Product Mix of Procterandgamble

In: Business and Management

Submitted By sahartanvir
Words 1929
Pages 8
Submitted to
Mr.Javedul Hossain

Course Title
Marketing Management

Submitted By
Sahar Enam Ahmad

Student ID:
152000206

Submission Date:
24/8/2015

Submitted to
Mr.Javedul Hossain

Course Title
Marketing Management

Submitted By
Sahar Enam Ahmad

Student ID:
152000206

Submission Date:
24/8/2015

PRODUCT MIX
PRODUCT MIX

On footpath for Accurate method of product mix with example of leading consumer product company p&g

PRODUCT MIX involves planning and developing the right type of product that will satisfy fully the needs of customers. A product has several lengths. These dimensions are collectively called product mix.
Product mix for example may consist of * size and weight of the product, * volume of output, * product quality, * product design, * product range, * brand name, * package, * product testing, * warranties * And after sales services and the like. other effects of product mix

Product Mix as Per Financial Dictionary
The set of goods and services a company provides. Generally speaking, a company offering a wider product mix carries less risk but also usually has a lower profit margin. That is, the profit margin for a company like Wal-Mart may not be high, but so long as most of its products have strong sales, it is in no danger of bankruptcy. On the other hand, a company may only offer a few products; this is high risk because there may be low demand for the products, but specializing in a niche market can result in exceptionally large profits.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Product Mix as Per Investment Term
The composition of goods and services produced and/or sold by a firm. A limited product mix tends to increase the firm's risk at the same time it increases the potential for large profits. Thus, a firm specializing in a niche market in electronics is likely to…...

Similar Documents

Product Mix

...Starbucks Product Mix Starbucks is a good-known brand in the world that offering good coffee, but it has composite groups of products that makes available to customers. Starbucks only sold coffee beans at beginning of time. After that, they offer brewed coffee and espresso beverages, Frappuccino, and Latte. As the organization growing, they start to offer ice cream, bottled Frappuccino coffee, Tazo Tea, Ethos Water, and food. Now Starbucks also offer coffee makers, Starbucks cards, and other Starbuck paraphernalia. In recent years, the company began selling special jazz and blues CDs, which in some cases were special compilations that had been put together for Starbucks to use as store background music. The company was constantly engaged in efforts to develop new ideas, new products, and new experiences for customers that belonged exclusively to Starbucks. I think that the product mix is consistent because all these product lines are building the relationship with customers, which is end-user consideration. All the products that Starbucks offer are for the people who like coffee. Starbucks adds more product lines, which is the width of product mix to make people more stick with Starbucks. This also gives Starbucks more customer returns and more profits. Starbucks offering different kinds of coffee, which is the length of the product mix to give customers wide range of products choices. Also, Starbucks gives people seasonal flavors and different sizes, which is adding the......

Words: 299 - Pages: 2

Market Mix

...communicating the values of a product or service to its customers. The best business tool available to market managers is what McCarthy classified as the Marketing mix. The Marketing mix consists of the four P’s, which are Product, Price, Place and Promotion. Use of the Marketing Mix will aid market managers in getting the right product at the right price, in the right place, during the right time. Consumers see products as complex bundles of benefits that satisfy their needs. When developing products, marketers first must identify the core customer value that consumers seek from the product (Armstrong & Kotler, pp. 210, 2011). Product Mix Product mix is a set of products or services a business provides for its customers. The product mix can be similar in substance or totally different. For example, Proctor & Gamble has a wide selection product mix. They sell items that are similar such as dish washing detergent and dishing washing liquid. Proctor & Gamble also sell products that are vastly different such as Pepto Bismol and women’s facial make up. Different product mixes make up the product lines. Proctor & gamble have many product lines ranging from Household goods to personal care products. The first P representing the Product has to be marketed to the right people. A Market manager must know and understand his product. Studying the product allows the market manager to target a specific group of potential customers. Studying the product also allows a......

Words: 1208 - Pages: 5

Using Marketing Mix to Effectively Differentiate and Position Your Product or Service.

...How can the marketing mix be used to effectively differentiate and position your product or service? What exactly is this Marketing Mix? Borden (ND) first coined the term following a discussion with one of his colleagues, Professor James Culliton, in 1948 regarding one of his manufacturing costs studies. In Bordens paper he identifies twelve pertinent points that form the marketing mix for manufacturers : Product Planning Pricing Branding Channels of Distribution Personal Selling Advertising Promotions Packaging Display Servicing Physical Handling Fact Finding and Analysis This was narrowed down around the 1960’s by Edmund Jerome McCarthy to the 4P’s which are used to this day. McCarthy et al (2002) state these as being : Product - the goods or services offered by an organisation that can satisfy the needs of the end customer. Place (Involves channels of distribution, logistics and distribution customer service) - essentially making the product available to the end customer. Promotion - providing the information to the potential customers so that can make an informed decision and, hopefully, make the purchase. Price - inclusive of all costs prior to reaching the end customer including transport overheads, margins etc, this is the price the customers pay for the goods. Differentiation of your product or service can take place within any of the 4P’s, From a Product point of view you may be offering one that outperforms the competition or......

Words: 584 - Pages: 3

Product Mix Strategy

...The Marketing Mix variables (The 4 P's of Marketing) The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion These variables are known as the marketing mix or the 4 P's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram: The Marketing Mix Product | |   | Place | |   | |   | |   |   |   | Target Market | | |   |   |   | |   | |   | Price | |   | Promotion | | The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner. Product:- The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. Price:- Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. Place:- Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target......

Words: 298 - Pages: 2

Gp Product Mix

...subscribers Software Used: The following software have been used to prepare the report – 1. Data entry, calculation & chart building: Microsoft Excel 2. Word processing: Microsoft Word 3. Presentation slide creation: Microsoft Powerpoint Chapter 3: Company Profile Grameenphone, the largest company of Bangladesh is a center of attraction to the people of Bangladesh and even of the foreigners. The growth rate in terms of subscribers is really attractive and indeed spits jealousy. A brief description of the company is discussed below: Historical background: The history of Grameenphone is full of success for the company and attraction of business literate people. The transformation of mobile phone form a status product to a mass-market product was led by Grameenphone and really is a wonder for a third world country like Bangladesh. The history of Grameenphone is stated below in brief: Establishment of the company: Grameenphone was offered a cellular license in Bangladesh by the Ministry of Posts and Telecommunications (MOPT) on November 28, 1996. The Company launched its service on March 26, 1997, the Independence Day of Bangladesh. In 1996, Bangladesh was preparing to auction off private cell phone licenses to four companies. So at the behest of Dr. Muhammad Yunus (Grameen Bank’s founder and the only Nobel Prize winner of Bangladesh) but completely independent of Grameen Bank, a not-for-profit private company called Grameen Telecom was created. Grameen......

Words: 6075 - Pages: 25

Marketing Mix of Fictional Product

...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that Rogaine......

Words: 416 - Pages: 2

Marketing Mix of Fictional Product

...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that...

Words: 324 - Pages: 2

Product

...Product, Pricing, and Channels Paper Grading Guide Chastity McIntyre, Andrea McIntosh, Anthony Hauter, Cassandra Swaing, Collin Gardner UOP 6/9/2014 Dianne Iobst Today we will be discussing ways to market the “Gon Fishing” app that we created for Apple, Inc. We will cover what the app does, how much it will cost to start production, and ways to market and distribute the app. “Gon Fishing is in the start-up phase and we really want to get this product out to consumers so that they can enjoy a carefree fishing day. A detailed description of the features The “Gon’ Fishing App” has convenient and important features for the users who purchase it with their iPhones. Users can upload photos of fish and the app will scan the details in the photo to identify the fish breed. The app then displays background information on the fish, such as its average weight and length, and the region they typically live in. The “Gon’ Fishing App” also has a 1 gigabyte storage capacity if a fisherman chooses to keep a record of the fish he/she catches for the season. There is a detailed weather forecast feature that will send alerts to the fisherman of any severe storm warnings that threaten the local area. Fishermen will find the “Gon’ Fishing App” favorable because there is a feature that allows them to purchase their annual fishing license directly on the app. There are also significant components that local authorities will appreciate, such as the ability for app users to send......

Words: 1987 - Pages: 8

Discuss How the Marketing Mix Strategies Are Likely to Change over Burritos’ Product Lifecycle.

...Discuss how the marketing mix strategies are likely to change over burritos’ product lifecycle. Marketing mix strategies are likely to change over burritos’ life cycle as they influence the product’s succession. With reference to Cantinas frozen burritos’, marketing mix strategies help evolve the product’s lifecycle towards the target market. The four marketing mix strategies include product, place, prime and promotion used in each stage of the product lifecycle (Armstrong et al. 2010). A new product progresses through stages from the introduction, growth, maturity, and decline in a sequence known as the product life cycle that is likely to change over the burritos’ time (QuickMBA 2009). As the burritos’ product hits the market as a new product development, it enters the introduction stage of the product lifecycle. Marketing mix strategies at this stage is extensively attracted to the promotion, as the frozen burritos’ is a new and unique product in the Australian marketplace. Profits are heavily spent on the promotion, which means high competitive prices of the product are through advertisement. Promotion at this stage targeted towards a small market segment, which is catered towards 15 – 30 year olds looking for alternative foods. (Armstrong et al. 2010). Extensive marketing testing was placed to build product awareness and to educate potential consumers about the product being introduced. This ultimately ensured its place in the lifecycle process with its slow......

Words: 594 - Pages: 3

Products

...Chapter 7: Products, Services and Branding Strategy What is a product? Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. - Includes: physical objects, services, events, persons, places, organizations, ideas, or some combination thereof. What is a service? Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything can referred as a Service. Eg: banking industry, tourism industry, Information Technology services etc. Levels of a Product ▪ Core benefit – What the consumer is really buying. ▪ Actual product – Includes the brand name, features, design, packaging, quality level. ▪ Augmented product – Additional services and benefits such as delivery and credit, instructions, installation, warranty, service. Core benefit:- Each level adds more customer value. The most basic level is the CORE BENEFIT which answers the question “What is the buyer really buying?” When designing the products, marketers must first define the core, problem solving benefits or services that consumers seek. People buying a SONY Handycam are buying more than a digital camcorder. They are buying a convenient, high quality way to capture important moments and memories. Actual product:- At this second level, product planners must turn the core benefit into actual product. They need......

Words: 2372 - Pages: 10

Should Honda Change Its Product Mix from Country to Country?

...Should Honda change its product mix from country to country? Honda’s global strategy was successful in North America and Japan but failed when they entered Europe. The company failed to understand the European culture and treated them as one single market. Although Honda used the same product mix for every country in the European region; their product mix just doesn’t coincide with every country. There is a need for differentiation. Cultures, beliefs, tastes, and preferences can range from country to country and companies must be able to recognize and adapt their strategy to satisfy the needs and wants of those countries as long as the outcome is greater than the expense. The prices of Hondas vehicles In Europe are comparable to local manufactured cars produced in Europe. Italy, France, and the United Kingdom all are risk adverse which makes it hard for competitors to enter into this market and grab the consumer’s attention. Perhaps Honda can enter into the market at a lower price on vehicles to grab attention. When consumer try their product and are satisfied they may become returning customer and expose their brand to other individuals. The promotional strategy is used to create an image of a brand into the mind of the consumer they are trying to target. The target audience will accept the message the promotion is trying to give off according to their tastes and preferences. Honda used the word of mouth method also referred to WOM, the Internet and the company’s......

Words: 308 - Pages: 2

To What Extent Has the Authentic Food Company Ltd Products Been Most Important to the Marketing Mix?

...To what extent has the authentic food company ltd products been most important to the marketing mix? Definition Marketing mix is the combination of four major tools for marketing these include: Price, Product, Promotion and Place. Introduction Most businesses would say that the product is the most important factor of marketing and it should be the 5 P’s where product is at the centre and price, promotion, place and people are around it. Main Part Product is an article or substance that is designed for retail. Price is the amount of money expected to pay for something. Promotion is activities that support a cause, aim or venture. Place is a particular point place or location in a particular space.This company has used quality as its unique selling point to help it grow and do well in the frozen food section. This product would appeal to certain types of people whether it is large families, people who aren’t able to afford fresh foods or people who aren’t able to cook. However if Lak and Kamil are planning to expand the business the prices may have to become the most important P or the marketing mix. Recently due to the companies falling profit margins it would affect the marketing mix. Due to the status of the company they would have to take into considerations about the quality of the product when making decisions in the mix, because if they lose the quality due to price they might lose customers which in turn would mean that the demand would decrease which leads to...

Words: 500 - Pages: 2

Product Mix

...B. Marketing Mix 1. Product Mix. Out of this World Inc. is a well known video game company. The company have took on other electronics as well but is know for video game and video consoles. The company is known for the quality and customization of each product created. The new Atari 2K is a great example of the company mission as a unit and a whole. The new Atari 2K will remain true to the key attributes of Out of this World Inc. products, but will be offered at a lower price point. 2. Price. Most of Out of this World Inc. products are at the top of the price scale. In the gaming world it seems as if most consoles are all around the same price. The typical consoles here at Out of this World Inc. range between $150.00 and $550.00. Out of this World Inc. new product, the Atari 2K, will range from $200.00 and $399.00. The goal is to market the product at a cheaper price. Distribution. Distribution of the Atari 2K and games that are just made for the console will be sold around the world. Of course there Out of this World Inc. is nationally and international so the product will be marketed and sold around the world. However, the console will not be in lower retail stores like Game Stop. This is because Game Stop usually sells and carries used products and all systems will be new. Right now people save money on used games, and there’s no denying that. There are unintended consequences namely, that a great deal of money doesn’t end up going to the publishers and developers......

Words: 1170 - Pages: 5

Products

...Marketing Mix impending * Product * Price * Place * Promotion Outrageous crave Product life cycle (4 stages) * Intro * Growth * Maturity * Decline thrill Perceptional Map Maserati nuclelyptus New Product Launch Marketing Plan The purpose of this assignment is to create a marketing plan to launch a new product for both the domestic and international marketplace.   Kotler & Keller define the marketing plan as “the central instrument for directing and coordinating the marketing effort” (Kotler & Keller, 2012, p36).   This plan will include the following components: market need, market growth, SWOT analysis, potential competition, product offering and product definition, product identification, justification for choosing this product, and a 10-question survey.   Market Needs According to research, young adults are the most attractive segment among marketing consumers both in terms of its size and its multibillion dollar purchasing power (Awan, M. 2014). The youth culture has been held up as the prototypical example of a global segment. They are reported to be the world biggest adopters of mobile technology, but limited research is available regarding segmentation. Therefore, there is a strong need for more segmentation research in the cell phone market, especially among the young adults since this age group is driving the market to new directions and uses. Market Growth According to the Cellular Telephone Industries......

Words: 325 - Pages: 2

Product-Mix Strategies

...Chapter 9 Product-Mix Strategies A product mix is the set of all products offered for sale by a company. A broad group of products, intended for essentially similar uses and having similar physical characteristics, constitutes a product line. Marketing executives can choose from a variety of positioning strategies. For example for some products the best position is directly against the competition. Another strategy is associating the company’s product with (or distancing it from) a product class or attribute. Also certain producers and retailers are known for their high-quality products and high prices. Product-mix expansion is accomplished by increasing the depth within a particular line and/or the number of lines a firm offers to customers. When a company adds a similar item to an existing product line with the same brand name, this is termed a line extension. There are many reasons for line extensions but the main one is that a firm wants to appeal to more market segments. Another way to expand the product mix, referred to as mix extension, is to add a new product line to the company’s present assortment. Under a mix-extension strategy, the new line may be related or unrelated to current products. Improving an established product, termed product alteration, can be more profitable and less risky than developing a completely new one. Another strategy, product mix contraction, is carried out either by eliminating an entire line or by simplifying the assortment......

Words: 334 - Pages: 2