Marketing mix
Marketing mix differ in offering goods and services to the client. The 4Ps include the price, product, place and promotion. Examining each of the elements is essential to ake the company competitive. Below is analyzation on how marketing mix differs when offering product or services to the customers.
Product
Product nowadays can be a form of services or goods made to satisfy customer needs. The main consideration is ensuring the product produced is essential and is about market demand. Products are provided to consumers based on various requirements. Therefore, a product can be given information about service or right depending on the consumer needs in the target marketplace. It’s good for the product to be offered in a way that the main target is left satisfied with what is being provided to them.
Price
It’s good to assess products and services costs to match with market realities. Companies should be conscious of prices and their impacts on consumers. Some of the industries will value prices while when products or service are of low prices, most people tend to think its because the goods are not of good quality. Others will appreciate low prices, especially in areas where the economy not developed. Other places value high prices since they assume that estimates of the products reflect the quality of the product.
Therefore; rates will differ based on the kind of sector been offered the product or service. In any business, flexibility in pricing is a requirement (Nwokah & Briggs, 2017). In case of the resistance in sales, it’s good for the company to reconsider their prices. Organizati0on can engage in benchmarking to compare and adjust their prices and stay competitive, saturated market.
Place
Placement is an essential element in the marketing mix. The company should position its products based on various things, like the accessibility of potential purchasers. The more whereabout of the place, the better for, the better the design of the proper location of the product or service (Nwokah & Briggs, 2017). Offering service or products will differ because there are different places where the buyers can be reached. For example, reaching customers in supermarkets will vary in reaching customers who spend most of the time online. Strategies will differ on how the customer will be achieved between the two-place of the above customers.
Promotion
It includes various communications means which can be applied to tell customers about products and services. Some customers prefer choosing the products physically, and others consider online to save time (Decker & Stummer, 2017). Therefore, means of communicating to the customers will differ based on the customer been offered the product or service.