Murphy Contemporary Logistics 10e

The cost associated with the physical transfer of goods is an essential piece of information in the negotiation of an international trade transaction. To maintain a product’s competitiveness, the seller must make sure that his cost is as low as possible. However, in any particular supply chain, this cost is made up of a number of cost elements corresponding to services that enable physical linkages between supply chain members. These elements cannot always be clearly quantified beforehand.

1. The four components of the promotional mix are: personal selling, advertising, publicity and the web

j.Explain and justify which of these your business may use when marketing their product or service (one of the businesses products/services you have explained within task d).

Marketing Mix includes four basic marketing strategies which is called Product, Pricing, Promotions and Placement , The add on three marketing mix will be People , Process and Physical Evidence. They are combine and called the 7Ps which is under the elements of Service Marketing Mix. Working professionals or businesses use these fundamentals to communicate with and reach their planned target market. Marketers manage decisions about each of the 7P's base their decisions on the individuals they want to win board and make into customers. Marketers must first clearly identify each target market before they can build up marketing strategies.

The key for the marketer is to determine which stage is the most critical for his/her product.

In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics.

(b) Cost of Finished Goods Sitting Idle in the Warehouse: They are able to ship out   finished products effectively.

The Marketing Mix provides an excellent framework for developing marketing plan. They are generally accepted as being made up of four parts which are:

The marketing mix is made up of seven Ps, these known as, Product, Price, Place, Promotion, Packaging, People and Processes. Each element of the

1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.

Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods

As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,

A mixture of elements used to pursue a particular market response, the aim of the marketing campaign is to maximise sales at as low a cost possible, in McCarthy’s (1960) analysis of the marketing mix cited in (Waterschoot & Van de Belte, 1992:84), he describes the 4P’s method these are:

goods. They can also be in process between different locations. Holding of inventories can cost a

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.