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