Customers are the focus point of every successful organization. With a clear target of satisfying consumer’s necessities and desires, only then an organization can plan and strategize an outstanding marketing approach. Around 30 years ago it was defined that to succeed in a competition of customer satisfaction quest, a company needs to focus on four vital dimensions of marketing. The following are the popular marketing P’s:
- Product (services)
- Promotion
- Place
- Price
1.Product
Product embraces brand name, packaging, guarantees, after-sales service, warranties, durability, logo, design, optional extras, quality; the product range etc. marketing any particular products involves product launch, product design and precepttesting. Rather than product, company’s focusing on services depends on the attributes of the service in addition to its key factors. Theirinitial starting point is not to start with the product, rather its understanding what the customer requires and desires. Having grasp upon the customers need the product can be developed and designed much more significantly. Potential consumers of the organization need to be pacified with the product or provided with service or else they won’t purchase it.
2.Promotion
Modern marketing regulates around customers and outright communication of products. Promotion consists of distinctive tools and techniques of marketing communication to satisfy customers and potential customers. Marketing communication in modern times is media and ad messages spread across to advertise a company, product or initiative to encourage potential consumers to interface, moreover to please target market. Few promotional tools are as follows:
- Personal selling
- Direct mailing
- Product packaging
- Publicity and public relations
- Advertising
3.Place
Getting the right products and the right time at the right place is called effective distribution. Place refers to distribution coverage, the types of transportation vehicle, Location of sales outlets, the arrangements of sales areas, warehouse locations, etc.research has proven that delivery is one of the most crucial key factors for business in choosing a supplier. The key elements are the movement of goods to the consumption point from the production is the vital feature of place.Developments of leading-edgeproducts have declared that within the marketing mix there is an altering emphasis for ‘place’ with an incentive of interactive marketing and direct marketing.
4.Price
From all the four dimension of marketing mix, price is one directly connected to revenue levels. Price setting is a crucial task important for financially-determent companies. Pricing consists of discounts and allowances, credit policy, basic price levels and payment terms, etc. what customers are prepared to pay reflects their feeling towards the defining product. Ultimately the companies have to take under consideration that if the customer thinks of the set price as ‘fair’ in comparison with the provided quality or service. A detrimental effect can influence the purchasing decisions due to prices set too low.
Furthermore, smooth cohesiveness of all four elements is important to attain desired marketing levels. Every element plays an equally vital role and is interdependent on each other. Moreover, crafted integration of the market mix can take the desired product to weathering heights.
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