Marketring Mix

Marketing mix Paper

MKT 421: Marketing

While there has been articles written suggesting that the idea of the marketing mix is in need of updating, it still stands as the heart and soul of most marketing plans. "Often called the 4Ps, representing Product, Price, Place and Promotion, the marketing mix represents the decisions and tactics that need to be implemented to ensure products or services are successful. Deliberation is given to each element, with managers creating products and services that meet the needs of target customers, setting prices that are perceived as fair, designing distribution channels to deliver products or services, and ensuring promotions are in place so consumers hear everything about the other three Ps" (Lichti, P1, 2003). While each element is important, the question remains, "Is my marketing mix effective?" This paper will explain the 4P's of marketing and how each one of the four elements of the marketing mix impacts the development of Ben and Jerry's ice cream marketing strategy and tactics.

Product

A Product is a package of benefits as perceived by the customer the key is that the benefits must be perceived by the consumer, not the product developer or promoter. This definition is the acid test as to whether we have a good product or service to sell. You may be a brilliant technologist and you may understand this technology and develop this really exciting product, take Ben and Jerry's ice cream for example Ben & Jerry's Homemade, Inc." is a leading manufacturer of super premium ice cream and frozen yogurt in unique and regular flavors. The Company also manufactures ice cream and novelty products, including Peace Pops. The Company uses natural ingredients in its products and believes that its gourmet-quality, "down home", made in Vermont image is a key element of its marketing strategy (Ben and Jerry, 2006). However, if the consumer doesn't see a need for the benefit offered by their product, then the consumer will not buy and therefore you do not have a product or service. For example a Package of Benefit Possibilities might be brand name; price quality combination; convenience; accessibility; reliability and other attributes important to the customer.

Brand name

Some products are sold today on the basis of brand name. A lot of people, for instance, buy Nike products because of the recognition of the Nike brand name and they want to be seen wearing that brand name. Brand name is an important strategy in retail clothing and many other products or services. Having the brand name can be an important benefit to the consumer. Often brands are associated with a "brand promise". For example, Ben and Jerry's is associated with ice cream.

Price and quality

The combination of Price and Quality can be a benefit. Yes, I am paying a higher price, but I am getting a higher quality product or service ,for example if I am buying an IBM or COMPAQ computer, because the IBM or COMPAQ name means something for me as opposed to buying a clone where I am not sure if I am getting the right computer). Yes the price is higher, but there is a higher quality benefit perceived by the consumer. The same holds true for Ben and Jerry's, their ice cream is more expensive than other brands but people will pay for the premium ice cream they produce,

Convenience and accessibility

If the product is everywhere, you don't have to go far to get it and that can be an important package of benefits. Convenience stores are based on a marketing strategy that is built wholly around the word "convenience". They are in every neighborhood and, while it costs more to shop from there, you only need to run down the street. You will buy certain groceries, odds and ends in that kind of an outlet, even Ben and jerry's ice cream.

Reliability

Reliability is an important benefit. When we buy transportation services, we want to be sure of the reliability of an airline. When we are planning a family vacation, we want to be sure that we are going to get there. Obviously when we go to the store we expect Ben and jerry's ice cream to be there in the frozen food section.

Other attributes

There are many other attributes and benefits that are important to the customer and these are not mutually exclusive. The key thing is that you are going to be able to see what the customer sees in your products and services, because you cannot develop a good Marketing strategy without looking at the package of benefits that you want to offer, and your package of benefits might be different from those of your competitors. Different groups (segments) of consumers might place different emphasis on the various benefits.

Promotion

At this point we have done product planning, and have identified, defined and profiled the market segments to which we are going to target our product or service. Now we have to communicate our product or service. Marketing communications can be and are broken down as follows: Target, Intensity, Message, Medium, and Economics. This is another framework for doing marketing strategy, and is focused on communications between the company offering the product or service and the buyers of that product or service.

Target

Who are the intended recipients of the marketing message? What are the target markets? Who are those identified in market segmentation analysis? If you want to communicate with consumers for whom the message is intended, then you hopefully avoid wasted communication efforts by not communicating with those consumers that are not in your market segment. In targeting our message we first determine the intended recipients through market segmentation analysis. Ben and Jerry's promotions take the form of "Company-sponsored public events or community celebrations in the primary markets in which the Company sells its products. The Company's goal in supporting such events is not only to promote awareness of

Its products and its objectives as a socially responsible business, but also to contribute to the communities in which its products are sold "(Ben and Jerry's, 2006). Market segmentation analysis gives us the recipient profile: who are they, what are their needs, what are they interested in, and