Marketing Mix
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Marketing MIx
By: Latwaan Martin
University of Phoenix
May 23, 2011
Niel H Borden (professor of marketing and adver) started using the term and strategy “Marketing Mix” in the 1940s after the James Culliton (associate of Borden) was describing marketing as a “mixer of ingredients. “The majority of marketing practitioners consider the Mix as the toolkit of transaction marketing and archetype for operational marketing planning.” (Constantinides p. 408, 2006). Mix is a combination of the 4 Ps to create the main basic element of planning in marketing. The 4ps consist of place, product, promotion, and price. These main components help marketing teams plan detailed strategies and research to better influence buyers and consumers to purchase form their organizations. Place, price, product and promotion all affect different aspects of marketing. In a personal organization of Mays Childcare, influencing parents and guardians to trust in our services is in consistent usage of a elements of the marketing mix strategies.
In Mays Childcare, our product is our service in providing a nurturing enhancing environment for children of all ages. This is what would be considered in as the product in marketing mix strategies. In evaluating our product and assessing it, into a plan, there are several factors that must be identified to expectations. Since our services in nothing new to society we must use competitive intelligence to compare our wanted desired goals to local competitors, This will create great data on what should be offered for basic organizational gain, and then possibly create new development that may peak consumer interest.
“Similar to advertising, product activity (e.g., innovations, changes in form)
enhances a brands perceived quality, increases purchase likelihood, and builds
equity (Berger, Draganska, and Simonson 2007). We posit that the long-term
effect of increased product line length on base sales is incumbent on the degree to
which cannibalization offsets incremental sales garnered by serving more
segments. In general, we argue that offering more products has a small but
positive effect on base sales because we do not expect
cannibalization to entirely
offset the increased demand.”
(Ataman p.871, 2010)
From doing this research prior to planning we discovered that none of the local competitors offered delivery to consumers. we implemented extra services (products) to gain consumer interest in our services. Another factor in interest is the product and consumer life cycle. The product (or service) life style is how long will it be useful. The consumers life cycle is how long will it be needed throughout purchasing. In our state a child cannot stay home alone legally until the age of 18 as for the possibility to lead into neglect; however, the general consensus age is 12. So we estimated longest lifecycle span of our product is approximately 12 years. In many forms or life parents make large changes, economical impacts or personal difference prevent them from needing or using our services. Through local research and clarity through various other similar organization parents maintain the same likable childcare for the average of 3-4 years in our area. Products are depicted in the this part of the marketing plan for lifecycle, rarity, and need.
Marketing strategies and plans need to be as detailed as possible, right down to the exact price of the product or service. The price is set based on the assumed value of products, competitor prices, customer sensitivity, and large quantity discount prices. Assumed price is based off of the ideal life-cycle of the product or service. So In Mays Childcare the pricing is based on what is equivalent replacement cost and labor in nurturing the child. Customer sensitivity is highly recommend in these types of organization, because a increase in the actual service cost can saving a consumer in large