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You have already
planned many of the elements of your product/service during the
strategic planning stage. In the product section of your marketing
plan, all aspects of what you are offering are detailed, with respect
to your target market. However, this section is more than just a
product description; it describes the "essence" of your
product as well. The quality, style, and features of your product
are decided upon in this section, as well as packaging considerations.
| Consider
the gourmet ice cream example from above. If the target market
in this industry is chosen to be the Connoisseurs, who hold
quality and taste as their main values, then the product must
have attributes that appeal to these values. A premium ice cream
would need to contain high-quality ingredients, which is an
added cost. If the target group did not value quality, but instead
preferred ice cream with funky flavours, like bubble gum, you
wouldn’t spend extra money for all-natural ingredients. |
The marketing
mix of the "Ps" are almost always related to each
other.
In this case, the higher cost of ingredients would probably translate
into a higher selling price, to maintain the margin. The inability
to use preservatives might change the way you store and ship the
ice cream, as it would have a lower shelf life. Naturally, the way
you would promote a gourmet ice cream would differ from that of
a fun ice cream for kids. From this example we can see how changing
the product attributes drives changes in the rest of the marketing
mix.
In the marketing
mix, you will also consider your entire product line, and how they
compliment each other, and branding/design elements. If you have
five flavours of natural ice cream in your gourmet product line,
they will probably be packaged similarly, in the same sized containers,
with similar-looking labels. However, if you want to start selling
a Crazy Cotton Candy flavour, you would want to consider introducing
it under a different line of new flavours, as it does not fit with
your existing products and could isolate your target market.
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