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Markets and customers - Essay Example

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Marketing mix consists of a company’s service or product offerings, to consumers and the methods and the tools it selects to accomplish the exchange. The marketing mix consists of mainly the 4P’s. The 4P’s are product, price, place and promotion. (Tracy, 2010) The product…
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Markets and customers
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Markets and customers

Download file to see previous pages... promotion consists of the advertising, sales promotion, public relations, and sales efforts designed to build demands and awareness of the product or service. (Cheverton, 2004) Though these elements are independent contributing to various strategies that can be developed from each P, it can be also said that, the variables are dependent or at least there is a common factor which is dependent on all these variables which is sales volume. This paper consists of some arguments put in favour of and against the dependency of marketing mix variables.
Marketing takes care of the delivery of the product to the customers taking care of their needs as well as the organisations needs. Marketing mix can be explained as the different tactics adopted by a marketer to make the product more appealing to the customers. This involves certain critical decisions. Some of the examples are decisions regarding the products that should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. (Goi, 2009) Different weightings can be given to different elements leading to a better offer that attracts the customers of various styles. Now owing to the increased importance of marketing, these 4P’s have been transformed into 7P’s which are product, positioning, people, packaging, place, promotion and price, whose vivid combinations would determine the success of the product or the service. (Hisrich, 2000)
For example, marketing mix can be compared to the ingredients of a cake, and the final outcome is the sum total of all the ingredients put into it. Depending on the kind of strategy adopted the combinations of marketing mixes will also vary as the main ingredient changes in accordance with the cake that is being manufactured. The combination is decided by many factors which are the marketing objectives of business, the access to finance, changes in technology, the feedback from marketing ...Download file to see next pagesRead More
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