Marketing Essay Example | Topics and Well Written Essays - 1500 words - 4

Marketing - Essay Example This extended marketing mix can be very easily applied to consumer markets such as FMCG’s markets, organizational markets such as non-profit organizations, services sector and international markets such as global markets (oil markets and commodities exchange are an example). Recommended ‘Extended Marketing Mix’ for two different segments Following discussion will throw some light on how, the 7 P’s should be transformed and tweaked to apply the extended marketing mix to psychographic and demographic segments in consumer markets which are described above. Product The product or the market offering should be parallel to the demographic variables and psychographic segmentation. If the product is not mass marketed, then offering a differentiated product or tailor-made product for each segment makes more sense. For example, BIC offers its various products according to the segmentation it has done. It has clearly demarcated and allotted each of its products to eac h segment. Offering the wrong product to the wrong market segment would dilute the essence of the brand. Besides, the steps of product development which involve the identification of needs of your target market should be pursued with ultimate care as the whole success of one’s product lies in this particular step. For example ‘Royal Dutch Shell’ released its new product of oils and lubricants for cars in England. The sales were pretty impressive and successful just because of the trend of maintaining cars with high quality products and services. Price Price is one of the most crucial aspects of the mix. When setting a price, it is extremely important to take demographic variables into consideration, for example, the average income of the target market can be a critical indicator to the right price of the product, similarly, factors like age and education may help in evaluating its value to the target market, which in turn suggests if the price can be set liberall y or should it be priced modestly. An example to elucidate the price factor is that the branded products of Armani and Nike with higher prices have a very minimal amount of sales in South East Asia, when compared to the western countries. Evian bottle which costs $4 in US would be a failure if introduced in a less developed country because people there would be reluctant to buy branded water which would guzzle a major part of their income. Promotion Promotion is the easiest way to let your customers know about the merits of your existing or upcoming products. Setting a promotion budget depends on the segmentation that you have done. An ideal example would be of Pantene where great in-roads were made in promotional activities. In the Pantene ad, expensive celebrities like Katrina Kaif are being shown endorsing and patronizing the brand. The promotional strategies should be in coherence with the lifestyle of people. Another example is TESCO who made all the advertisements and banners in accordance with the lifestyle of the citizens of UK to attract them towards their products and services. Placement Placement is not only about just placing the product but it is more about presenting it in the right time at the right place. In this regard, Apple inc. the leading brand in computer technologies devised a perfect strategy to market their product via placement. In the mid 90’