Marketing Mix
Companies intending to market their products have to make sure that the product they intend to sell is the right one for their market niche. The product has to be sold at the price which can make them penetrate the market and in the right place. Finally, to guarantee brand visibility, they have to use the most suitable promotional gimmick (Kerin & Rudelius, 2001). All these constitute what we call the marketing mix. Certain critical conditions have to be met for a businesses entity to create the right marketing mix. One, the product being sold has to look good and work well. Secondly, it has to set the right price so that the consumers of this product buy larger quantities that can enable them accrue profits (Kerin & Rudelius, 2001). The product has to be within the reach of the intended buyers. Finally, those intended to use this product have to be made aware of the presence of the product in the market through promotion. Engaging in promotion eventually helps businesses spread costs over a larger output (Kerin & Rudelius, 2001).
A company like Samsung that deals in electronic products like the home fridges, mobile phones, television sets- the product element may be lets say the Samsung S4. For them to get the right price for this gadget they have to examine customer perception and the rival products for example the products manufactured by the Apple Inc. Cost of manufacture must also be factored in. Promotion of Samsung S4 will involve a range of promotional activities like the product unveiling in front of international media. The place element involves using the best channels of distribution like leading supermarket chains across the world. The product is the major focus of the marketing energy. Some other aspects like finding out how to make a product, setting up production line, and providing finance and manufacturing fall outside the borders...
Marketing is integral in determining the appearance of a product and the function of a product. Product range and its use is a function of the marketing mix.
Price is the element of the marketing mix that creates sales revenue. The other elements are all costs. The price of a product determines the volume and value of sales of that particular good. Theoretically, price is determined by what customer's perception of the value of the product (Kerin & Rudelius, 2001). It is imperative that the consumer's opinion is researched before the price of a product is determined. One will get to know what the consumers value and what they look for in a product. Businesses pricing policies should vary according to time and circumstances (Kerin & Rudelius, 2001).
Significant amount of resources are spent by businesses in taking products to the customers. Place element has much to do with methods of transporting and storing goods and making them available to the customers (Kotler & Keller, 2006). To make sure that the right product is at the right place at the right time there has to be a working distribution system. Myriad circumstances determine the choice of the distribution system. Some manufacturers find it more convenient to sell to wholesalers who subsequently sell to retailers while others prefer selling directly to retailers or customers (Kotler & Keller, 2006).
Promotion basically involves communicating with customers. In the process of communicating, customers are assisted in making decisions regarding purchase of a product or a service. Creativity that is in a promotional activity hastens the process of making decision by the customers (Kotler & Keller, 2006). However, this element of creativity is not always there. A greater proportion of the overall cost of production of a product…
