Question

if huy fong were to introduce a new mildr version of its reowned sriracha hot chili sauce ro satisfy customers who think the current product is too spicy and the orginao prodcut is kept in the product mix, this would represent a

Answer 1

Marketing mix forms an important part of overall competitive marketing strategy. The marketing mix is the set of controllable marketing variables that the firm blends to produce the response it wants in the target market. The marketing mix consists of everything that the firm can do to influence the demand for its product. These variables are often referred to as the “4 Ps.” The 4 Ps stand for product, price, place and promotion. An effective marketing program blends all of the marketing mix elements into a coordinated program designed to achieve the  company’s marketing objectives by delivering value to consumers. The 4 Ps are from a marketer’s angle. When translated to the perspective of buyers, they may be termed as 4 Cs.Product may be referred as customer solution, price as customer cost, place as convenience and promotion as communication.

♦ Product stands for the “goods-and-service” combination the company offers to the target market. Strategies are needed for managing existing product over time adding new ones and dropping failed products. Strategic decisions must also be made regarding branding, packaging and other product features such as warrantees. Products and markets are infinitely dynamic. An organization has to capture such dynamics through a set of policies and strategies. Some products have consistent customer demand over long period of time while others have short and fleeting life spans. There are products that have wide range of quality and workmanship and these also change over time. There are industrial or consumer products, essentials or luxury products, durables or perishables. Products can be differentiated on the basis of size, shape, colour, packaging, brand names, after-sales service and so on. Organizations seek to hammer into customers’ minds that their products are different from others. It does not matter whether the differentiation is real or imaginary. Quite often the differentiation is psychological rather than physical. It is enough if customers are persuaded to believe that the marketers product is different from others.

Organizations formalize product differentiation through christening ‘brand names’ to their respective products. These are generally reinforced with legal sanction and protection. Brands enable customers to identify the product and the organization behind it. The products’ and even firms’ image is built around brand through advertising and other promotional strategies. Customers tend to develop strong brand loyalty for a particular product over a period of time.

if huy fong were to introduce a new mildr version of its reowned sriracha hot chili sauce ro satisfy customers who think the current product is too spicy and the orginao prodcut is kept in the product mix, this would represent a -

huy fong following the Product mix strategy by adding the new product "mildr version" to satisfy customers who think the existing product is not satisfying them because it is too spicy.