The Marketing Mix - 4 P's The four P’s of the Marketing Mix are: Product: Consists of developing a product in order to meet the wants and needs of a specific target market and may consist of either a good or service, or a mixture of both. The Product area of a marketing mix should also consider everything from the warranty of a product to the exclusions and limitations of a specific service. Place: Takes into account the cumulative efforts to get the ‘right’ product to the ‘right’ location of the target market when the market wants it. This means sourcing the appropriate channels of distribution in order to make the product available where the target market desires to purchase it, when they want to purchase it. Promotion: Informs the target market about the ‘right’ product and includes selling that product through personal and mass selling.
Performance standards are the results that are expected for performance to be satisfactory or successful. Performance standards can be stated in terms of time, cost, sales, and quality control. The performance standards that should be put in place to ensure the effectiveness of the operation should be the levels of sales, the inventory turnover, what customer are buying and not buying, and tracking of purchases. Performance standards should be set so they are attainable, measurable, specific, realistic, observable, and
Marketing is the most important key to business success. Kudler Fine Foods should review the strategic plan viewing in on the budget and marketing surveys. Advertising increases that the Kudler Fine Food has what the market wants and needs and by the customers satisfaction survey it will gain knowledge to the company on what they need to continue
By fully managing the organization and their effectiveness and efficiency Kundlers can obtain the overall business intelligences goal of the mission. The marketing strategy should look at and use a competitive intelligence to accomplish these goals. The strategies of understating and knowing productive organization can give the upper hand with knowing the competitors market. Also by viewing the competitor’s sites, stores, and marketing strategies Kundlers can achieve the mission they set for their own business to excel past the competition. Analysis within a business should serve as a vital function.
Goods need to be transferred from the manufacturing plant to the storage centers, and from these to the retailers, and finally, to the customer. Furthermore, transportation, warehousing, and information systems play very significant roles in the logistics function. For supply chain in particular, logistics creates the efficient flow of good between supply chain partners, and is responsible for the maximization of profits and competitive advantages. However, due to the geographical varsity of its manufacturing plants and warehouses, it posed a critical question, how to implement a good strategy enabling them to reduce costs-transportation, storage and labeling, and fixed costs. According to the case, Westminster Company has some issues that affect the transportation.
Penny. This company provides goods. Their business activities are to be the customer’s first choice and to enhance the quality of life by being bigger and bolder. The following paragraphs will show the financial and organizational information of J. C. Penney. J.
Unit 1 - Marketing: A01 Task 1 - Marketing objectives Marketing objectives are important to all business in order to be successful. Business must know what the consumers need and they must ensure that the goods and services support the customer's needs. To attract customers to the business, quality products must be created and customers must be satisfied with the result. Marketing also if marketing is carried out successfully it will increase the profit of the business and make them more likely to become successful. There are marketing objectives in businesses that must be fulfilled in order to be successful: Discovering the needs of consumers to make sure that a quality product is produced means that the business must first find out what
Like other businesses our goal is to expand as well as build more customer awareness to increase its profits. Kudler wants to build a customer base that will be loyal to their stores. To do this it is important for Kudler to conduct the necessary research needed first to implement this change in the operations department. Especially, because we aim at a specific market with
He wanted a brand supported by process, a path that would be able to consume the markets now to be able to have enough capitol for another market to relieve them of its pressure. The relationships built between suppliers and distributors would be able to help them with business practices in the future resulting in significant savings and service levels. This is achieved by maintaining communication with both Technical innovation and imagination from both parties, to develop the best possible system to satisfy both needs. The company used
By focusing on the opportunities created by this current consumer trend, the belief is they can expand the current market shares. Lowe’s can continue to deliver the great values that customers have come to expect while maintaining their reputation for offering innovative products and always striving to create a superior shopping experience. To deliver an even better experience at a value, they continually look for opportunities within their corporate office, field support and stores to work more efficiently. For example, Lowe’s refines their product categories based on the role each plays in their overall merchandising portfolio. This allows them to allocate resources, like inventory and marketing dollars, to optimize the portfolio.