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Theoretical - Essay Example

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4 P’s of Marketing Marketing Mix Marketing mix is one of the business tools used in marketing for determining the four P’s i.e. Price, Promotion, Product and Place. The marketing mix provides a set of policies based on these four P’s which have an impact on a customer’s purchasing decision…
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Theoretical

Download file to see previous pages... The reason behind the success of a business includes a long process where the achievement of success depends on the marketing. The success associated with the marketing process depends upon various marketing strategies and these marketing strategies deal with 4 P’s of marketing. Thus, the implementation of marketing strategies in an appropriate manner is very important in order to achieve success by an organization. In other words, the marketing mix is the combination of all the marketing plans made by an organization (Belohlavek, 2008). Each of these four P’s is very important factors for an organization in order to create such marketing mix which will easily attract customers towards the organization. It helps in determining the profit potential of an organization. Product Product means the goods/services which are offered to the customers by an organization. Apart from the offering of the physical product, there are various other elements associated with the product which helps in attracting the customers. It can be the packaging of the product, any additional feature in the product etc. In case of service product it is the quality of services, the facilities provided to the customers, etc which help to attract the customers towards the organization. ...
In a similar way, basic products which are used regularly should be positioned targeting the price conscious customers. Some of the important aspects associated with the products are design, warranties, brand name, product range, etc. Customer research is one of the key elements while creating an effective marketing mix. The organization’s knowledge about the needs and demands of the target market as well as about the competitors will help it to offer the product that will be appealing to the customers and will avoid various mistakes. Addition of a new product in the business always includes an acceptable amount of risk/return exchange. For example- If the company is very good, with a high brand name, then providing services on time is the most important part of the product bundle. The businesses offering almost whole range of products are most successful if the production process, raw materials and the distribution methods are similar. It implies that these businesses will not require new skills, suppliers, equipments and distribution methods for carrying on its business activities. Price Price is one of the most important elements of the marketing mix because the pricing strategies of an organization always have an impact on the demand, sales, the competitive strength and also the profit of an organization (Czinkota and Ronkainen, 2007). A wrong pricing decision can cause harm to an organization by affecting its efficiency or other functional areas. The pricing strategy should always be made very carefully. There are some pricing objectives which are considered while planning for an effective pricing strategy. They are price stability, improvement in the market share condition, profit maximization, etc. Price can be explained as the exchange value for ...Download file to see next pagesRead More
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