Question

Elaborate on the product mix, pricing mix, promotion mix , placement mix and promotional mix of the company ERIC VAN DEN STEEN DAVID LANE Aldi: The Dark Horse Discounter If plagiarism is detected valid points will be held from your overall score

Answer 1

Marketing mix consists of 4 elements.They are product mix , price mix ,place mix and promotion mix.

Product mix-Product is the most important of all activities and various decisions relating to product constitute product mix.Product constitues both goods and services.  Needs of the consumers are satisfied with the help of products.Decisions regarding introducing new product as well as development and modification of the product ,matching the product with the wants of the target consumers,strategies related to product which included branding , packaging, labeling, weight etc,services related to product like after sales services,home delivery, warantee, guarantee etc as well as other decisions concerns product mix.

Price mix--Price is the value of the product expressed in money.It is necessary to set the price in such away that consumers can pay and company can earn profit.Pricing decision is very important and involves decisions like cost of the product,trying to understand the strategies of competitors,making pricing policies for the product,taking decisions on price discrimination, allowances, discounts etc,pricing strategies in the different stages of product cycle etc.

Promotion mix--.Promotion mix consists of advertising,personal selling,sales promotion,publicity,Advertising is an important tool of market promotion and helps in mass comunication.It includes the setting of objectives and deciding advertising messagesas well as budget .Personal selling is also known as salesmanship and decisions include deciding the size of sales force,recruitment and training of sales force,Motivating sales force and deciding their remuneration etc.Sales promotion means providing incentive to buy and increasing sales.Forms of sales promotion are free gifts,discounts, exchange offer, free home delivery,guarantee, warrantee etc.Publicity is a part of public relations and consist of giving information in radio, TV, mass media etc.

Place mix--Distribution of product is related to place mix.This concerns in making the product available to the consumers in an effective mannerThis implies the right product is given to the right connsumer ,in the right way, at the right time,at the right place , and in the right manner .Right place involves proper balance of cost of distribution and selling price,making aproper net work of distribution etc.

Promotional mix is used to reach the company objectives and goals through tools like advertising, personal selling,sales promotion, and publicity.