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Marketing Mix
Ideally for a product or service to be marketable and saleable to consumers, it must have an effective marketing mix. Achieving an effective and ideal marketing mix means having a quality product, competent pricing, effective product placement, and strategic communication campaign/promotion. The absence or ineffectiveness of one element renders the marketing mix, and therefore, the product, not marketable for consumers.
From this insight, what differentiates or makes a product or service unique from the competition is the absence or presence of an element in the marketing mix. Take as an example the marketing mix utilized by major mobile phone manufacturers, Motorola and Nokia. Comparing both Motorola and Nokia products yield similarities in product quality, pricing, and even the channels of distribution, since they are both electronic products. However, what differentiates Nokia from Motorola is its effective series of marketing campaigns, geared to target the youth and employed sectors of the society. For the youth, Nokia manufactures and creates mobile phone models that are stylish and contains entertainment (multi-media) features. Nokia mobile phones for career people, meanwhile, are designed...
Motorola, meanwhile, does not have an effective communication campaign, and is targeted for a general audience, not designating what sector of the consumer market they are specifically targeting for a particular mobile phone model.
From the Motorola example, an important balance that must be achieved in creating the marketing mix is to create a marketing plan and campaign appropriate to the product being marketed. Thus, if Motorola wants to tap a specific sector in the consumer market, it is vital that this objective be reflected in the marketing campaign. For example, if Motorola wants to focus on individuals with executive and managerial positions, it can then package its marketing strategy as business-oriented, technology-savvy, and capable of handling multi-tasking.
2. The advantage of having premium and value brands in a product line is that consumers are given diverse products to choose from, sometimes appropriate for a specific consumer market. Take as an example the Esprit product line, which carries the brands EDC, Esprit, and Esprit Collection. EDC is a brand that caters to stylish…
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