Marketing Mix Paper
Marketing Mix Paper
It is critical for any agency, firm or business to measure the performance in each field that it is involved in. While it may seem that measuring the success of any business can be done by looking at the financial statements, in order to truly succeed in any industry the performance of each task should be measured constantly. Performance measurements can greatly benefit any kind of organization that is seeking profit. Based on the results after each measurement, the firm can figure out a specific strategy that will help to accomplish goals more efficiently. Depending on what needs to be ...view middle of the document...
The tourism industry is considered to be an intangible and the hotel industry or any codes –based products such as cellphone load and the credits. The physically felt products and the once that are tangible. The great example of that is a car or a wallet. Another example can be a mass produced services such as computer operating system. Every single product is a subject to a life-cycle including maturity and growth phase. Finally there is a decline in product which leads to fall of the sales. It is very important for marketers to do a very careful research on the product life-cycle because it may cause future challenges for the companies as product advances through the phases. Marketers must also consider the product mix. It is possible for marketers to manipulate the product price and availability by just increasing the depth of the product’s line or numbers of product line. Marketers must be very careful when placing the product on the market. They must make sure that all the products complement each other and don’t create a situation in which company is losing. In order for the company to set a price the marketer must consider the customer perceived value for the product. There are three basic pricing strategies. First is market skimming pricing, marketing penetration pricing and neutral pricing.
The price of the product is the amount that the customer pays for the product. It is very important to determine the right price because the success of the failure of the company is related to the price that it can sell the product for. Price adjustment is very important because it has a great impact on the marketing strategy. Depending on the price elasticity of the product, the demands of the product can also be impacted. When setting the price it is very important for the companies to make sure that it complements the other elements of the marketing mix.
Promotion is another way for marketer to communicate with consumers about the product and the price. Promotion lets marketer to provide more information about the product to the consumer. This creates more chances for the marketer to sell the product to a customer. Promotions include various elements such as advertising, personal selling, sale promotions and public relations. Any communication that is paid for is advertisement. Some examples are cinema television and going all the way to radio and internet. In public relations the communication is not directly pain and can include publications, press release, seminars and conferences. Another informal way of communication is by just telling someone about the product. If the product satisfies the needs and demands of one consumer then it can be told to another by the same consumer.
Place is an area where customer can come and access the product to make decisions and visually see the product. We can call it a distribution center, the place where anyone can come and enjoy the product...