Marketing of intangible products differs slightly from the marketing of tangible goods in that there is no physical product that the customer can feel. However, because it is a product, the customer can still try the product before buying, such as with software. However, it is important to realize that the marketing of intangible, even in physical goods, is a critical element of all marketing. As an example, an athletic shoe manufacturer might market fitness and feeling healthy as part of their sales pitch, an intangible that is tangentially related to the product. Levitt (1981) outlines how the marketing of intangible goods and the intangible aspects of goods and services intersect, that there is considerable overlap between the two. With intangibles, a company is marketing an idea or concept, and seldom can the consumer test this before purchase. This is quite similar to most services. At this point of intersection, the marketer has a distinct challenge, to convince the potential buyer of attributes that the potential buyer cannot see or feel. The sale pitch is different in this respect, because the product cannot simply sell itself; it must be sold. Worth remembering, however, is that there are some universal elements...
The 5 Cs can easily apply -- you must still understand the nature of the company, the context in which the marketing is conducted, the customers, the competitors and the collaborators. Intangible products have these elements just the same as tangible ones do. The four Ps of marketing are equally vital for the marketing of tangibles and intangibles -- setting the price, determining the product, devising a promotion strategy and even packaging. The latter is not as counterintuitive as it might seem -- how something is presented to the world matters.
This is why those service providers to other businesses often stress customer results in the core industries they compete in. These customer successes show the depth of expertise in a given area. These success stories make services tangible to customers. Marketing strategies used to support this approach include the widespread use of video and interactive online materials to show the problems solved and results delivered with a service. The
The difference in country's economic condition makes Coca Cola to fix difference prices for the same product across different countries. 3.2: Integrating Pricing strategy with branding strategy ATC will use a unique brand position to ensure that customer accept prices fixed for its product and services, and the company will use differentiation strategy to make customer accept the prices fixed for its product. By creating a strong brand position, ATC will
Marketing Mix: Promotion Promotion strategies for CARBONATED SOFT DRINKS and AIRLINE FLIGHTS Companies across all industries always seek to market and sell their products as much as possible. They always desire to have more shareholder value, more market share, and more profits. Companies have achieved these objectives through R&D, successful initiation and monitoring marketing strategies across various domains (Baines Fill & Page, 2013). In the business world, for firms to attain such
Marketing Management This report will be a thorough analysis of a chosen marketing management problems. In this report, the approach taken will include thorough analysis of a total of five recent studies. The thematic marketing management problem studied here will be the impact that the ethical standards can have on the entire marketing management structure. The studies chosen will be studies from five different perspectives i.e. The background of the studies
Marketing SLP Target Market Brand Image Competitor Analysis Environmental Analysis Porters Five Force Model Current Rivalry Threat of New Entrants Bargaining Power of Suppliers Bargaining Power of Buyers Threat of Substitute Products Apple has had an exceptional growth streak over the last decade and represents a suitable target for a marketing analysis. Apple has seen sales and revenue peeks in the last few years which is at least due to the fact that sales in China have ballooned. China, which is
Marketing for Humanitarian Organizations Marketing and Humanitarian Marketing is often described as the activities which a company or organization undertakes in selling and buying products and services. It involves promoting their products and services through advertising, sales, and delivery to clientele. Marketing is often embedded in the marketing mix which states the four 'Ps' of marketing which are product, place, promotion, and price. Marketing involves concept such as customer relationship management, business
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