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However, Price can be counted in a different category than these approaches. This is because of the nature of the factor price and its effects on the other three Ps of marketing mix. This essay would further describe the marketing mix in terms of all four Ps. And it would conclude as to if the factor of price is very important in the marketing mix. Furthermore it would help the readers to differentiate between the four Ps and tell them about the dependency of the factors on each other (NETMBA, 2007).
Marketing Mix is a useful tool used by almost all the organizations in the world to determine and establish their advertising strategy. This advertising strategy further helps the organization to boost up their products and sales. The four Ps of this marketing mix are important ingredients which form it. And it can be said that all the Ps in the marketing mix are dependent on each other.
The first P in the marketing mix stands for Product. “The product area is concerned with developing the right product for the target market…(and) may involve a physical good, or service, or blend of both” (Perreault & McCarthy, 2004, p. 38). Product here stands for the goods and services which the organizations offer to their customers. This P tells the organization as to which class of customers would require the product or service and if or not the product would satisfy the needs of the customers. The class of products is also developed in this stage of the marketing mix as to how the product should be established and the exact requirements of the products. This stage in the marketing mix tells the organization how the product should be developed and why it should be developed. The target audience is also selected in this stage.
‘Price’, which is the second stage in the marketing mix, generates revenue for the businesses. “Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix…and must
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The report pays particular attention on the marketing activities adopted by the company to attract the target customers. The repot findings suggest that Olay has been a successful brand within its target market and the brand has been able to target the right segment, the females particularly of all age groups.
Marketing mix Name: Instructor: Subject: Date of submission: Introduction The marketing mix is described as product, place, price and promotion, commonly referred to as the 4P’s. They are designed to enhance decision making of the customer who can lead to increased profits.
One such strategy includes deciding upon the prices of the products being offered by the organization. The pricing strategies play a vital role in the success of the businesses for two major reasons: first, they cover up the costs incurred on the production and other activities performed on the product, and second, they indicate the value and worth of the products.
According to the paper marketing in its broad aspect can be termed as a process through which individuals or organizations create value for customers and gain what they want, that is profitability and long term relations from customers in exchange of the value they provide. Traditionally marketing mix was only comprised of four P’s.
(2005), Principles of Direct and Database Marketing, 3rd Ed, Prentice Hall, p9) Discuss this statement. The traditional and conventional approach to marketing has been epitomised and framed in the concept of the ‘Four Ps’ of marketing for decades (Gronroos, 1994), which are product, price, place and promotion but the foundations of a dynamically changing modern marketing environment require that the concept of marketing must now evolve and break free from its economics based roots to cater to the demands of the contemporary consumer, whose primary focus is not embedded exclusively within the exchange of tangible goods but also the purchase of intangible services (Vargo & Lusch, 2004).
The recent era of globalization has turned the entire market into a single marketplace. This practice is being continuously supported by technological up gradation as well as the innovative trends of marketing. Earlier, the marketers used to consider a specific market and used to design their products according to the needs of that particular market.
Marketing is one thing that makes sure that all the people within the company are always thinking about their customers and their needs and marketing also helps the employees to create and maintain profitable relationships with their potential customers.
The marketing mix is a planned package that makes up the product or service offered to the market aimed at supporting the company reach its target market and sales objectives. Also called the marketing “tactics,” the key elements to be considered are price, product, promotions and place, although there are other factors to marketing mix that may include people, physical evidence and process.
This then led to the discussion of using the same brand names for new variants in the same category or for products in a new category. The former being called line extension while the latter, brand extension (Kotler et
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