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Principles of marketing (mgt301)

 

Suitable mix Marketing

The suitable marketing mix includes individual and groups through Barter system. In the best marketing goods are available on right product, right customer, and right time right price with right promotion.

For example:

HOM Oil Company added a new product in its portfolio business the new item is

  1. Habit recipe mixes.
  2. Habib ready to cook.
  3. Habib plain spices.
  4. Habib curry king.
  5. Habib mayo meal.
  6. Habib tomato ketchup.
  7. Abeer super basmati rice.

 

The suitable marketing mix for HOM is four P’s:

  • Product
  • Price
  • Place or distribution
  • Promotion

 Product

  • In smaller packages demands of people product must be available at right place and demanding time.
  • Keep its brand simply by focus on a small number of key brand values.
  • Product should sell at that place after analyzing that customer needs this product.     

Price

  • Price should be set according to market price.
  • Set price getting a profit and according to customer satisfaction.
  • When new product is introduced the price is competitive of similar products.
    • The technical approach is for profit in business is that the product must be sold on the lower price.

Place and distribution

  • Advertisement must be important for selling product.
  • Where the product is sell the place are suitable for selling.
  • People must be known the product qualities or optimum distribution channels.
  • Marketers must be looking the product place geographically.
  • After these marketers must be looking the other distribution or charges like supply chain, army management knowledge, convinces, distribution, or go-dam.

Promotion

  • Make sure every advertisement, brochure and letter helps reinforce the same message. If you have a logo, use it everywhere, but make sure the quality is consistent
  • Marketers make its business profitable make notably through sales promotion, advertising, and public relations.
  • In this option includes magazine ads, billboards, TV channels and radio web sites ads etc.
  • For promote new item is that get know the media relation and its public relations.

 

  • All this option the other impotent knowledge that is organizing or planning. If the analyzing or developing marking strategies are strong our business of oil mix is getting excellent profit. All the things like planning, place, and promotion and organizing implementing and controlling the marketing trying. After all that approach the HOM mix market is take a high position in the market.

 

According to case, Habib Mills Oils is an industry which make oils and ghee of different like banaspati ghee, canola and bonola oil etc. It is quality branded industry.  They are product, price, promotion, and place and the sum of these additions is called as Marketing Mix If we talk about the HOM (Habib Oil’s Mills) to compete with other brands then we can say that this product is very familiar in all other product. Actually when we are entered in the market we will always chose the best quality of the product either this that quality of the product is good or not either suitable or not. These are the first basic steps which we are use to purchasing the product and a brand product will be upgraded only if there is include physical goods service, people places, organizations, activities, ideas and etc.

1). Product stands for the “goods-and-service” combination the company offers to the target
market.
2). Price stands for the amount of money customers have to pay to obtain the product.
3). Place stands for company activities that make the product available to target consumers.
4). Promotion stands for activities that communicate the merits of the product and persuade
target consumers to buy it.
An effective marketing program blends all of the marketing mix elements into a coordinated program designed to achieve the company’s marketing objectives by delivering value to consumers

                                                      Assignment no. 1

                                               Principles of Marketing ( Mgt 301):

Marketing Mix:

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix -

1) identification, selection  and development of a product,

(2) determination of its price,

(3) selection of a distribution channal  to reach the custumer’s place, and

(4) development and implementation of a promotional stretagy

 


"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.

The 4Ps are:

  • Product (or Service).
  • Place.
  • Price.
  • Promotion.

For example:

 

 Habib Oil Mills (PVT) Ltd was incorporated in 1954-55 and initially established as an oil expelling unit. HOM has strong financial background and has substantial infrastructure managed by professional staff. We  are required to suggest a suitable marketing mix for Habib Oil to compete magnificently with other market giants for this new brand extension.

  • Suitable Marketing Mix for Habib oil Mills:

                      The product:

  • · It refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. 

                          The place:

  • It refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'. 

     

                 The price:

  • it refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

 

                        The promotion:

 

  • · This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes. 

        

     Habib’s products like

 Habib Curry king, Habib Mayo meal, Habib Tomato ketchup, and Abeer Super Basmati Rice  can compete magnificently  with other using  thseses  4p’s ( marketing mix). 

HABIB OIL MILLS

HOM is the largest FMCG Company exclusively in the vegetable oil & fats sector in Pakistan.The company oroduces premium brand cooking oils and Hydrogenated cooking mediums and markets the products throug its own distribution network, which coversa almost all commercially viable markets nationwide.

Habib oil mill introduced some new products that are listed below

  1. Habib recipe mixes.
  2. Habib ready to cook.
  3. Habib plain spices.
  4. Habib curry king.
  5. Habib mayo meal.
  6. Habib tomato ketchup.
  7. Abeer super basmati rice.

            The suitable maketing mix for HOM(4p's):

  • Product
  • Price
  • Place or distribution
  • Promotion

Product:

  •             HOM must do careful research on how long the life cycle of the product it is marketing is likely to be and focus its attention on different challenges that arise as the product moves.
  • The product should be available in small on large sizes according to the customers requirements.
  • The product should be available at the right place where the product is used at a large scale and its demand is higher.
  • The company should take care that how and when the customers will use their products, and improve the products accordingly.
  •  Good and unique packaging and appearence of the product should be taken care too.
  • How the products are different from company's other competitors, company should keep its products unique from its competitors.
  • Should keep its brand simple and unique.

Pice:

  • Product's price should be set according to the value that the product carries among the customers.
  • Company should chek if there are established price points for the products or services in the area.
  • Company should also see if the customer price is sensitive. Will a small decrease in price gains it extra market share? Or will small increase be indiscernible, and so gains it the extra profit margin.
  • What discounts should be offered to trade customers, or to other specifics.
  • Customer's satisfaction should also be taken care of  while settling the prices of products.

Place and distribution:

  • The product should be selling at a suitable place where its demand is higher.
  • The company should also know that at what places the customers look for their products? In plaza's, shopping malls or what? And distribute their products accordingly.
  • The places like northern areas and Kyber pakhton khuwa where people prefer eating meat and beef, the usage of cooking oil is immense there, so the HOM oil products will get more customers there.
  • People should know about the product, because what good is a product if people do not know about that?
  • The company should also look at that where the product is placed geographically, is it sold regionaly, nationaly or internationaly? and design or improve their product accordingly.

Promotion:

  • The product can be promoted through sales promotions, advertisements and public relations.
  • The HOM should make special offers to entice people to purchase their product. These can include coupons, rebate offers, two-for-one deals, free samples and contests.
  • HOM should advertise through paid messages, magazine ads, billboards, TV and radio commercials, web site ads and so forth.
  • Public relations can be made by putting the HOM's name in the news. This is the way of accomplishing public and media relations.
  • HOM has been a strong brad so it can promote its new products by its brand's name which already have made a realiable impression on customer's minds.

            Above are some stratergies using 4p's marketing mix for HOM to compete with their competitors. HOM's success depends upon organizing and planing. If the development and organizational stratergies are strong then HOM can easily compete with other companies and easily promote their new products becuase HOM is not new in the market and it has made its name realiable long since.

Principles of marketing (mgt301)

 

Suitable mix Marketing

The suitable marketing mix includes individual and groups through Barter system. In the best marketing goods are available on right product, right customer, and right time right price with right promotion.

For example:

HOM Oil Company added a new product in its portfolio business the new item is

  1. Habit recipe mixes.
  2. Habib ready to cook.
  3. Habib plain spices.
  4. Habib curry king.
  5. Habib mayo meal.
  6. Habib tomato ketchup.
  7. Abeer super basmati rice.

 

The suitable marketing mix for HOM is four P’s:

  • Product
  • Price
  • Place or distribution
  • Promotion

 Product

  • In smaller packages demands of people product must be available at right place and demanding time.
  • Keep its brand simply by focus on a small number of key brand values.
  • Product should sell at that place after analyzing that customer needs this product.     

Price

  • Price should be set according to market price.
  • Set price getting a profit and according to customer satisfaction.
  • When new product is introduced the price is competitive of similar products.
    • The technical approach is for profit in business is that the product must be sold on the lower price.

Place and distribution

  • Advertisement must be important for selling product.
  • Where the product is sell the place are suitable for selling.
  • People must be known the product qualities or optimum distribution channels.
  • Marketers must be looking the product place geographically.
  • After these marketers must be looking the other distribution or charges like supply chain, army management knowledge, convinces, distribution, or go-dam.

Promotion

  • Make sure every advertisement, brochure and letter helps reinforce the same message. If you have a logo, use it everywhere, but make sure the quality is consistent
  • Marketers make its business profitable make notably through sales promotion, advertising, and public relations.
  • In this option includes magazine ads, billboards, TV channels and radio web sites ads etc.
  • For promote new item is that get know the media relation and its public relations.

 

  • All this option the other impotent knowledge that is organizing or planning. If the analyzing or developing marking strategies are strong our business of oil mix is getting excellent profit. All the things like planning, place, and promotion and organizing implementing and controlling the marketing trying. After all that approach the HOM mix market is take a high position in the market.

A good marketing strategies are most important factor for any organization mostly firms fail to increase their market share just because of weak marketing strategies and less focus on marketing mix implementation.

In my point of view HOM want to increase its market power as well output it should focus on all 4ps of marketing mix because for any product these 4ps are most important to consider.

How these 4ps are most important to consider lets take a brief look on these 4ps.

 

What are 4ps of marketing mix?

 

 

 

  1. Product 2.Price 3.Place.4promotion

 

 

  1. Product means the right product
  2. Price means at the right price
  3. Place means at the right place
  4. Promotion means there should be suitable promotion.

 

Lets discus completely to understand how these 4ps can use and why these are most needed and important for HOM.

 

 

For the implementations of marketing mix any business or organization should have to meet the following conditions.

 

The products that a business or HOM is providing must have with good features to make its good image in market. For example it should be good looking or well working or reliable.

 

The product should be in right price because pricing is most important factor to attract         the customers because consumers buy large number of products with having healthy or   good profit.

 

Goods always should be reaching with in right time to its consumers when it is hardly needed right place is also main factor to consider.

 

Successful promotion helps a firm to spread costs over a larger output.

      Because in my point of view and as I can understand the promotion strategy target       group needs to be made aware of the existence and availability of the product through promotion.

 

As we know that HOM is launching its new product to the target market that are.

 

  1. 1.          Habib recipe mix.
  2. 2.          Habib ready to cook.
  3. 3.          Habib ready to cook.
  4. 4.          Habib plain spices.
  5. 5.          Tomato ketchup.

Etc.

 

So in my point of view HOM which is making these products like cooking oil bonola, basmati rice and canola ready to cook, plain spices, etc. these products are most familiar to other so it is most important for HOM to make excellent marketing mix strategies for HOM.

For example it should have to make its product with good quality with the right price that is also easy to catch for any consumer. These products should be reaching to the target customers at right time without any delay.

 

All of these product price place promotions with excitant ideas of promotion and also quality of product with right pricing strategy no doubt HOM can boost its market and also easily compete its competitors in target market.

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