"Fare"..... as is in the things unique about "My Island"

Marketing Mixes in Different Context

  • Introduction

    Marketing is an activity where needs or wants that are created in consumers are fulfilled through producing, communicating, delivering and exchanging them by adding a value to it. These exchanges take place in the marketplace where demands are met through supplies. Consumers go to markets and are prompted to products/services that sought value to their needs. Hence, to understand their needs and identify the target group, marketers plan strategies that can relate the consumers to the product/service offers. And, marketing mixes are the part of these strategies that help to communicate and target exact customers as per their choice of needs. 

    Marketing mixes for two different segments in consumer markets one to be related to the small college

    Marketing mix basically has four elements namely product, price, promotion, place and three extended elements specifically people, physical layout, and process.  LBBA designs adequate marketing strategy in order to target the potential students who are the end users of its educational services. A market can further be segmented into various aspects such as geographic, demographic, psychographic and behavioral. The size of the 7P’s of marketing mix varies as per the segment it implies. Mentioned below is the market mix of two different segments related to LBBA:

    Marketing mix for high society students

    • Price- LBBA should set separate rates for its educational packages for the students belonging to rich families as they can afford the premium fees structure. The price is further set through the help of price skimming and target pricing.
    • Promotion- in order to target the students belonging to affluent sections of the society, LBBA should spread awareness about its courses through social sites such as Facebook, Twitter etc. as they are more active on web. Apart from this they can also prepare a database of the people belonging to upper class sections and drop a mail to each one of them or visit them personally.
    • Product- LBBA should ensure that the courses provided to its premium students are a class apart and satisfies their needs.
    • Place- LBBA can also opt for door to door sales or organize camps nearby libraries where most of the students tend to spend their time.

    Marketing mix for middle class students

    • Price- for the students who come from middle income families LBBA should set the fees of the courses comparatively low than the premium ones. Apart from this they can also introduced scholarship programs for the meticulous students which will bring in more students from the middle class families. For this segment LBBA sets the fee structure on the basis of price penetration.
    • Promotion- LBBA should adopt the tools of mass advertising through newspapers, television campaigns, promotions through radio etc to reach maximum number of students.
    • Product- the basic facilities provided such as lifetime membership for library and free lab services which are included in the premium packages is not offered to the students who choose regular packages.
    • Place- LBBA markets about the courses in libraries, cafeterias and other youth joints which are mostly visited by students and they share information about the courses that they plan to pursue in order to boost their career.

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