Page 3: The marketing mix
The marketing mix, often referred to as the 'four Ps’, is a means for organisations to combine the four key elements of product, price, place and promotion to achieve its business objectives. Every business is different. Each must decide on its own marketing mix that balances the four Ps to suit its products. The mix will depend on factors such as:
- the type of product
- the market it is selling to
- findings from market research.
Infiniti’s marketing mix considers:
- Products - luxury cars with Japanese cutting edge design as a key differentiator.
- Price - a premium price in line with the premium quality of the product.
- Place - vehicles sold through state-of-the-art Infiniti Centres which are expanding globally.
- Promotion - with a focus on sports marketing using the Infiniti Red Bull Racing F1 team and World Champion Sebastian Vettel.
The elements of the marketing mix should be integrated. For example, Infiniti’s luxury cars are sold in state-of-the-art Infiniti Centres that complement the premium quality of the vehicles. Having the right marketing mix enables an organisation to achieve its business objectives. Infiniti’s business objectives include increasing brand awareness, international growth and meeting its brand promise.
Core, actual and augmented products.
Marketers differentiate products into core, actual and augmented products. A core product describes the main benefits that customers receive when consuming a product. Put another way, it is the essentials a customer is looking for when considering making a purchase. Infiniti’s core product is its design, advanced technology and driving satisfaction, referred to as ‘Inspired Performance’ by its marketing team. The actual product refers to additional benefits that are enjoyed above the essentials. These include Infiniti’s range of luxury cars, for example, the Infiniti FX Vettel Edition model. Finally, the augmented product consists of elements such as delivery, warranties and servicing arrangements. The augmented product helps tailor the actual product to the target market.
The price of a product needs to reflect the costs associated with developing and constructing the product. At the same time the pricing strategy also needs to be in line with a product’s positioning in the market. Infiniti’s marketing activities reflect its premium position by associating the brand with the Formula One World Champion team and driver.
The ‘place’ refers to the Infiniti Centres selling Infiniti cars. These distribution outlets support the brand promise of ‘Inspired Performance’. Infiniti Centres are known for their striking architecture, welcoming environment, state-of-the-art technology and high quality customer service.
Promotion covers a variety of techniques used by an organisation to communicate with its customers and potential customers. A distinction is often made between above-the-line and below-the-line promotion.