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Transcript of Of Marketing
The product is a good, service, idea, place, person-whatever is being offered for sale in the marketing exchange process. But more than a good or service, a product is the quality and character of the offering. This aspect of the marketing mix includes the design and packaging of a good, as well as its physical features (whether standard of optional) and any associated services, such as free delivery, instillation, maintenance, or repair for some specified length of time.
A perfect product (service) must provide value for the customer. Give them what they want not what you think they want.
Price refers to the assignment of value, or the amount the consumer must exchange in order to receive the offering. The decision about how much to charge for something is not as simple as it sounds. The price of an offering is an important determinant of whether the product will be available to a market the company aims to serve, as well as how it will be viewed by that market
The price needs to be competitive but this doesn’t mean the cheapest.
Promotion refers to a marketer’s efforts to inform or persuade consumers or organizations about goods, services, It is the way you communicate what you do and what you offer.
• Gain attention
• Be appealing
• Tell a consistent message
• Give the customer a reason to choose you
Promotion should communicate the benefits, not just the features, Whatever type of promotion method used it should grab the attention of your customers, be easy to read and ensure the customer buys your service.
Place refers to the availability of the product to the consumer at the time and location where it is desired. This P is also known as channel of distribution, which refers to the series of firms that work together to get a product form a producer to a consumer.