¶ … Marketing Mix in Marketing
Importance of Marketing Mix
Discussing Four P's
Importance of Marketing Mix in Marketing
Product
Price
Promotion
Need of Marketing Mix in a Business
Need of Marketing Mix in Marketing
Organizations are driven by customers who are the basic revenue generators and give the organizations an opportunity to launch the products and services. Marketing mix is a plan that enables the organizations to convey their presence and offers to the customers. It is to attract customers so that the objective of profit maximization can be fulfilled and businesses can sustain in the market.
Importance of Marketing Mix in Marketing
An important part of the external stimuli, which formulates the perception of the buyer, is the marketing mix part of the marketing plan (Botha, Strydom, Bothma, & Brink, 2006). These are the inputs launched by the marketers to attract the target market. They are commonly known as 4Ps. The description is provided below.
Product
The offer of any company, which initiates the whole plan, and fulfills the needs and wants of the customer, is the product. A marketing department should be able to define the product in an organized manner so that the customer is not confused (Gordon, 2009).
Price
Studying the price on which the customer makes a purchase decision is also an essential element of the whole marketing plan. The marketers need to consistently keep a check on the quality and price of their product, like marketers of Marlboro, once did, and gained their market share once again...
In order to be known into the market place and as a new entrant, the company will provide its target market with an affordable cost while providing them a high quality products and services. The company will be given the customer and client a price that is lesser than its competitors so that the consumer will be enhanced to buy and patronize the Global Smart Card. Each card is
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There is also the potential to expand the product line beyond the initial Tablet PC to support more advanced and customized configurations through the build-to-order strategy. There is also a very significant upside potential with accessories as well, which could become very high margin in the future. Finally there are significant threats from Apple and others who also are seeking to create a dominant market position for themselves in
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