Marketing is a management tool used in identifying and satisfying customer’s requirements profitably as defined by the chartered institute of marketing. According to this definition, a firm aims at making profit and at the same time it wants to give the best to its customers.
Marketing mix as commonly used in marketing consists of four elements commonly referred as the 4 p’s. They include the price, product, place and promotions. Price is the amount to be paid by a customer for a given product.
It’s influenced by factors such as the competition, forces of demand and supply, customers perceived value of the product, cost of production and income of the customer. The forces of demand and supply have the following effects.
When a product is on a high demand, the prices go high and vice versa. On the other hand, when the supply of a product is high, the market prices go down and vice versa. The relationship of the quantity supplied and that demanded is an inverse one compared to that of a quantity demanded which is a linear one.
4 p’s of Marketing Mix
The factor on customers perceived value on a product works this way. If a customer perceives a product to be expensive, then the seller will set a high price for that particular product and vice versa. We have noted that the cost of production also determines prices.
Therefore, if the cost of production is high, the selling price is also high and vice versa. Finally, if the market is faced by a stiff completion you find that each competitor wants to sell. This causes the prices to fall since consumers will buy the cheapest.
Place is the location where the product can be purchased. It may be a physical place or a virtual place such as the internet. Virtual place came into existence as a result of e-commerce.
Product includes a tangible or intangible object that is to be presented to consumers for sale. When it comes to the product, there are specific decisions to be made such as the quality, brand name, functionality, styling and packaging.
Promotion is an art of selling by making the consumers aware of the existence of a product or service. It includes personal selling, advertising public relations and sales promotions. However there is an extension of the 4 p’s to make them seven. The other 3 p’s are people, processes and physical evidence.
People may include employees, management and customers. Processes involve all the activities carried out to make a product available to the consumers. Processed may include production, planning, marketing and pricing. Physical evidence is the surrounding environment in which a product is delivered.
A successful marketing mix can be developed through an adequate market research and trying the different elements.
Let’s assume that Evoke has two market segments, one segment is determined by products based on skin color and income.
For the segment based on the skin color, the marketing mix that can be applied is that of place, prices, promotion and product. On the other hand, the elements of prices, promotion, product and place apply when it comes to the market segment based on income.
All the elements of marketing mix have been used in both cases by Evoke thus no marketing mix element is different from each other.
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