4P of marketing assignment help
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4P's of Marketing Mix
Product – Goods or services that can be sold off to the clients, and are designed to meet their needs and satisfies them fully is often referred globally as a product. The product is the most fundamental element to have if one wishes to start a business. Marketers to succeed in the market often end up studying the growth pace of the market, the time it needs to attain maturity as well as declining segment of a product. The study of the lifestyle that includes the analyzing of the specific products and the importance of strategies that are related their gross sale.
Price – It is the amount that is paid forth by the consumer for a product or a service that has been rendered. The price of an object often decides the profit margin of the business due to the product due to that it is the most important soul and drive of a business. Market penetration pricing, market skimming pricing and neutral pricing are considered to be the three major strategies that are connected with the pricing of a particular product. The cost of raw materials, manpower, machinery and promotions are the main features that are considered to be the deciding factor related with the price of a product.
Promotion – Endorsement or promotion of a product comprises of the methods that ensure awareness of it, to be made amongst potential consumers through numerous mediums of verbal or non -verbal communication. Advertising, public relations, online marketing, sales promotion, events ads and banner advertisement, etc. are some of the regular mediums that are utilized by marketers for promoting their product. A good promotional policy boosts the overall sale in the most exponential approach possible which helps a company to achieve their own goals.
Place - It is widely known as the place for the distribution of company products to the consumers. The place of selling or distribution of a certain goods or services is generally decided by type of product, its cost, target consumers as well as the availability of it. Franchising, direct sale and exclusive distribution are all the major elements that must be taken into account while thinking about the placement of a particular product.
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