The product levels are core benefit, basic product, expected product, augmented product, and potential product.
However, most companies are known for their marketing strategies used in the marketing mix. The marketing mix is a powerful strategy that contributes to the success of Apple Inc. The headquarters of the company can be found in Cupertino, California while there are retail stores located 10 different countries.
They carry a variety of products such as iPhones, iPods, iMacs, and the list goes on. However, the most successful products of Apple is in the mobile phone industry. This includes the iPhones. Apple has released eight generations of iPhones since when the 1st generation was released.
Price is explained as the amount consumers are charged for a product, indicating the value customers perceive the product to have. There are many pricing strategies within the marketing mix which is very important when it comes to selling the product.
They are cost plus pricing, hour based pricing, penetration pricing and skimming. Cost plus pricing is when the price of a particular product is determined by calculating how much it costs to do the job and adding on a given percentage as a return for the job.
Hour based pricing is when the business determines the price for every hour of work they complete, typically seen in small businesses. Penetration pricing is when a business starts off by offering the product or service for a low cost and when market penetration is achieved, the costs are raised.
Marketing Mix P-BSBMX4-MKT Robert Deer January 28, Abstract A Marketing Mix is a combination of product, packaging, price, channels of distribution, advertising, promotion, and personal selling to get the product in the hands of the customer. The term marketing mix refers to the marketing activities used to create, communicate and deliver value to the customer (Kotler, Keller, Brady, Goodman, & Hansen, , p. ). The four main marketing mix variables, referred to as the 4Ps of marketing are: product, price, place, and promotion. Each element of the marketing mix will be discussed in . Marketing Mix of Aarong Essay Sample. Aarong is an enterprise of BRAC and it’s a CSR based handicraft company established in Today, Aarong’s reach has spread beyond Manikganj to the rest of the country.
Last but not least, skimming is when you offer a product for a high price Marketing mix of aarong essay many customers are interested in it due to the brand of prestige it has.
The pricing mix of Apple iPhones includes costs, competition, mark-ups, discounts and geographical area. The company reduce prices after the initial launch of products, usually using the skimming strategy. The benefits of the skimming strategy is that it allows the company to reach its target market, products are perceived as high-quality products so consumers will be attracted to it and consumers who are status conscious may purchase higher priced goods for prestige which allows the company to get more recognition.
This strategy is very successful with Apple because, generally, the products of Apple are purchased at by high class people who can afford it so no matter how high the price is, it would be sold in large amounts.
However, the disadvantages of the skimming strategy is that it limits its sales which means that it cannot lower costs by building sales volume, if the price of the particular product remains very high for too long, it may delay or entirely prevent acceptance of the product by the general market and early customers of the product may be highly annoyed when the company later drops its price for the product, and as a result, generate bad publicity and cause a very low level of customer loyalty.
It is usually used to maximize profit in areas where customers are happy to pay more, where there are no substitutes for the product, where there are barriers to entering the market or when the seller cannot save on costs by producing at a high volume.
However, the disadvantages of premium pricing is that the costs required to establish and maintain a premium pricing strategy are massive, and must be maintained for as long as this pricing strategy is followed or the premium brand recognition by consumers will falter, and the company will have difficulty maintaining its price points, there will be a continual stream of competitors challenging the top tier pricing category with lower-priced offerings and since the company using this strategy is restricting itself to low sales volume, it can never generate the cost reductions that a high-volume producer would be able to achieve.
However, the product was the most innovative on the market which gave Apple the freedom and ability to price their phone at whatever cost they chose. Also, since the iPhones are usually aimed towards business people and younger customers, they have a higher chance of the product being bought due to the income of their customers and brand loyalty.
Product The most important area of the marketing mix is the product itself. The marketing mix of Apple is mainly product driven.
For example, Apple has released the iPhone 3, 3GS and 4 which are all considered to be of the same product line because they all derived from the same product with similar physical characteristics, customer segments, distribution channels, pricing methods and promotional campaigns.
However, what makes the versions different is the innovations added to the features of the phone to make it up to date and trendy. There are four major distinctions about the Apple iPhone that makes product so important in the marketing mix.
As android and Windows operating systems came later on smart phones, Apple was able to spellbind its customers with its mobile operating system.The term marketing mix refers to the marketing activities used to create, communicate and deliver value to the customer (Kotler, Keller, Brady, Goodman, & Hansen, , p.
). The four main marketing mix variables, referred to as the 4Ps of marketing are: product, price, place, and promotion. The marketing mix comprises of the standard 4Ps or 7Ps for the marketing of services.
The 4Ps or 7Ps can easily be identified and applied in practice. However, it can be difficult to balance the 4Ps or 7Ps in order to provide the right product/services to the right customer at the right place and at the right time.
Thus, after considering the transformation of the marketing mix it can be concluded that the marketing mix – is a set of parameters of the marketing activities of the organization, when it tries to meet the needs of target markets in the best way.
The aim of the essay is to analyse elements of the marketing mix. Initially, it will discuss four elements, which are the product, price, place and promotion respectively. Then, it will evaluate the most vital component in the marketing mix, which is the product.
The marketing mix is a business tool used in marketing and by marketeers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place.. The Marketing Mix “4 Ps” Essay.
Selling is a really alone field of work. It is the activity for making.
pass oning. presenting. and interchanging offerings that benefit the .