The marketing mix is a set of tools that businesses use to effectively promote and sell their products or services. It consists of four main elements: product, price, promotion, and place. By carefully considering and adjusting each of these elements, companies can craft a marketing strategy that effectively reaches their target audience and achieves their desired goals.
Starting with the product, businesses must consider what they are offering to their customers. This includes not only the physical characteristics of the product, but also its features, benefits, and any warranties or guarantees that are offered. The product must be designed and developed with the target market in mind, taking into account their needs and preferences.
Price is another important element of the marketing mix. Companies must decide how much to charge for their products or services, taking into account the costs of production, the competitive landscape, and the perceived value to the customer. Different pricing strategies can be used to appeal to different segments of the market, such as premium pricing for high-end products or value pricing for budget-conscious consumers.
Promotion is how a business communicates the value of its product or service to its target audience. This can include advertising, sales promotions, public relations, and personal selling. The goal of promotion is to create awareness and interest in the product and convince customers to make a purchase.
Finally, place refers to the distribution channels that a business uses to get its product to the customer. This includes both physical locations, such as retail stores or online marketplaces, as well as the logistics of getting the product to those locations. Ensuring that the product is available to customers at a convenient location and at the right time is crucial to its success.
In conclusion, the marketing mix is a vital tool that businesses use to effectively promote and sell their products or services. By carefully considering and adjusting each of the four elements - product, price, promotion, and place - companies can craft a marketing strategy that meets the needs and preferences of their target audience and achieves their desired goals.
[PDF] MARKETING MIX THEORETICAL ASPECTS
Samsung advertise their product by media, internet etc. Samsung focuses on cost-cutting measures to keep its keep its price low which helps to compete against competitor schemes. In fact, it is present in most consumer durable segments in the market. All marketing elements are interrelated and should be seen in the whole of their actions. Chapter- Theoretical Framework: Marketing: Marketing is an organizational function including creating, delivering, communicating, exchanging, goods and services to customers for the purpose of achieving organizational goals.
On the one hand, as any other college essay writing, marketing mix papers can improve their knowledge; on the other, marketing mix papers require not only brainstorming, but also application of marketing concepts and principles to specific products and companies. They have 217 bases worldwide. Kwon-Oh-Hyun: Vice Chairman and CEO Samsung Electronics. Our custom writing company offers unique service of professional essay writing. Abdullah Al Mahmud Khan 133 4. Having variety in manufacturing ensures them a spot in bigger markets.
The factory delivers its products to regional distribution centers and from there to dealers. Beijing Samsung Telecommunication BST 4. In addition to its products Samsung delivers various services to their customers, for the environment and for society. This relates to the generation and implementation of an effective and substantial balance among the elements of the marketing mix. Marketing decisions generally fall into four categories; product, price, place and promotion.
(PDF) Marketing Mix of 4P'S for Competitive Advantage
It uses skimming price for products of which they are the market leader. Price Coco Cola Company is currently involved in the non-price competition. Price: The amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service. In accordance with the purpose of the study, deterministic decision making matrix model which enables to choose the most appropriate option out of the alternatives by using numeric criteria, was used. The appropriate differentiation technique that the firm has brought on board is the concept of the inception of unique sweet taste for the product brands that the enterprise sells.
All the information is illustrated elaborately below in an order. In fact, LG beats where home appliances are concerned. Place: Distribution channels: Distribution channel is a set of interdependent organizations that help make a product or service available for use by the consumer or business user. The steps involved include market analysis, product creation, advertising strategy, and distribution Jeanty, 2011. Pricing decisions have an immediate effect on the performance and displays a high correlation with business and market performance.
Samsung has a B2B Business-to-business distribution strategy. Therefore, it is recommended that relatively low cost penetration strategy that ties customers to products through a dialogue approach be implemented to improve market share of MCN. In this sense, market is defined as existence of demand. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group. The importance of each element depends not only on the company and its activities, but also on the competition and time. Promotion The primary promotional objective of the company is to increase sales in every region across the world. They regard the digital age as having both incalculable potential and risks.
This notion has been strengthened by the fact that the company is indeed with the main aim of meeting the needs of the customer and building a sustainable relationship with the same. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. This term paper is worked on Samsung electronics. Additionally, the company has used the various sales promotions to publicize its products. The four Ps are; Product, Place, Price and Promotion. The company has made the various brands of its product remain in the maturity through diverse forms of marketing techniques.
The company has exhibited a high-quality beverage that is sold to the esteemed customers. Price Decisions Deciding on a pricing strategy and identifying the total cost to the use is a part of the price element Webber, 2005. It should be noted therefore that the firm has used in most cases, the technology-based marketing. If their products achieve better brand preference then they slowly raise their price for that specific product. Data obtained were analysed by the use of Frequency Distribution Analytical method and Charts.