MARKETING MIX

Marketing Mix

Extended Marketing Mix

3.1 The creative process could lead to different levels of creativity, determined in part by the skill and quality with which each of the involved phases and associated sub-processes is accomplished. Building a conceptual model of creative product/service development also entails reviewing relevant literature of engineering design process. An elaborated four phase model of product/service development is generally supported in the literature. These four phases encompass functional design, behavioural design, structural design, and implementation. The first phase, functional design, involves two sub-stages: establishing a need and analysis of task. Establishing a need initiates the design process by finding a challenge and accepting it as an opportunity to fulfil unsatisfied customer wants. Challenges may derive from a proactive market survey, customer feedback, and defects revealed in current products/services. Analysis of task then follows, which is an essential step in the general design process to clearly define the problem and associated specifications, requirements, objectives, and characteristics

3.2 Marketing and business strategy should critically analyze the element of distribution and placement of the product. A product made at the manufacturing facility can only get successful, if it reaches the right place, at the right time, in the right quantity and condition. All these requirements can only be met through efficient supply chain integration. Companies should implement value chains in which the suppliers bargaining power is less and the supply of raw materials is made on the required time. The utility of an effective logistic and network design is evident. Company should analyze whether an intermediary in the form of distributor or retailer is required or that the company can place the product itself. This process of making a product available for use by the customer is known as the 'marketing channel'. This process can be divided into 'market channel design' and 'market channel management' (Bruggen & Antia et al., 2010, pp. 331). The market channel design includes decisions about whether direct marketing will be done or whether some intermediary will be involved. It also focuses on whether intensive distribution will be done or only a few selected sources and channels will be used for distribution.

3.3 The most critical decision made by the company in the marketing mix is the pricing strategy and structure. The pricing decision cannot be taken without considering the product, placement and promotion into account. It also requires input from the micro and macroeconomic conditions of the ...