Marketing & Marketing Mix usb

Product

This is a key part as its quality and appearance etc. are made.It makes the design ,quality, appearance, special features, number of models or sizes etc. The product is essential to be rightly packaged and the branding name suiting the product. In marketing, companies are always trying to make as much profit as possible. They try to establish good famous brands. If a company has a good brand it can produce bucket loads of money. So companies try to extend the life of profitable brands. An example of this is Adidas.        

Place

The way in which a product or service is distributed, or where it is located.

So you know where to go etc. The place is usually made in such a place that the customers would be most attracted to the products. It is not just about location. This can be achieved in various different ways such as: retail shop, internet, texting, mail, newspapers, telephone and vending machines.

Price

The various prices of the various services and products. How much everything will be sold for. A significant factor in pricing a product is the competition. Companies charge prices for their goods and services. These prices can be determined by either supply or demand or purely by the companies decision itself. There are several types of pricing. Competition based pricing, Prestige pricing, Penetration pricing, and Cost-Plus Pricing. Competition based pricing is where companies and firms judge their prices according to those prices charged by their competitors. Prestige pricing refers to the practice of setting a high price for a product.  This is done in order to evoke perceptions of quality and prestige with the product or service.  Penetration pricing is the opposite of price skimming and occurs when a business sets a low price in order to gain a good market share quickly. It is used when a new product is brought onto the market or when a manufacturer is trying to break into an existing or an established market. Once market share has been won, the price can be increased to gain larger profits. Cost-plus pricing is fixing a price by adding a % profit margin to the cost of production.

Promotion

All the techniques used to promote a site by search engines and directories. Promotion involves disseminating information about a product, product line, brand, or company. It is comprised of four subcategories:*advertising*personal selling*sales promotion*publicity and public relations. The specification of these four variables creates a promotional mix or promotional plan. A promotional mix specifies how much attention to pay to. It is a very important marketing tool. It helps companies INFORM and PERSUADE customers of the products they sell. Promotion tools include catalogues, magazines, advertising, telephone, e-mails, sponsorship, selling, public relations and merchandising. Promotion is about deciding how a product should be marketed and sold. It is a huge mix of methods.