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25 views

4a49f3daae79849abc9e1bd7439b952e (1)

Uploaded by

Salman Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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NAME: SAMIRA AFRIDI ID# 13651

Answer:

Every position in our contemporary corporate environment demands us to know and implement
at least some components of marketing in it. It is no longer about utilising marketing and sales
interchangeably as words, but creating a clear framework about what marketing truly includes.

The key elements of marketing are:

Product:

Product refers to an item or service that a firm gives to clients. Ideally, a product should meet an
existing customer demand. Or a product may be so appealing that people think they need to have
it and it creates a new demand. To be effective, marketers need to understand the life cycle of a
product, and business leaders need to have a plan for dealing with goods at every point of their
life cycle. The kind of product also partially dictates how much businesses can charge for it,
where they should place it, and how they should promote it in the marketplace.

Your consumer just cares about one thing: what your product or service can accomplish for
them. Because of this, emphasise making your product the best it can be and optimising your
product lines accordingly. This technique is called “product-led marketing.” In a marketing mix,
product considerations encompass every part of what you're attempting to sell. This includes:

 Design
 Quality
 Features
 Options
 Packaging
 Market positioning

Price:

Price is the cost consumers pay for a thing. Marketers must relate the price to the product's true
and perceived worth, but they also must consider supply costs, seasonal reductions, and rivals'
prices. In rare situations, company leaders may boost the price to give the product the illusion of
being a luxury. Alternatively, they may decrease the price so more people can sample the
product.

Marketers also need to evaluate when and whether discounting is acceptable. A reduction might
occasionally pull in more buyers, but it can also create the sense that the product is less unique or
less of a luxury compared to when it is originally priced more.

Place:

This is where your firm sells its products or services and how it delivers those items or services
to your consumers. It's also known as "distribution."

Your location lets consumers know where they may find and get your goods and services. This
seems pretty fundamental, and in some respects it is, but you have to examine more complex
elements of this factor, such as the details of your product or service, the larger market, and the
price of using a certain area. If your market doesn't utilise eBay, then it wouldn't make sense to
offer your items on the site. If your products are premium things, you want to offer them in a
setting that represents that quality and exclusivity rather than reducing expenses to the bone with
a discount retail area.

Promotion:

Promotion encompasses advertising, public relations, and promotional strategy. The objective of
advertising a product is to explain to customers why they need it and why they should pay a
specific price for it.

Marketers try to integrate promotion and placement components together so they can target their
key consumers. For example, In the digital era, the "location" and "promotion" aspects are as
much online as they are offline. Specifically, where a product appears on a company's web page
or social media, as well as which sorts of search operations activate matching, targeted
advertising for the product.

The fundamental principles of marketing will allow marketers to employ the 4P’s of marketing
to build engaging, compelling and distinctive marketing strategies that will help distinguish their
product or service in the market. These components, however, underline the necessity of research
and the ongoing inclusion of consumer input since a marketing plan needs to adapt continuously
to the environment and the customers.

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