Marketing Mix Essay Example | Topics and Well Written Essays - 1000 words - 2

Marketing Mix - Essay ExampleThe ultimate objective of all market efforts is to generate revenue, which depends heavily on the price of the growth or service. Some of the beas that pricing must seem into include cost of development/ manufacturing, profitability, wholesale and retail prices, volume discounts and rate market pricing and so forthThe promotion deals with the communication about a companys products and/ or services, targeted to improve the product image in customers minds. It includes ain selling, direct selling, advertising, publicity and other forms of marketing promotion campaigns.In addition to these 4 Ps of marketing mix, other Ps have been proposed like people, process, packaging etc. These are quickly taking all over the new concept of marketing mix as being very great factors for a mobile and efficient system.New product development has become a significant source of differential good for companies nowadays. With the advent of modern technology, especia lly internet customers are more informed of their needs and how to converge them. Hence, it is important for companies to consistently develop new products and improve existing ones to remain competitive. A business exist to satisfy customers while making profits (Etzel Walker Stanton, 2003, p.217) and hence it is required to identify the exact customers needs in the beginning developing a product or service to satisfy it.The life cycle of a product consists of four stages namely, introduction, growth, maturity and decline. Product strategy varies for each of these stages and accordingly, all other strategies have to be veritable to suit the requirements of a particular stage. For instance, during the introduction stage, it is unwise to manufacture a large quantity of product, alone it is required during the growth and maturity stages to come up up with the demand of the product.C.Pricing StrategyPricing decisions are affected by a variety of factors as stated above. In addition , these also depend upon the target customers. Price skimming strategy is used for innovative products by putting a very game price for the product and taking the first movers advantage. Another strategy is to use the price penetration techniques to keep the price at a minimum in order to attract more customers. Hence, the pricing decisions go away and depend upon the market conditions. A general approach to pricing include selection of pricing objectives, find out demand of the product, estimating own costs and also the costs of competitors who are offering similar products in the market, and so the pricing method is selected (Kotler, 2003, pp. 472-485).A common method of pricing is to use a cost confident(p) approach, where the price of the product is determined by the amount of money required to produce the product accession a margin over it (Etzel Walker Stanton, 2003, p.331). But other pricing strategies can also be used. A general objective of the pricing strategy is to gain maximum benefit while maintaining challenger and the right positioning in the customers minds about the companys products and services. Other pricing strat