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Product, Price, Place, Promotion — Essay Sample Marketing decisions made by a company when shaping a suitable proposition for the potential customer can be organized into four major groups. These are Product, Price, Place and Promotion.
The actual meaning of those four is creating the right product, selling it at the right price and in the right place, with the use of the most effective promotion possible.
When being in the process of bringing some particular product to the market, the organization is supposed to make choices concerning the product that will eventually influence the effectiveness of a chosen strategy. The choices that are made concerning the product can be: To define what the product is supposed to represent questions may be asked like: What requirements does it satisfy?
How and where will the customer exercise it? What does it look like? How is it different from the one product of your competitors? It is no secret that each person pays a lot of attention to the price of the product being bought.
Each customer weights benefit the product is to bring versus its cost in order to make a wise decision.
It is also important to mention that while all the other three aspects of marketing mix are costs, price is the only one which creates sales revenue.
The possible decisions marketer is making concerning the price are: The questions that can be asked in order to understand the pricing element better are: What is the value of the product or service to the purchaser? Is the client price sensitive? What discounts should be proposed to customers, or to other particular segments of your market?
How will your price contrast with that of your competitors? Delivering the right product to the proper place at the right time requires creation of a distribution system.
Once again, the choice of convenient distribution methods depends greatly on present circumstances. Understanding of this particular element of the marketing mix can be obtained if giving answers to such questions as: Where do buyers search for your product or service? In what kind of stored do they look for the product?
How can you contact the appropriate distribution channels?
What do you competitors do, and how can you benefit from that? It is concerned with presenting customers with information needed to make a decision. The fact is that, even though being sometimes extremely costly, promotion can increase the sales significantly, so that advertising and other costs are spread over a larger output.
If being properly organized and successfully implemented, promotion can be extremely cost-effective.When assessing the marketing strategy, examine whether it is possible to achieve your goals while expending fewer resources or by using external resources.
At what price should I sell my product? What perception of value does my price communicate to my potential customer? These are questions that must be carefully considered in any marketing strategy.
This lesson introduces concepts about pricing and analyzes commonly used pricing strategies in market situations. The lesson begins . In order to critically examine various cultural inﬂuences on marketing strategies The Effect of Culture on Marketing Strategies of Multinational Firms 95 and the marketing mix.
The target market is a fairly homogenous (similar) group of. The Course. The BA (Hons) Advertising and Marketing degree at Lincoln offers the opportunity to develop the creativity, knowledge and skills to deliver successful global campaigns, in preparation for a career in the creative industries.
) Apply stakeholder marketing theory to various organisational situations ) Utilise primary and secondary quantitative and qualitative marketing research in various organisational contexts.
Year Three H.1) Critically evaluate a wide range of marketing theories, at . You might wish to examine marketing mix elements and brand resonance model critically in this context. Ans: Pepsi -Cola is a carbonated beverage that is produced and manufactured by PepsiCo.
The drink was first made in the s.