Marketing Mix Marketing Mix One of the most tangible products produced by Coca Company is Minute Maid. This product is of interest due to its global nature whereby, the Company requires very little energy to market it. This is due to Minute Maid’s quality, standard, safety, as well as its packaging appearance. According to Coca Cola managing Director, European region, Minute Maid contributes hugely to the overall profits this Company realizes at the end of every year (Heckman & Learner, 2007). This attributes to the product’s reliability, quality, and critical consumer requirements.
This paper will seek to give critical examination of characteristics of marketing mix as well as how they apply to this product. Place In marketing mix, there are four elements namely, price, place, promotion, and product which make up the essentials of marketing. All these elements have characteristics that differentiate from one another. To begin with, in order to complete the marketing mix, a product must have a cost at which it is buying and selling. The characteristics of price are intrinsic value, time volume, and volatility. These personalities assist in pricing a product whereby in intrinsic value, price determines whether the product is moving in towards either profit- in the money or loss- out of the money positions (Lamb, 2011).
The quantity by which price gives options of in or out of the money positions determines the premium of a product. Apart from intrinsic value of price, there is time value in which it determines the amount of time a price lasts before it expires (Zickmund & Babin, 2006). Time value is vital because the more time there is until a price expires, the more time there is for the intrinsic option to move to position that is more profitable.
Volatility assesses the underlying security of the price. These three characteristics of price apply when a firm such as Coca Cola is determining the pricing of a product. Place In marketing mix, a company must put in consideration the geographical position or location in which it desires to sell the product or where market opportunities exist. In this arena, if Coca Cola is eyeing at a particular place, it must assess the availability of consumers (Vikhroli, 2011).
Place determines whether a product will sell in plenty, will have bigger market share, or whether the location will favor the existence of the product. In the case of marketing Minute Maid, the Company must evaluate the concept of temperature and weather changes as this product may be either cold or hot. Place facilitates easier distribution of a product (Balohlavek, 2008). Promotion Promotion involves communicating with customers. Promotion provides customers with information about a product, which assists them in making decisions on which product or service to purchase.
The cost involved in promoting or advertising a product often represents the sizeable proportion in that determines the overall cost producing a product (Pride, Hughes & Kapoor, 2012). Nevertheless, it is worthwhile noting that, successful promotion leads to increased product sales, which in turn increases the company’s revenue. Well-planned promotion for Minute Maid can help Coca Cola spread advertising costs as well as other costs over a larger output (Burkitt, 2011). Promotion is important because it enables a firm to realize more profits through marketing. Product In summary, for a company to reap the maximum benefits out a market, it must provide a product with the best features, which include quality, packaging, labeling, and size among others.
Product is essential to marketing as without a product you are left with nothing to market. Products that a firm offers to its customers determine the kind of marketing measures to employ in reaching out for more customers (Vierdot, 2004). With this sense, in order for a product to sell in large quantities, it must have appealing physical attributes that will make it appear unique from its competitors and the benefits it will provide.
Minute Maid’s attributes are market friendly that is why at attains competitive market globally (New York Media). References Balohlavek, P. (2008). Unicist Marketing Mix. Arizona: Blue Eagle Group. Burkitt, L. (2011). Chinese Police Investigate Munite Maid Poisoning. THE WALL STREET JOURNAL. Retrieved on April 4, 2012, from http: //online. wsj. com/article/SB10001424052970204083204577079810144270448.html Heckman, J. & Learner, E. (2007). Handbook of Econometric. Oxford: Elsevier. Information About Minute Maid and Brazilian Orange Juice. Retrieved on April 4, 2012, from http: //www. minutemaid. com/ Lamb, W. C. (2011). Marketing. New York: Cengage Learning. New York Media.
New York Magazine. Vol 21., No. 29. Pg 13. Pride, W., Hughes, R. & Kapoor, J. (2012). Foundations of Business. Ohio: Cengage Learning Vierdot, V. (2004). Marketing Strategy for High-Tech Firms, Volume 5. London: Artech House. Vikhroli, P. G. (2011). Coca Cola India enters juice market with Minute Maid Launch. Retrieved on April 4, 2012, from http: //articles. economictimes. indiatimes. com/2011-03-28/news/29354530_1_juice-market-minute-maid-pulpy-orange Zickmund, W. & Babin, B. (2006). Exploring Marketing Research. Ohio: Cengage Learning.