Question

Part 2: Theory and Application of Marketing mix (4Ps of Marketing: Product, Price, Promotion and Place). 1. Student to selects one product with 2 of target customer groups. 2. Discuss how 4Ps of Marketing Mix can be applied in particular group chosen and how value can be created in each of the marketing mix. 3. Give your justification for two groups customers that you selected for that product. Note: Must only need to choose TWO target markets and ONE Product to discuss theory and application. Products Burger Mid-sized care Sedan Holiday Beach Resort Accommodation Bath soap Target Market Middle-age White-Collar Upper-middle class Seniors (age individuals (baby-boomers) group 65 - 75 years old) University students Millennials (21 and 28) Trade persons (Generation Y) Teenage generation (ages between (13 and 17) Single parents (Age 35 – 48) Generation Z (ages 28 and 35) between Vegetarians Executives (Generation X - ages 39 to 59) Running shoes

Answer 1

MARKETING MIX: Marketing mix is set of controllable marketing variables that the firm blends to produce the response it wants in the target market

• Everything that the firm can do to influence the demand for its products.
• These variables are often referred to as the "4Ps".
• That stands for Product , price , place ,and promotion.
• Marketer's angle 4Ps and Buyers angle 4Cs i.e; Customer solution, Cost , Convenience, Communication.

# Let's take Product Burger King and Target market was Middle aged and Upper middle class Senior .

​​​​​1.Product : Burger king always needed strategies for

• managing existing product ;and
• over time adding new one and
• dropping failed products .

#Recent news of Burger king that they added new item in menu that was biggest flop then they removed it from menu.

#Their products classified on many criteria consumers , industrial, necessity,luxury and so-on

#The product branding is very important once it build it through advertisement and promotion. It helps in developing customer loyalty

2.Price : The price of a product is its composite expression of its value and utility to the customer,its demand , quality, reliability, safety, competition it face ,desired profits and so-on

#For new product atleast three objective must be kept in mind

• Product should be acceptable
• By producing reasonable margin
• You should get good market share .

3.Place : One of the most basic marketing decisions in choosing the most appropriate marketing channel .

#Distribution policies of a company are more important determinant of the function of marketing .

4.Promotion : Activities that communicate the merits of the product and persuade target consumers to buy it . Modern marketing is highly promotional orientated.

# Four major direct promotional methods

• Personal selling
• Advertising
• Publicity
• Sales promotion

# Burger king is the Food brand generally every individual have knowledge of... Their main focus to provide easy and tasty meal rather than a complicated complete meal. Today's world was most of the busy schedules, every minute was complicated for the people who are working . Burger was a kind of revolution it can consume and satisfy our hungry. Burger king's major focus Middle age. It was bonus that every individual of all age groups love burgers and other-items in the Burger king' s menu.

Any Product needs to focus on the 4Ps

# Branding it will helps in achieving customer loyalty and Introducing the new products by organization it will helps the customers in not getting bored of same daily routine product ,It will give value to the customers.

# Price should be reasonable and affordable. So that every one can have it. Most of the costliest product can't be affordable for every one. So major focus should be on Price and quality. If we see Burger costs $3 approx.

#Place and distribution channel will be next important thing to be considered by organization. As the busy life's don't have time for themselves, So Distribution channels like deliverying products or takeaways helps them in saving time. And have their meal in proper time is also kind of providing value to customers.

#Promotion stimulus to marketing . It will helps in gaining the customer. And helps to adequate the customers about the product. It will give clarity of what the customer actually needs .

# Mainly organization should set their processes by considering 4Ps.