A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: What needs does it satisfy? What features does it have to meet these needs?
Product Market size and product form are two important aspects of an aquaculture product. Market size varies according to consumer preferences.
Each successive degree of fish processing results in different product forms. Regardless of the product form you choose to offer, it is important to establish and maintain a reputation as a reliable supplier of high-quality products.
No Processing Live fish Fish may be sold to live haulers who sell to fee-fishing lakes and farm ponds or to consumers who dress them for home consumption. Fish in the Round Fish are put on ice and sold just as they came out of the water. Processed Fish with their entrails removed. Dressed Fish are completely clean but with the head intact.
Headed and Gutted Fish with their head and entrails removed. Fins and tails may be removed or left intact.
Depending on the species, the skin and scales may be removed.
Species such as trout may be sold with the scales and head on but the gills removed. Chunks Large dressed fish cut into cross section containing only the backbone.
Chunks are similar to pork or beef roasts. Steaks Large dressed fish cut in cross section around one inch thick. Nuggets The belly flap after it is cut free from the fillet.
Fillets Butterfly Butterfly fillets are the two skin-on flank fillets held together by the skin on the dorsal side. Trout and yellow perch are often sold as butterfly fillets. Flank Flank fillets are boneless pieces of fish originating from the two sides of the fish.
Fillet size usually ranges from oz. Deboned Dressed fish with only the ribs and backbone removed. Smoked Smoked fish cooked at a temperature of oF for a period of hours. Cold smoked Price How much should you charge for your product?
Real-life implementation of this seemingly simple calculation is not so easy. To determine the price, you should consider the following: We will use catfish and shrimp as examples for determining a price.
Catfish Channel catfish is the most commonly produced food fish in the United States. After years of improved management, the price for channel catfish is becoming competitive with less expensive forms of animal protein. Product Channel catfish is very versatile and is sold in many forms.
Customers Even though channel catfish has historically been an inexpensive product found in family-style restaurants, with increased generic marketing channel catfish are becoming more common in upscale restaurants. Channel catfish is the most commonly produced food fish in the United States.
Competitors Channel catfish must compete with a variety of inexpensive seafood products. In addition catfish compete with other forms of animal proteins, such as poultry. Quality All seafood is a very high-quality source of protein sold either fresh or frozen. Catfish is relatively high in protein and low in saturated fats.
Shrimp Shrimp is one of the most popular seafood items consumed in the United States.
Shrimp is marketed to more affluent consumers. Product The most common product form for shrimp is tail meat with the shell removed. Shrimp sold this way can be prepared in a variety of ways. Customers Shrimp are marketed primarily to more affluent customers and upscale restaurants.
Competitors Shrimp products must compete with more expensive seafood, such as fresh tuna, swordfish, and lobster. Shrimp also competes with more expensive cuts of beef, such as rib-eye steak and filet mignon. Quality Shrimp is also a high-quality protein source that is sold either fresh or frozen.
Shrimp is high in protein and low in saturated fats. Pricing Strategies The following pricing strategies outline common methods used to determine the price of your product.The marketing mix is the combination of strategies and tactics a company uses to execute its marketing plan, with reference to the variables Product, Place, Promotion and Price (4Ps).
Nike’s marketing mix addresses the key concerns in the company’s target markets around the world. marketing of a product or service can be answered through an understanding of the concept of ‘marketing mix’.
Let us learn about ‘marketing mix’ and its role in marketing.
The four Ps of marketing: product, price, place and promotion The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: The goods and/or services offered by a company to its customers. One of the best-known models is the 4Ps of Marketing, which helps you define your marketing options in terms of product, place, price, and promotion.
Use the model when you are planning a new venture, or evaluating an existing offer, to optimize the impact with your target market. The marketing mix (also known as the 4 Ps) is a foundation model in timberdesignmag.com marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target".Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.
Nike Inc.’s marketing mix (4Ps) determines the profitability and growth of the athletic footwear, apparel, and equipment business.
A company’s marketing mix refers to the strategies and tactics applied to execute the marketing plan, with focus on products, place, promotion, and price (the 4Ps).