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Why students need help with Marketing?
- A uni-layer selling and buying of goods between distributors to consumers may seem simple but is not.
- Business to consumers marketing is an intricate network of channels.
- Business strategy has to be embellished with the prediction of future market behaviours.
- To understand the cultural and social conditions affecting the demands of the products.
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The Marketing mix:
- Prime business function.
- Companies verify if the certain product matches or exceed consumer’s needs.
- Determines what the company is going to produce, how much they will charge for their product, deliver the product and promote the product among the buyers.
- These are known as Marketing mix or 4Ps Marketing.
The 4Ps which are considered for Market Mix:
Must have right features and work well.
Must be right and calculated to produce a healthy profit
Goods must be in the right place at the right time. Goods must be there when they are wanted.
To make the buyers aware of the product. A good promotion leads to larger output.
Setting the price of the product to succeed in the market and gain profit is hard. Following are some methods to determine the price;
High price on a new product, then gradually decreasing the price.
- Prestige pricing:
Sets high price to increase fair reputation and brand name.
- Penetration pricing:
Using low price to occupy a vast market.
- Expansionistic pricing:
It is an intense form of penetration pricing.
- Preemptive pricing:
Setting low prices by biggest companies to erase the small firms of the market.
- Extinction pricing:
Temporal price fall to eliminate competitors.
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