If you are working with a product portfolio you have a range of tools at your disposal to determine how each one or a group of the products are doing. Back in a clever chap from Boston Consulting Group, Bruce Henderson, created this chart to help organisations with the task of analysing their product line or portfolio. The matrix assess products on two dimensions. The first dimension looks at the products general level of growth within its market.
This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. The basic major marketing management decisions can be classified in one of the following four categories, namely Product, Price, Place distribution and Promotion.
It is the tangible object or an intangible service that is getting marketed through the program. Intangible products are service based like the tourism industry and information technology based services or codes-based products like cellphone load and credits.
Product design which leads to the product attributes is the most important factor. However packaging also needs to be taken into consideration while deciding this factor. Every product is subject to a life-cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation.
To retain its competitiveness in the market, continuous product extensions though innovation and thus differentiation is required and is one of the strategies to differentiate a product from its competitors.
The price is the simply amount a customer pays for the product. If the price outweigh the perceived benefits for an individual, the perceived value of the offering will be low and it will be unlikely to be adopted, but if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater.
Place represents the location where a product can be purchased. It is often referred to as the distribution channel. This may include any physical store supermarket, departmental stores as well as virtual stores e-markets and e-malls on the Internet.
This is crucial as this provides the place utility to the consumer, which often becomes a deciding factor for the purchase of many products across multiple product categories. This represents all of the communications that a marketer may use in the marketplace to increase awareness about the product and its benefits to the target segment.
Promotion has four distinct elements: Advertising may include using specialty packaging to showcase productsutilizing promotional products for your company, or online ads. A certain amount of crossover occurs when promotion uses the four principal elements together e.
Sales staff often play a major role in promotion of a product.
Offering specificity introduces the contextual customization of what needs to be done to address the questions raised in each of these 4 Ps of Marketing. In there very essence, the 4 Ps of marketing is actually a framework that allows the marketer to structure the value proposition of an existing product or a new product at the time of launch so as to garner the highest mindshare by distinctly structuring the same.
However, that is easier said that done and many marketers fumble when it comes to playing with the real life nuances and bringing out a crisp value proposition.
Do let us know if you liked our article or if you have any questions. These articles are highly popular posts in our educative blog. He has extensive experience in teaching, training, consultancy and research in Indian Institutes.
He has published over high impact research papers. He has hundreds of citations as per Google Scholar. He is the Editor and Founder of Business Fundas. The articles authored in this blog are his personal views and does not reflect that of his affiliations.Financial Sector Ratings.
CARE’s ratings factor in the array of risks that have an effect on the Financial Sector company viz business risks, legal risk, financial risks and management risks. A PROJECT On AMUL ICE CREAM SALES AND PROMOTIONAL STRATEGY OBJECTIVES OF THE PROJECT To know awareness of people towards Amul Prolife & Ice cream.
To know in which segment ice cream are mostly like/preferred. To know which advertisement tool is mostly preferred by people.
|Veere Di Wedding: More product placements, less movie? - Exchange4media||The best USPs take a unique quality and explain how that quality will benefit your customers, all in a few memorable words. Many companies past and present use USPs as their slogans, so that they can put them in front of as many prospective customers as possible.|
|E-CHALLENGES: COUNTRIES IN ACTION||The Ice-cream market in India has been one of the fastest growing sectors in India and contributing to the growth and development of dairy industry also.|
|Milk Supply Chain Management: Upstream & Downstream issues||Extracting of lemon grass is an important herbal and aromatic plant and its oil is one of the major essential oils used in the perfumery and cosmetic industry. It is widely used in the scented soaps, sprays, deodorants, polishes, medicines etc.|
To know the preference of Amul ice cream with comparison to other competitive brands. To know the . The brand came out with concepts of Ice Touch, Dura Press etc which reinforced the positioning of Van Heusen as a fashionable executive wear. The brand endorses the core values of modern, fashionable updated, minimalism and timelessness.
Having a basket of strong brand elements also helps in tapping in the various promotional mixes more. Amul Gold in particular will be bought by all the households who want full cream milk.
The sales would be high especially during the time of festivals since Amul Gold can be used to make various forms of milk products like cheese, curd etc. which is extensively consumed in India.
o Launch new products under the brand of AMUL Ice Cream which includes pricing of the product, packaging of product in coordination with purchase dept.
and the Ad-agency, advertising and promotional schemes, tracking the placement and movement of product in the market,Title: Business Development and .
Free essys, homework help, flashcards, research papers, book report, term papers, history, science, politics.