The elements of the marketing mix

There are many different ways through which a company can market its self and its products. This can be shown when you look at the elements of the marketing mix, these are;

Product,

Price,

Place,

Promotion

All four of these will affect the ways the company marketing strategy works.

Product

 There are choices to be made for each. Firstly “Product

The product must be of a quality that not only allows it to be sold in a shop but it also must be seen as some thing that the customers feel they should have.

Price

Pricing strategy’s ………………… For this reason there are many different pricing strategies which all should be taken in to consideration.

·        “Market led pricing,” this where the company sets its prices in a hope to make a profit but is still low enough to create sufficient demand for the products.

·        “One off pricing,” is where each product is at a different price this is usually using where job production is in process, not relevant to this company.

·        “Cost-plus pricing,” is where the price of the products is calculated by working out the cost of the services and then either adding a flat rate amount or a percentage increase.

As the company has set up in an area in which there is computation form similar shops and larger retailers, the only option is to use market led pricing this is because the market is already established and so a radical new scheme would end in a loss of profit. What also adds to this is the fact that the products already exist in other shops as they are branded and manufactures set the price. It has to conform with other shops as the customers would go and purchase their goods at another out let.

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Place

 The factor of Place is not on such a large scale, the outlet is the shop and although products may be offered by post most of the transactions will take place at the shop. However the shop must be in a position in which to offer its services well and easily accessed by the customers. For example there must be plenty of car parking near by so that the customers can easily access the shop, it should be available to as many customers as possible.

 

 

 

Promotion

 

Promotion the fourth element and refers to how the potential customers ...

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