MIU MIU AND TOPSHOP

Miu Miu and Topshop



Miu Miu and Topshop

Introduction

Marketing mix includes four major elements of marketing: product, place, promotion, and price; often marketers also refer to these elements as the four P'. They are usually controllable by marketing managers. The marketing mix variables are adjusted around target markets or segments, to maximize customer satisfaction and create competitive advantage.

Miu Miu and Marketing Mix

Cravens (2001) mentions in the context of the marketing practices of Miu Miu it can be said that the product is what a firm offers to customers in the form of a tangible good or intangible good. Medications administered to patients in hospitals are physical products, whereas the process of administration is an intangible product or service. There are varieties of products in consumer markets, which also apply to the health care industry. Marketers categorize these products as convenience, shopping, specialty, and emergency goods. Customers spend very little time for convenience goods and these products are widely available using intensive distribution (such as aspirin) (Cravens, 2001).

Miu Miu act in accordance with the emerging marketing trends. The company thinks that customers shop around comparing product quality and price before making a purchase for shopping goods (such as furniture). Buyers go out of their way to spend time and effort in purchasing specialty goods (such as expensive jewelry). Consumers often do not think of emergency products ahead of time, and the need for them usually arises in case of emergency (such as ambulance, hospital emergency room). The preceding product categories briefly discussed apply to the health care industry as well, as noted from the emergency products example. Patients do compare doctors, hospitals, and medications and do shop around if no emergency exists. Similarly, patients conduct much research to find specialists in medicine and seek treatment from far away. For example, many patients located abroad come to the United States for medical treatment. Similarly, some U.S. patients insist on being treated by specialists located outside of their home states (Borden, 1994).

Topshop and Marketing Mix

In the context of Topshop it might be said that the place element of the marketing mix is related to distribution and availability of products and services to customers. Location of a hospital or medical clinic or availability of ambulatory care services is based on proximity of these services to population centers. Similarly, ambulances are placed in close proximity to highways and streets where the likelihood of accidents is high (Borden, 1994).

Promotion deals with providing information to current and potential customers about products and services a company has to offer. It includes three major methods: personal selling, mass selling including advertising and publicity, and sales promotion. Personal selling is face-to-face communication between buyers and sellers. In the health care industry, almost all pharmaceutical firms use personal selling, attempting to convince medical doctors to prescribe a specific brand of medicine to patients. Mass selling means communicating with large numbers of current and potential customers and includes the use of television, radio, newspapers, magazines, and sometimes billboards (Perrault & ...