Marketing Management: Concepts of Marketing Mix, Price and Recommendations

Running head: MARKETING MANAGEMENT
Marketing management
Name of the student
Name of the university
Author Note:

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MARKETING MANAGEMENT
Table of Contents
Marketing Mix Concepts.................................................................................................................3
Product.............................................................................................................................................3
Price.................................................................................................................................................3
Recommendations on the 8 P’s of Marketing..................................................................................4
References........................................................................................................................................5

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MARKETING MANAGEMENT
Marketing Mix Concepts
Product
Product is one of the 4p’s of marketing mix. Product can be said to be a thing that
satisfies the needs and desire of a person. This can be either a physical or a virtual item.
According to, Bahadir, Bharadwaj & Srivastava, (2015) product has a manufacturing cost and
thus it needs a certain amount of expenditure from the part of the people to own it. A product is
said to be successful in the market if it is able to fulfill the demands of the people as it had
promised to do during its time of release (Fan, Lau & Zhao, 2015). Branding is another
important concept of a product and creating a brand helps in the better development of a product
in the market. Some of the unique characteristics of a product are;
a. Unique Value Proposition
b. Unique selling proposition
Price
Price in Marketing Mix can be said to be the amount of money that the customers have to
pay in exchange for the product or service. The determination of the right price for the product
is a tough thing to do and have to be done with precise care. The pricing strategy of a product
must reflect the positioning of the particular product in the market and the resulting price should
cover the cost per item and the marginal profit of the business (Ghose, Heiman & Lowengart,
2017). The strategies are tricky as because fixing a low price for the product will result in
hindrances to the growth of the organization whereas the fixing of high prices for the products