The Marketing Mix by Nicholas ohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9 en-us 2017-10-10 13:56:57 UTC 2017-10-25 15:12:06 UTC hello@padlet.com Marketing Mix plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/195604825 The marketing mix is all about selling the right product to the right target market in the right place at the right price. On top of this you must be extremely knowledgeable about your own business plan.
The marketing mix is predominantly associated with the 4 p's of marketing . Product , Price , Place , Promotion
( Marketing mix , 2017 )

]]> 2017-10-10 14:06:43 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/195604825 Product plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/195607475 Traditional - A product is made to fit the needs and wants of the consumer. The product must be of merchantable quality , meaning it must work and fit the purpose intended. (Professional academy , 2017) The product can be tangible or intangible , meaning you can sell a product or a service. These products are sold in shops and stalls. Products go through the product life cycle which includes 4 stages. The introduction , this is when the product is released onto the market and begins to be sold , growth is the next stage and this is where sales increase and the product becomes more popular and there becomes a bigger demand for it. Next is maturity and this is when the product stops gaining popularity but has a sustainable constant group of people purchasing it . The final stage is decline , this is where the product begins to fall out of popularity because there are new and improved versions and so eventually the product dies and the business must come up with another product. (Marketing mix , 2017)
Digital - Products are sold on the internet to the customers. Like traditional marketing the company making and selling the product must first find out what is in demand and what do people want. These products must be able for the use intended and must be of high quality. The introduction , this is when the product is released onto the market and begins to be sold , growth is the next stage and this is where sales increase and the product becomes more popular and there becomes a bigger demand for it. Next is maturity and this is when the product stops gaining popularity but has a sustainable constant group of people purchasing it . The final stage is decline , this is where the product begins to fall out of popularity because there are new and improved versions and so eventually the product dies and the business must come up with another product. (Marketing mix , 2017)]]> 2017-10-10 14:11:08 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/195607475 Price plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/198595941 Traditional - The price of the product must be fair and seem like the business has the benefit of the customers in their mind. The price must be fair for the customer but also must profit the business as the general aim of business is to make a profit. This does not mean the price must be the cheapest but if it is not the cheapest it must be of high quality. Most customers do not have a problem paying more for a product they would prefer. (Professional academy , 2017)
Digital - The price must also be fair to the consumers but with online marketing shipping plays a major fact in the price of a product. Online product seller may decrease the price as they feel it may be too expensive when you add shipping price to the product itself. This may become a problem if the seller is struggling to make a profit because of this. (Professional academy , 2017) (Marketing mix , 2017)]]> 2017-10-19 11:07:01 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/198595941 Bibliography plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/198599071 -(Marketing mix , 2017 ,

2017))

-(Professional academy , 2017 ,

MARKETING THEORIES – THE MARKETING MIX – FROM 4 PS TO 7 PS , available at : https://www.professionalacademy.com/blogs-and-advice/marketing-theories---the-marketing-mix---from-4-p-s-to-7-p-s (Accessed 19/10/2017) )

(Inc , 2017 , 15 Marketing Strategies That Inspire Strategic Thinkers ,
available at : https://www.inc.com/murray-newlands/15-marketing-strategies-that-inspire-strategic-thinkers.html (Accessed 25/10/2017))

]]> 2017-10-19 11:23:27 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/198599071 Place plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/199983600 Traditional - The product must be closely located in relation to the target market. Put your products wherever the consumer will find it most accessible. For example if the product in question is targeted at young babies and toddlers it would make the most sense to try to sell the product near playschools and creches. (Professional academy , 2017) (Marketing mix , 2017)
Digital - Products should be sold on websites that will be accessed by your target market and advertised on websites that your target market will be accessing. One thing that must be decided is what channel of distribution do you wish to go through. Do you want to have your products sold on another website and therefore you will have to send them your product before it goes out to the buyer. Or would you prefer to sell directly to the consumer themselves , this would be cheaper and faster but may limit sales if less people are seeing that the products are being sold. (Professional academy , 2017) (Marketing mix , 2017)]]> 2017-10-24 13:53:37 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/199983600 Promotion plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/199992065 Traditional - Advertising your products/services via newspapers , posters around your local area and word of mouth are some of the best ways to promote your product in order to increase sales. Public relations, on the other hand, are communications that are typically not paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events. (Marketing Mix , 2017)
Digital - Advertising on popular websites can really help to promote your products and your company. Try to advertise on websites you know your target market will be browsing on. For example if your product is aimed at teenagers and young adults then Facebook , Twitter and Instagram would be good platforms to advertise on. ]]> 2017-10-24 14:07:05 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/199992065 People plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200385820 Traditional - Research is expected to be made about who your target market is and what products/services are in demand. It is important to have the rightly trained and experienced people because they are as much a part of the business as you and they are the ones making the deliveries of by word of mouth trying to convince someone to buy so they must be right for the job. Employees will always work harder and longer if they are invested and believe in what they're doing. In addition to this they will be more willing to accept criticism because they themselves will want to improve. (Professional academy , 2017) (Marketing mix , 2017)
Digital - Research is expected to be made about who your target market is and what products/services are in demand. Unlike Traditional Marketing people don't play a role in the selling , unless the sellers are doing online video advertising then the people must be friendly and welcoming and must be convinced and passionate about their product. Like Traditional if a buyer sees someone friendly and someone who is passionate and believes in what they're selling it will instantly make it more appealing to them. (Professional academy , 2017) (Marketing mix , 2017)]]> 2017-10-25 13:19:49 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200385820 Process plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200391671 Traditional - The customer is also paying for how they receive their product , so the package must be neat and tidy and held with care , even if it is only an over the counter exchange. The customer must feel like the product is in good condition and that there won't be any issues involved. (Professional academy , 2017) (Marketing mix , 2017)
Digital - Delivery in Digital Marketing is different however. There is a much longer and much more expensive process when it comes to online delivery. Products may have to go from one warehouse/business to another and then sometimes overseas to another country as well. Because of this travel the customer will have to pay for shipping and they will expect their products to be dealt with care. (Professional academy , 2017) (Marketing mix , 2017)]]> 2017-10-25 13:29:21 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200391671 Physical Evidence plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200394669 Traditional - In the service industry there must be evidence of the service just provided. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition. (Professional academy , 2017) (Marketing mix , 2017)
Digital - In terms of Digital Marketing for example a firm selling insurance over the Internet. If a customer purchases insurance there must be evidence such as an email of confirmation or a delivered letter with proof of payment. This is what counts as Physical Evidence by this definition. (Professional academy , 2017) (Marketing mix , 2017)]]> 2017-10-25 13:34:23 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200394669 Marketing Strategies plc17busnohalloran https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200427796 Partners With Allies - Having partnerships have many advantages. For example when you work with another person on a project it will nearly always be better than if it was just you , because both of you had been using your ideas to create the best possible solutions. In addition marketing and advertising becomes cheaper because the financial responsibilities are shared. (Inc , 2017)
Embrace User Generated Content - According to a survey of 839 millennials , they spend "5.4 hours a day with content created by their peers. This proves that business' must acknowledge and use customers personal stories to benefit themselves and the customers. (Inc , 2017)
Collaborate With Influencers - You can grow your audience and market by collaborating with the top influencers in the business. This will attract people who know these people and thus grow your business.
These influencers can share their inspirational stories and experiences to help gain an audience. (Inc , 2017)
Helping Customers Solve A Problem - Sometimes it can be a good business idea to make "How-to-content" in order to help customers when they get confused or are in need of help. (Inc , 2017)
Let Customers Interact - Allow your customers to interact with each other and share their own individual stories with each other to improve customer-to-customer relationships. American Express connects small-business owners to each other and helpful resources through its Open Forum. (Inc , 2017)
Experiment With New Channels And Platforms - Do not be afraid to branch out of what your business is known for , expanding into different areas can help a business gain new customers which can increase their selling in their other areas in the long run. (Inc , 2017)
Get Employees Involved - Your employees are the people who will be most involved and hopefully spread the word as best they can so they need to be kept informed and involved in any campaigns going on. That's what happened with Caterpillar'sBuilt for Itcampaign. The videos tapped into the allegiance of the brand, which motivated them to share the videos with friends and family. (Inc , 2017)
Do Not Forget About Existing Customers - Although it is important to continue to focus on gaining new customers it is good to remember who has helped you for a long time , this can be done by deals for long serving customers. This will tempt your new customers to keep buying if they see rewards for consistent buying from that business. (Inc , 2017)
Tap Into Nostalgia - Everyone loves nostalgia and people will always want to go back and relive something they once loved. This applies in business to. If there was a popular product in the 90s or early 2000s then try to recreate that magic and tempt customers with the nostalgia. People generally will want to revisit something they once loved as opposed to something futuristic and new. (Inc , 2017)
Use Big Data To Target Customers - Every business needs to analyse what is successful through their data and thus find out where to go and who to target. With this information, you can get in touch with consumers before they search for your products or services. A pizza chain uses data to send out coupons to customers who are experiencing bad weather or power outages. (Inc , 2017)]]> 2017-10-25 14:30:57 UTC https://padlet.com/plc17busnohalloran/tdeoarcqn5k9/wish/200427796