Pick a tangible product that you are interested in and prepare a report on the Marketing Mix actually used for that product. You are required to choose a product by brand name. You may choose a well-known name like Tommy Hilfiger, Nike, and Coke or a lesser-known brand such as Louisville Slugger, Peavey, or Furby. It can be a familiar product such as a soft drink, automobile, backpack, a piece of sports equipment or a computer; or one that is of special interest to you that is less familiar to most of us such as deer stands, paint ball equipment, or a musical group. The choice is yours but my one criterion is just to ensure that there is enough marketing information readily available on the good or service. Discuss this product in a single report describing Product, Place, Promotion, and Price. Divide the report into four sections and devote at least one page to each section.
1. Product
This section is the heart of the marketing mix and should describe the product offering and product strategy. The product includes not only the physical unit but also its package, warranty, after-sale service, brand name, company image, value and many other factors.
2. Place
The section should describe the Place associated with your product. Place is concerned with making products available when and where customers want them. A part of place is physical distribution, which involves all the business activities concerned with storing and transporting finished products. The goal is to make sure that the products arrive in usable conditions at designated places where they are needed.
3. Promotion
This section should describe the Promotion associated with your product. Promotion includes advertising, public relations, sales promotion and personal selling. Promotion’s role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading and reminding them of the benefits of an organization or product.
4. Price
This section should describe the Pricing strategies associated with your product. Price is what a buyer must give up to obtain a product. It is often the most flexible of the four mix elements- the quickest element to change. It is an important competitive weapon and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm.