision as you make this choice.
We agree with the method of penetration pricing: an initial low price to capture market share and gain a high volume of sales.
Penetration pricing would have encouraged consumers to develop a habit of buying. It also would have fit well with the limited budget of the target market--teenage girls.
This marketing strategy relies on the idea that low prices can help make a customer aware of and more willing to buy a new product.
The high sales volume can also lead to lower production costs and higher inventory turnover both of which are positive for any firm with fixed overhead.
- Next, you must carefully consider how best to promote Blythe to the target market. After discussions with your boss, you decide to focus your attention on advertising. Choose the type of media you feel is the best venue for your advertising, keeping in mind your product formulation and pricing decisions.
Electronic media – company web site plus other online advertising allows broad promotion of your product. Costs are increasing, but still low.
We chose electronic media because the teenage girls are very likely to be active on the social media and other electronic platforms.
This Increase brand awareness and creates a loyal fan base with lot of similar people expressing their likeness in a common medium. Economically it improves ROI.
- "Out of the three parts of the marketing mix that you evaluated in your plan, is there one I should focus more of my attention on, and study more carefully than the others?"
Our marketing mix plan would be that we should not focus on just one item, but look at all of them together as part of an integrated plan. All the elements need to work together.
Keep in mind:
This is only a sample.
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Integrated plan is very important in re launching the product back in to the market. Even if any of the aspects of the product is not taken into serious account it is more probable that the product may not do well in the market, hence we approach the method of integrated planning.
