Marketing Principles: Analysis of Product, Price, Place and Promotion Decisions

MARKETING PRINCIPLES
Four P’s of marketing

ANALYSIS OF PRODUCT DECISIONS
• The product involves either a tangible or intangible good s and services
consecutively which usually meet a particular need and preferences of a consumer.
All products follow a product lifecycle; in this case, the identified product is the Chef
coat. As a marketer, I have to understand the benefits offered by my chosen product
and all its features. Clearly, the chef coat will raise the current standards in the
workplace designed properly to raise confidence level in my profession (Kotler et
al,2013. P.13). Therefore, the unique sales volume proposition to the potential
customers of the product should be identified and understood clearly.
• Product variables include product design, product range, labeling, packaging, quality,
branding, guarantors and after sales services done while selling the entire product.
The complete combination of these sub-elements increases the product success to
meet its needs and demand in the potential market. Product strategy also covers the
decisions involving a product level of modification, broke down into simpler parts and
the entire removal of non-profitable products

THE PRODUCT LIFECYCLE
• Prospective customers buy millions of products every year. Thus Most companies have understood the distinct
product lifecycle stages selling at a limited lifespan. Companies invest highly in new product development to
make sure that the business opportunities grow widely.
• Introduction stage. This is an expensive stage for a company as it involves launching a new product to reach
all target groups in the market. There exists a small size of the market for the goods meaning that sales volume
is minimal even though it will eventually increase over time. (Kotler et al,2013. P.13). The marketing decision
needed to launch this chef coat product will involve high costs of research and development of the product,
especially in a competitive sector.
• Growth stage. This stage is comprised of large growth in sales and profit margins since the company begins
to benefit from massive economies of scale. This makes it focus more on investing in promotional services
ensure optimal potential in this growth stage.
• Maturity stage. During this stage, the product is developed with a purpose of maintaining the market share it
controls. Companies require focussing on product modifications and improvements in the process to counter
competition
• Decline stage. The market for a product shrinks and becomes saturated. This is because the consumers are
switching to a different type of product as they have already purchased the initial product.
• In this case, the Chef coat product is at introduction stage of the product lifecycle.

ANALYSIS OF PRICE DECISIONS
• Price amount covers the expected total amount that the consumer of the product is
expected to pay. It Is clear that how a certain good is priced has direct implications for
the actual price that it sells (Wasan &Tripathi 2014, P.127). Conversely, the price of a
product is affected by various factors that involve distribution plans, competitors
pricing ability dealing with similar goods and the value chain costs incurred. Several
other factors include target groups, price elasticity during product demand, production
costs, competition and government and societal responsibilities.Therefore,price is a
very important approach in the marketing mix.
• Price is usually the total value of a particular good as expressed in amounts of
monetary terms that company acquires in exchange for the goods that benefit all the
end users. The sub elements of price include price levels,policies,discounting rates,
deliverables and credit terms required on products, Thus marketers should take in to
account pricing with good care.
Price Decisions