The Marketing Mix

Marketing Mix of Hilton analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion). Hilton marketing mix explains the business & marketing strategies of the brand. It also consists of Service Mix (Process, People, Physical Evidence). The original marketing mix, or 4 P's, as originally proposed by marketer and academic Jerome E. McCarthy, provides a framework for marketing decision-making. Effectively summing up the 4 pillars of the business cycle, McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in business.

The 4 Ps of MarketingThere are a number of educational models that are used to describe the entire marketing process. The most commonly taught model is the Four Ps or the producer-oriented model. The four Ps of marketing are described as. Product—The good or service that fulfills a consumer need or desire is identified, designed and produced. Marketing research begins the product development phase, which isolates an emerging opportunity for a new product to fill. This may be an entirely new product that satisfies a growing consumer need or it may be a re-imagined existing product that has lost traction with consumers due to age, inferior functionality or obsolescence. The marketing manager must detail the consumer need the product is satisfying, the product’s life cycle, the resources necessary to produce the goods or service and its competitiveness on the market.

Fight as both British and German pilots during WWI’s battle for the skies! Skies of fury dx. Take to the skies and experience WWI as a fighter pilot! Skies of Fury DX offers players the chance to engage in epic, aerial combat in historic Bloody April, 1917, as both British and German pilots. Using 10 distinctive aircraft from WWI, players fly through stunning, hand-painted environments. Liberated from the awkward touchscreen and tilt-based control schemes of its previous platform, Skies Of Fury DX suits the dual analog sticks of Switch to a tee. With the throttle/yaw controlled with the left stick and pitch/roll controlled with the right, you can now chase down fellow biplanes and blow them out. Skies of Fury DX offers players the chance to engage in epic, aerial combat in historic Bloody April, 1917, as both British and German pilots. Using 10Fight as both British and German pilots during WWI's battle for the skies. Take to the skies and experience WWI as a fighter pilot.

Price—The cost component of the marketing strategy is usually dependent on the consumer’s willingness to pay, but it must also be considered in concert with the operating profit margins of the business as well as the long-term marketing strategy. Marketing research is critical to identifying a price that consumers will pay while optimizing the return on investment.

Pricing competitiveness is also an immense concern. Many price marketing strategies will introduce new products at diminished prices in order to build market share and brand visibility, and later increase prices once the product has established itself. Place—This refers to the distribution method and determines availability to the target consumer.

Once again, marketing research plays a critical role in determining which venues are most likely to be frequented by target consumers. There are a number of distribution strategies that include intensive, selective, exclusive and franchising methods.

The placement component includes a number of factors like sales personnel, training, and franchising fees. Promotion—The advertising that generates consumer interest in the product is the most visible area of a marketing professional’s responsibilities and is the most critical to sales revenue. Marketers must determine which marketing platforms will provide the most effective means of communicating the promotional message. Promotion almost always follows the pricing and placement decisions, in order to include that information in the advertisements.

Marketing research plays an oversized role in this component due to the necessity of paying for promotional ads that will generate an optimal consumer response. Therefore, marketing professionals must recognize the strengths and weaknesses of various promotional strategies, identify consumer needs and tailor the marketing campaign accordingly.The components of the marketing mix are not independent phases; all aspects of the process must be considered throughout the entire product’s life cycle. Adjustments in the price, place and promotion must be made as the product ages and the market landscape evolves, so the marketing mix is a fluid dynamic that necessitates constant refinement.

What is the Traditional Marketing Mix?The Traditional Marketing Mix model (also known as the 4 P’s) can be used by marketers as a tool to assist in defining the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the Marketing Mix principles are controllable variables.

The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.1st ‘P’ of Marketing – ProductCustomer Touch points – Functionality; Quality; Appearance; Packaging; Brand;Service; Support; Warranty.The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. Apart from this, while crafting the product one needs to keep in mind that consumers should be willing to or should be able to pay for it. Incapacity to pay for the product technically leads to low demand.