Marketing Mix
Marketing mix is a set of tools that are used by the company to introduce a product on the market (Mindtools.com par. 7). It includes four elements that are connected with each other, and they are equally necessary for the success of the marketing strategy. The central objective of this framework is to make sure that the offer satisfies the customers and comes with a range of benefits.
4Ps
Product
Hoverbike is a new product that is still at the stage of development, and there is going to be only one type of hoverbike produced at the start. However, it is possible that the product line is going to expand in the future. It is possible that new models will have reduced fuel storage, but will be able to lift more weight. It is necessary to focus on the unique features of the product. It should be positioned as an incredibly safe vehicle that can be used for a broad range of operations.
Price
The expected price is close to 55,000$ (Hover-bike.com par. 12). However, it is not final and is going to be reduced over time. The central goal of the company is to have a product that is significantly cheaper than those offered by competitors, and it is currently possible because materials that are used to produce hoverbikes are not that expensive. It is paramount that this product may attract new customers who could not previously afford similar vehicles. It is not possible to reduce the quality of the product to adjust the price because the safety of consumers is essential, and it is especially imperative to build good relationships with customers for a new product (O’Cass and Heirati 60).
Promotion
The promotion is one of the most important aspects of the marketing mix. This product is very innovative so a company should not be afraid to use innovative approaches to marketing (Wise and Sirohi 11). The Internet should be used as a primary platform for promotion, and it is necessary to make sure that there are websites that promote this type of product before the start of mass production. Social media is a new and efficient way of advertisement, and can be used to generate enormous interest from the side of customers. It is paramount to make sure that customers do not only remember the product but also the name of the brand and it will dramatically increase the sales (Huang and Sarigollu 92). The products that are safe for the environment have become very trendy, and hoverbike is one of them (Constantinos, Constantine, and Neil 151). It can be used as a part of the advertisement. The current website could also be improved. For example, there should be downloadable materials that would help the customer to have a better understanding of the product (Brooks and Simkin 508). The blog also can be used as an effective promotional tool.
Place
The primary target market is going to be agriculture sector. The biggest advantage is that it can provide the same functionality as helicopters but is much cheaper, easier to operate, and the maintenance costs are not as significant. There is a possibility that the product will be able to expand to other markets because of its unique functionality. Overall, there is a tremendous potential for it to be sold across the globe that should not be disregarded.
Works Cited
Brooks, Neil, and Lyndon Simkin. “Judging marketing mix effectiveness.” Marketing Intelligence & Planning 30.5 (2012): 494-514.
Constantinos, Leonidou, Katsikeas Constantine, and Morgan Neil. ““Greening” the marketing mix: do firms do it and does it pay off?” Journal of the Academy of Marketing Science 41.2 (2013): 151-170.
Hover-bike.com. FAQ & Commercial Uses – MA Hoverbike. n.d. 2015. Web.
Huang, Rong, and Emine Sarigollu. “How brand awareness relates to market outcome, brand equity, and the marketing mix.” Journal of Business Research 65.1 (2012): 92-99.
Mindtools.com. The marketing mix and the 4 Ps: Understanding how to position your market offering. n.d. 2015.
O’Cass, Aron, and Nima Heirati. “Mastering the complementarity between marketing mix and customer-focused capabilities to enhance new product performance.” Journal of Business & Industrial Marketing 30.1 (2015): 60-71.
Wise, Rick, and Niren Sirohi. “Finding the best marketing mix.” Journal of Business Strategy 26.6 (2005): 10-11.
