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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:

  • Product:

Must have right features and work well.

  • Price:

Must be right and calculated to produce a healthy profit

  • Place:

Goods must be in the right place at the right time. Goods must be there when they are wanted.

  • Promotion:

To make the buyers aware of the product. A good promotion leads to larger output.

Different methods:

Setting the price of the product to succeed in the market and gain profit is hard. Following are some methods to determine the price;

  • Skimming:

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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