Which of the following do you think would be more likely to make money for your business? Which of these would be more likely to be considered a part of an overall company’s marketing mix? A Determining the optimal pricing strategy for an item. B Designing the most cost effective production process.
C Identifying the appropriate source of capital to fund a company’s marketing efforts. D Finding which of the following would be considered a part of an overall firm’s overall marketing mix. E The most cost effective production process. F An efficient and effective distribution network. G Which of these provides the greatest opportunity for profit.
When determining which of the following would be considered a part of an overall firm’s marketing mix, a firm must first establish its product or service uniqueness. If the target market is not in demand, the firm should not try to create it. However, if there are sufficient demand points within a target market, a company may want to develop a marketing mix strategy which involves meeting those needs. The company must also determine what steps it would like to take to ensure that its product or service is both efficient and cost effective. Finally, a company should also establish which of the following would be considered part of an overall firm’s overall marketing mix.
A Determining which of the following would be considered part of a firm’s marketing mix depends on whether the marketing activities in question involve the development of products or services. In order to determine which of the following would be considered part of a firm’s marketing mix, a company must first identify which products or services are in high demand. These products or services are then compared with similar products or services in other markets to identify what products or services are most similar in terms of their overall quality, price, and other important factors. After identifying which products or services are most similar, the company must then determine which of the following would be considered part of a firm’s overall marketing mix. This analysis will include an assessment of the firm’s competitors and the analysis of what customers would most likely purchase if offered the opportunity to purchase the targeted products or services. Other factors which may be included in this analysis include a comparison of pricing, availability, and quality, as well as an analysis of marketing activities that would be conducted during different seasons or months within the year.
A second stage in determining which of the following would be considered part of a firm’s marketing mix is the identification of which of the following would be most appropriate for a given company. For example, if the company sells products or services that provide general consumer protection, such as which includes auto, home, or travel insurance, then it is unlikely that the insurance company that is listed first in a marketing mix would be a good fit. Instead, the top ranked insurance company would likely be the one that provides the highest quality insurance products and services and a lower cost for the products and services. This analysis will need to be performed in order to determine which of the following would be more likely to attract customers. However, the quality, cost, and availability of the products or services being offered should still be compared with similar products and services from other companies.
A third stage in determining which of the following would be a part of a firm’s overall marketing mix is to make a comparative analysis of the costs of each product or service sold and the available competitors of each firm. The analysis should compare the total cost of providing a specific product or service against the cost of providing competitors that offer the same products and services under a given market segment. Also, this analysis should compare the costs of selling the product or service to those of competing firms. In order for this analysis to be complete, all costs of offering the product or service to consumers must be compared to other firms within the same or similar markets.