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8Ps of Marketing

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Introduction

8Ps of Marketing Price: How much it costs for making the product, including free samples, premiums, discounts, taxes, payment terms etc. The pricing of a business is often a reflection of the market at which it is aiming. E.g. charging high price because aiming to sell to consumers who regard the product as exclusive. Pricing decisions should take into account profit margins and the probable pricing response of competitors. Promotion: Methods a firm can use to promote awareness of its products. This includes advertising, sales promotion, publicity, personal selling, PR and branding. A promotion method that is most likely to be most effective in the market in which the firm operates should be chosen. ...read more.

Middle

paying attention to the features. Features include: appearance, packaging, how the product will be used, product life cycle, USP, market position, financial factors. The scope of Products includes specifications of the goods and warranties, guarantees and support. Packaging: How the product is presented to the customers, vital as packaging is often the first contact the customers make with products. Also protecting goods for distribution, storage, sale and use of consumers. People: All people directly or indirectly involved in the consumption of a service: Workers, Employees, Management and other Consumers often add significant value to the total product or service offering. Workers should be well trained to have proper motivation and ethics. The use of appropriate staff and people is vital. ...read more.

Conclusion

Physical Evidence: Proving that the goods are actually distributed. The ability and environment in which the service is delivered, both tangible goods that help to communicate and perform the service and intangible experience of existing customers and the ability of the business to relay that customer satisfaction to potential customers. Unlike a product, a service cannot be experienced before it is delivered, which makes it intangible. This, therefore, means that potential customers could perceive greater risk when deciding whether to use a service. To reduce the feeling of risk, thus improving the chance for success, it is often vital to offer potential customers the chance to see what a service would be like. This is done by providing physical evidence, such as case studies, testimonials or demonstrations. consumers will make perceptions based on their sight of the service provision which will have an impact on the organizations perceptual plan of the service. ...read more.

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