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Four Components of Marketing Mix

   

Added on  2019-12-04

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Four components of Marketing MixMarketing can be defined as a process through which organization convey information toits customers regarding the product and services to customers. It is very important for theorganization to provide awareness in order to achieve the goals and objectives which are been setby the firm. Marketing mix can be defined as a genera phrase which is very helpful for theorganization to develop whole process of introducing the product or service in the market. Inother words, it is the mixture of different plans and ideas which are been followed by marketingrepresentatives in order to promote their product or services is known as marketing mix (Boddyand Paton, 2011). With this respect, there are mainly four components involved in marketing mixwhich are as follows:ProductPricePlacePromotionAll these four element of marketing mix are very important and they are very helpful forthe organization to present their product and services effectively to potential customers.Product: Product play vital role in attracting customers. There are mainly two type ofproduct which can be provided and it includes tangible goods or in tangible services. Productsand services should be developed by identifying the needs and requirements of customers.Accordingly, goods should be developed as it enable to satisfy service users effectively.Organization sells any type of product but it is very important for the management to know whatexactly the product it is going to deliver (). Main aim of product is to develop right product forthe right target audience. All those products which one can not see, feel or touch falls underintangible products as compared to tangible products. Further, a product can also be determinedas something which a seller sells to potential customers and that also i9n exchange of money. Forexample, Kellogg's frequently develops new cereals for breakfast. In this case the element ofproduct is new product in itself.Price: Price can be determined as the money which a customer pays for the product orservices which is been delivered by the organization. Price can be determined as one of the mainfactor which highly influence the buying behaviour of service users. There are differentstrategies which are been involved in pricing and it includes market penetration, skimming1
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