Marketing Principles for Price and Promotion - myassignmenthelp

Question: Discuss about theMarketing Principles for Price, Place and Promotion. Answer: Marketing mix for tiger beer Any product that is introduced in the market such the tiger beer needs a proper strategy that will help it penetrate the market. Even products already selling need to maintain the customers as well as keep expanding the market share, for this reason, a proper marketing mix need to be put in place. According to Broden, it is the ingredients that when combined capture and promote a brand or a products unique selling points, those that differentiate it from the competitors (Blythe, 2009). The mix comprises of Product, Price, Place, and promotion. These aspects are explained well in the following section using Tiger beer as the reference product. Product It is the good or the service that is fulfilling a specific want of the consumer. In this case, tiger beer is the product that is quenching the thirst of its consumers. Tiger beer must have a unique taste which is different from other beer. This constitutes its brand. It is the unique feature of the product different from the competitors brand. For example, the foam that appears on pouring the beer in a glass can have a unique scent which is attractive and customers can relate the beer with the scent. It should also be properly labeled and packaged such that a customer can be able to recognize it amidst many other products of the same kind. The aim is to help its consumers to easily note it. The beer can have for example a certain shape of the bottle carrying it or a striking color of the label. Place Refers to where the customers will find the beer when they need to purchase it. It involves the proper distribution channels the will ensure any time the customer need the beer they can access it and at the same time avoid flooding the market (Dominici, 2009). The company can establish depots throughout the country which will act as its warehouses to avail the product to both the wholesalers and retailers when they need it. The company can as well be receiving direct orders from the customers and thus make doorstep delivery. In addition, the company can employ distributors who will be going in the fields to directly deliver the beer in bars and potential customers. Price The value of the product to the customer is considered in monetary terms. The company should set a price that is proportional to the value that the customer will gain from the product and at the same time allow continuity and sustainability of the product in the market. Factors such as the competitors pricing strategy and the discounts are considered (Kotler, 2000). Odd pricing strategy, for example, can be adopted where for example the price can be set at one unit less than that of the competitors. Promotion It refers to the methods through which the customers shall be reached. It is the means that can be used to create awareness, remind the customers a well as inform them (McLean, 2002). A good promotional mix ought to be used which will make tiger beer outstanding. For example, the company can print t-shirts that can be given to the bar attendants in addition to the print and electronic media promotions. Also, the beer can sponsor a football match and in the process awareness of the product is made while still engaging in corporate social responsibility. References Blythe, Jim (2009).Key Concepts in Marketing. Los Angeles: SAGE Publications Ltd. Dominici, G (2009),"From Marketing Mix to E-Marketing Mix: A Literature Review,"International Journal of Business and Management, vol. 9, no. 4, pp 17-24 Kotler, P (2009)., Marketing Management, (Millennium Edition), Custom Edition for University of Pheonix, Prentice Hall, p. 9 McLean, R. (October 19, 2002). The 4 C's versus the 4 Ps of marketing. Custom Fit Online.Retrieved fromhttps://www.customfitonline.com/news/2012/10/19/4-cs-versus-the-4-ps-of-marketing/