Question

In: Economics

Select one product brand ( goods or services ) of your choice available in your market...

Select one product brand ( goods or services ) of your choice available in your market and write their Marketing Mix ( 4 Ps - Product Price , Place and Promotion ) .

choose other than these four

select other these

PEPESI ,

)Samsung,

APPLE INC ,

)Microsoft,

Write brief information about

• Product Type, features, variants, sizes, brand name, design, etc.

•Price - Prices of the products, range, discounts, pricing terms, etc.

• Place - Channels of sale, coverage, locations, etc.

• Promotion - Advertisements, personal selling, sales promotion, social media presence, direct marketing, etc.

Solutions

Expert Solution

ANSWER- 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 "four Ps".

i.e product, price, place, promotion

Let us take example of KFC to understand marketing mix

(a) Product

As KFC involves in food business it has a product mix composed of food and beverages items. Some of the products offered by KFC are fried chickens,krushers,soft drinks,french fries, etc KFC adapts its menu internationally as people around the world has different choices of eating. In countries like U.S a full fried chicken served as a grilled chicken. While in muslim countries the chicken served is halal.

(b) Price

It means amount of money customer have to pay to get the product.being a global brand KFC uses different price startegies in different market.the price strategy that is adopted in Singapore have a big difference with its global strategies.since KFC presents itself as a expert in fried chicken in fast food industry.they charges upto 10% more as compared to rivals this practice is done in order to make difference and consolidation from others.

Price tag by KFC of some products are-

Chicken tinder (3 pc.)= $3.99

Mashed tomatoes(large)= $1.99

Soft drink(medium)=$1.69

It refers to the location to target consumers. The major places through which KFC distributes its products are Restaurants,kiosks, mobile applications etc. company earns major portion of its revenue from restaurants.some of these restaurants operates kiosk to sell limited selection of products such as sundae and other desserts.now a days mobile applications are also used widely to access these stuffs.these apps provide virtual platform to know product information,claim special deals,find restaurant location, order placing and accessing customer support services.

(d) promotion

It stands for activites that communicates the merits of the product and persuade target consumers to buy it.KFC uses following tactics in its promotional mix,arranged according to significance in the business

1- advertisements

2-sales promotion

3-direct marketing

4-public relation

Advertisement are the most notable among KFC's promotion tactics. Television,radio channels, newspapers,magazines,online platforms etc are various tools for advertisements. for example KFC offers discount coupons and freebies as a way of attracting more consumers. in addition company's public relations activites helps in promoting business in target market through goodwill and brand strengthening.

Rahul Sunny answered 1 year ago

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