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Marketing - Term Paper Example

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Marketing Question 1: Technology has greatly impacted the way companies and organizations approach strategic marketing today; give an example of how companies (or you), can effectively use technology in marketing efforts for each of the “4 P’s” areas: product, Price, Promotion and Place Marketing can be referred as an effective set of practice of an organization in terms of generating value to the customers along with ensuring proper communication and delivery of the products and/or services in order to manage a feasible relationship with the clients in ways that offer profit assistance for both the organization and its stakeholders…
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Download file to see previous pages... Developing an effective marketing mix for the organizations is one of the crucial aspects in the present advanced technological era. The marketing mix comprises the concept of 4Ps of marketing including Products, Price, Place and Promotion, related to the products and/or services that are rendered by any organization. Product Product or service of an organization can be determined as the fundamental factor for the company in its growth portfolio. In the context of continuous advancement made in business activities, the organizations are highly focusing on their offerings with quality, affordability along with ensuing fulfillment of the customers’ desires from the specific product or service. Moreover, the organizations in the present scenario are concentrating upon making upgrades in their products and/or services frequently in order to attract customers’ attention or to generate their buying desire towards the developed or new products/services. Technology such as e-commerce based technology can be used by a company to derive consumers’ product related preference through online feedback mode so that it can create or customize products/services based on the desire of the consumers. Price Pricing of the product is also an important facet for the organizations that is correlated with the financial growth of the companies. A feasible pricing strategy enables to derive value of the products or services from its respective buyers according to the market demand of the product. The pricing strategy of any product/service is one of the major decisions for the organizations for a particular region or country. However, it represents the financial growth structure of the enterprise along with generating new buyers and retaining the existing purchaser with it. In this context, proper use of technology can be made such as online website can be used by the companies to put on sale their products. Pricing of such an online available product can be kept relatively low than that of a product kept at a retail store. As there is no basic need for a physical location to store the product, so the price margin can be adjusted likewise, benefiting a business concern to draw large number of customers. Place Place is also a significant part for the organizations to offer their products/services to the final consumers. According to the modern day’s selling perception, the place can be determined as a crucial factor to acquire the ultimate buyers for the products or services. However, the modern organizations are quite conscious about their source of offerings with regards to availing their services through e-commerce and non e-commerce approaches or both the concepts. Electronic media is one of the favorable and effective places for the modern organizations in order to provide their products and/or services to its targeted consumers. Promotion Promotion of products and/or services is a major element of the marketing mix that consigns to a practice of influencing the buyers by providing additional benefits within the products/services rendered by the organization. Moreover, an effective use of the process ...Download file to see next pagesRead More
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