The marketing mix: characteristics and application to a tangible product

¶ … market mix as it apply to the product and discuss why each of the 4-P decisions would be important when marketing my product

Over the past year, the I Pad has become one of the most sought after products on the market. Part of the reason for this is because, it has features and applications that are changing the way many people receive their personal information. As they are demanding smaller and more portable devices that are offering many state of the art features. (Ross, 2010)

When you apply this to the four P's of marketing mix, it is clear that this device has a number of distinct advantages over competitors. Evidence of this can be seen by looking at how it compares to the different elements of this strategy (i.e. The product, promotion, price and placement). As far as product is concerned, what makes the I Pad so unique is that the installation and un-installation is handled through the Apple store. At the same time, it very user friendly and the screen is easy to read. This important, because when you combine this with the mobility of the device, it is highlighting why it has become so popular. As, it provides direct support to: users (through the Apple store) and gives people a way of customizing the device to their lifestyle. (Powel, 2010)

The basic promotion that Apple has for this product is to reach out to their core audience of tech savvy users. While at the same time, they are contacting to ordinary consumers through this approach. The way it works, is Steve Jobs will introduce the product to the general public. This will generate a tremendous amount of: buzz and media attention surrounding the release. Then, they will use word of mouth and the fashionable image of the device with consumers, to create further demand for this product. (Powel, 2010)

In the case of price, the I Pad sells for similar costs as a normal laptop at a popular electronics retailer (such as Best Buy). This is important, because it helps the product to remain competitively priced, which increases its overall popularity. (Powel, 2010)

As far as placement is concerned the I Pad is: sold online, at various retailers and other locations. This is significant, because this helping to ensure that the device is available in as many locations and mediums as possible. Once this took place, it means that sales are increasing, as there is enough of a supply to keep up with demand. (Powel, 2010)

The four P's are significant, when marketing any kind of product, because they will tell you if it has the ability to compete in the market place. This is important in the world of electronics, as this will mean the differences between: successfully launching a product and its failure. As a result, those businesses that are using these elements will be able to effectively evaluate the market. This will help in the launch of my product by: taking into account various competitive factors.