Nobody downloaded yet

Principles of Marketing - Essay Example

Comments (0) Cite this document
Name of author: Principles of Marketing Marketing is an art which can make or break business. Even a good product can fail in the market if the marketing strategies are poor whereas cheap products can excel in the market with the help of effective marketing strategies…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.1% of users find it useful
Principles of Marketing
Read TextPreview

Extract of sample
"Principles of Marketing"

Download file to see previous pages However, product, place and pricing seem to be the most critical things which determine the success and failures of the product in the market. This paper analyses the importance of Price, Product and Place in the marketing mix. “To create the right marketing mix, businesses have to meet the following conditions: The product has to have the right features; The price must be right; The goods must be in the right place at the right time” (Marketing mix (Price, Place, Promotion, Product)) The product is the most important thing which determines the success of marketing efforts. No product can survive long in the market if it does not have the right features. For example, current mobile phones have multimedia facilities like camera, audio, video recording and playing, internet & email, touch screen command facilities, etc. It is difficult for a mobile phone product to succeed in the market at present without all these facilities. At the same time if a mobile phone manufacturer succeeded in incorporating any other unique features to their product, they will become the leaders in the market. For example, touch screen facility was introduced in the market for the first time Apple Inc though their revolutionary product iphone. Since the introduction of ipod, many other companies incorporated touch screen facilities to their products. However, no products tasted success just like the iphones. In short, incorporation of the right feature at the right time is important for the success of the product in the market. Products which meet the needs of the consumers will succeed in the market whereas products which failed to catch the attention of the consumers will fail in the market. “The price should fit the target audience’s ability to pay, and may also need to factor in incentives such as margins for wholesale and retail traders or providers who ensure that the product is delivered to the customer” (4 Ps - Product, Price, Place and Promotion). It is difficult for a product manufacturer to set same price for a product in different markets. They should give discounted price to the wholesalers so that the wholesaler would be able to raise the price slightly to get some profit. Moreover, price can be altered based on the supply and demand theory in economics. When the supply is inadequate with respect to the demand, the prices can be increased whereas when the supply is more than the demand, the prices could be lowered to create more demand. Seasonal pricing is another strategy which is played by the product manufacturers in the market. In some special occasions like, Christmas, Valentine’s Day, President’s Day etc, product manufacturers decrease the price in order to create more demand and to increase the selling. “Pricing is not as simple as it might seem. In some situations, a lower price will not necessarily mean that more will be sold as the price level could also influence the perceived quality of a product” (Four Ps Of Marketing - Product, Price, Promotion, Placement). Extremely low or higher prices may create misconceptions about the product in the minds of the consumers. For example, Chinese products are extremely cheaper compared to the prices of the competitors which created a sense of inferior quality in the minds of consumers. Thus when a rich person takes a buying decision, he will go for products from other countries because of the established perception about the cheap quality of Chinese products. In short, adequate ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Principles of Marketing Essay Example | Topics and Well Written Essays - 1000 words - 1”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1414239-principles-of-marketing
(Principles of Marketing Essay Example | Topics and Well Written Essays - 1000 Words - 1)
“Principles of Marketing Essay Example | Topics and Well Written Essays - 1000 Words - 1”, n.d. https://studentshare.org/environmental-studies/1414239-principles-of-marketing.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Principles of Marketing
Future estimations predict the growth rate to increase and become 25% per annum. This sure is a huge market and FMCG marketers have gone all out to tap this new market in a bid to substantially boost their bottom-lines. However, the penetration levels are still at the paltry level of 15%.
4 Pages(1000 words)Essay
Principles of marketing
This paper outlines strategic marketing plan for Newham College (Stratford Campus). The plan is structured due to the four phases of strategic marketing planning as identified by McDonald (2008): goal setting, situation review, strategy formulation, and resource allocation and monitoring.
5 Pages(1250 words)Essay
Principles of marketing
In doing so, the report will underline the features of segmentation, the major reasons behind segmentation failure and also the way by which a company can overcome segmentation failures. Sprite has been chosen as the product in order to make reference with the subject of study.
8 Pages(2000 words)Essay
Principles Of Marketing
The five levels of product can help in comparing the BMW and Mercedes with other similar products. Core benefit The core benefit of the two products is transporting passengers. Generic product This is includes the inclusion of 4 wheels, lockable doors, and a function enabling adjustment of the sofas to the passengers needs.
3 Pages(750 words)Essay
Principles of marketing
Due to this reason the company has always earned good revenue and high profit for most of its brands. P&G has implemented three most important strategies for Tide. They wanted to sell what the customers wanted, create value by differentiating their product from the competitors and make a product which is convenient to use.
8 Pages(2000 words)Essay
Principles of Marketing
I have learned that group dynamics are important from the marketing perspectives. The group activities form the core essence of the marketing realms and these are significant towards understanding the said dictums. More than anything else, there is importance of working in collaboration with one another so that marketing comes out as the winner at the end of the day.
2 Pages(500 words)Essay
Principles of Marketing Communications
Marketing communication can be understood as a critical subset of the overall marketing concept idealized and implemented by organizations across industries. Marketing communications helps in identifying and establishing the relationship of an organisation with its consumers as well as other stakeholders.
10 Pages(2500 words)Essay
Principles of Marketing
This view about marketing has huge implications for business organizations. For one, it highlights the current emphasis placed on satisfying customers by delivering products and services that they value. This new approach also emphasizes that companies should become market focused and customer driven in order to succeed, and even merely survive in the world's more competitive market.
8 Pages(2000 words)Essay
Principles of Marketing
Lastly a discussion of what the media tells a typical observer about the promotion strategy of the company will be conducted. In regards to the
3 Pages(750 words)Essay
Principles of Marketing
The resort and its consultant team have done a number of technical studies that will act as a framework for the development of a long term marketing plan. Alton Towers is a highly competitive visitor attraction and leisure market that constantly reviews the services
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Principles of Marketing for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us