Report on 4P's of GE - Solution with References
Marketing Mix for Monogram & Profile Sub-brands of GE
Marketing mix is the combination of marketing tools that marketing managers orchestrate to satisfy consumers and the company objectives. Underpinning Marketing Mix is a number of marketing terms, which are: product, price, place and promotion (Peter & Donnelly, 2002). In order to manage the marketing environment and leading position of the products and services in the industry, these four elements play an important role.
GE has also executed the strategy of the marketing mix for the effective marketing and positioning of its two brands Monogram and Profile. The marketing mix for Monograms and GE Profile sub-brands are as followed:
Products: These two sub brands of GE provide a perfect range of home and kitchen appliances that are stylish and raise the standard of the consumer in the society. These brands serve an upscale version of products with the quality and innovations (Lancaster & Reynolds, 2005). Through these brands, the company offers integrated appliances and technologies to renovate the kitchen. The product range comprises microwaves and ventilations, cooking products, refrigeration, garbage disposal, laundry items, ice maker, kitchen accessories, air conditioners, etc. (GE Imagination at Work, 2010). The company has become competent with the help of product reinvention strategies. The products of the company embrace high quality and innovative technology features.
Price: This is the next element of the marketing mix, which is managed by the company very carefully. This is related to the prices of the appliances provide by GE with the brand name Monogram and Profile (GE Company, 2010). As the appliances of the firm are high quality and innovative, which gives unique style to the consumers, the prices of the products are also very high. The company has increased the prices level by 15% to earn good profits.
Place: Place can be considered as the distribution of the products (Lancaster & Reynolds, 2005). The company has a considerable distribution strategy for both of its brands. The company is mainly targeted high end customer segments for its high quality products so that they can pay good prices for the exclusive style (Rushton, Oxley & Croucher, 2000). The company has adopted both direct and wholesale distribution strategy. Both of these distribution strategies are extensive for the firm to reach at the target market and earn good returns.
Promotion: The promotion elements allow the firm to promote the product in the society and among the different segments to influence the behavior of the consumer to use the company’s products. For the advancement of sub-brands Monograms and GE Profile, the company has implemented the transforming ideas. The company has developed strong brand equity through electronic and online advertisements (Peter & Donnelly, 2002). In addition, the marketing management of GE also concentrates on the personal selling and sales promotional tools for the direct marketing and publicity of the products.
All these elements of the marketing mix allow the firm to attract a large customer segment. The company promotes its products according to the purchasing behavior and requirement of the customers and distributes it through the direct and indirect distribution channel so that each consumer can easily reach to the products.
GE Imagination at Work, 2010, Products and Services, July 12, 2010 <http://www.ge.com/products_services/index.html>
Hill, E., O'Sullivan, T. & Hill, L., 2003, Creative Arts Marketing, 2nd Edition, Butterworth-Heinemann.
Lancaster, G. & Reynolds, P., 2005, Management of Marketing, eds., Burlington: Butterworth-Heinemann.
Monograms Appliances & Products, 2010, viewed July 12, 2010 <http://www.monogram.com/>
Peter, J.P. & Donnelly, J.H., 2002, A Preface to Marketing Management, 9th Edition, New York: McGraw-Hill Professional.
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