abhishreshthaa
Abhijeet S
ARCO (an acronym for Atlantic Richfield Company) is an oil company which became a subsidiary of UK-based BP in 2000 officially known as BP West Coast Products LLC (BPWCP).[1] ARCO was originally formed by the merger of East Coast-based Atlantic Refining and California-based Richfield Petroleum in 1966. It is known for having low-priced gasoline compared with other national brands, mainly due to an early 1980s decision to emphasize cost cuts (cash only policy) and alternative sources of income (ampm). ARCO is headquartered in La Palma, California.[2][3]
* Product
* Price
* Place (distribution)
* Promotion
The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing, depicted below:
The Marketing Mix
The Marketing Mix
These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response.
Product Decisions
The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
* Brand name
* Functionality
* Styling
* Quality
* Safety
* Packaging
* Repairs and Support
* Warranty
* Accessories and services
Price Decisions
Some examples of pricing decisions to be made include:
* Pricing strategy (skim, penetration, etc.)
* Suggested retail price
* Volume discounts and wholesale pricing
* Cash and early payment discounts
* Seasonal pricing
* Bundling
* Price flexibility
* Price discrimination
Distribution (Place) Decisions
Distribution is about getting the products to the customer. Some examples of distribution decisions include:
* Distribution channels
* Market coverage (inclusive, selective, or exclusive distribution)
* Specific channel members
* Inventory management
* Warehousing
* Distribution centers
* Order processing
* Transportation
* Reverse logistics
Promotion Decisions
In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include:
* Promotional strategy (push, pull, etc.)
* Advertising
* Personal selling & sales force
* Sales promotions
* Public relations & publicity
* Marketing communications budget
* Product
* Price
* Place (distribution)
* Promotion
The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing, depicted below:
The Marketing Mix
The Marketing Mix
These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response.
Product Decisions
The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
* Brand name
* Functionality
* Styling
* Quality
* Safety
* Packaging
* Repairs and Support
* Warranty
* Accessories and services
Price Decisions
Some examples of pricing decisions to be made include:
* Pricing strategy (skim, penetration, etc.)
* Suggested retail price
* Volume discounts and wholesale pricing
* Cash and early payment discounts
* Seasonal pricing
* Bundling
* Price flexibility
* Price discrimination
Distribution (Place) Decisions
Distribution is about getting the products to the customer. Some examples of distribution decisions include:
* Distribution channels
* Market coverage (inclusive, selective, or exclusive distribution)
* Specific channel members
* Inventory management
* Warehousing
* Distribution centers
* Order processing
* Transportation
* Reverse logistics
Promotion Decisions
In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response. Marketing communication decisions include:
* Promotional strategy (push, pull, etc.)
* Advertising
* Personal selling & sales force
* Sales promotions
* Public relations & publicity
* Marketing communications budget