MRKT Essay Example | Topics and Well Written Essays - 1250 words

MRKT - Essay ExampleThe 4Ps ar convergence, place, price and promotion. This securities industrying mix brings together the four elements to yield the desired results in the target market and has been used by companies over the years to overcome the physical barriers that hinder general adoption of a product. This strategy can be use to help my father manage his business in a better sort. PRODUCT OR SERVICE The product or service should be in stock with the requirements of the public and their prospective customers. It is important to note that with growing market and ever changing customer needs, companies essential develop their products and services to stand come out of the closet in the highly competitive market (Armstrong and Kotler 5). When developing products, it is exigent to consider various aspects including quality, packaging, customer service as well as consequent after bar piddle services. Product differentiation plays an important role at this juncture as it e nables products to be noticeable in the market (Armstrong and Kotler 5). In addition to, product variation enables the company to satisfy the diverse needs of the customers. With regards to services, companies moldiness ensure provision of top notch service that is unmatched in the specific industry to gain prominent in the market place. Companies are advised to review their products often so as to blackball obsolete products. This process is referred to as product elimination which ensures maintenance of a fresh and new provoke product line that remains relevant in the market (Armstrong and Kotler 10). It is of great importance to consider otherwise additional features concerning the product that may considerably affect the market (Armstrong and Kotler 3). Companies should choose names that are simple, spirit catching and trendy. The name of the product go hand with the packaging and both play a appoint role in attracting customers. The other essential feature to take into acc ount is the brand name which should be used to market the product or service. Lastly, companies must establish the appropriate cost of products and find out whether it can adequately yield profits. My father should ensure that the shops and apartments have been designed in an attractive way so as to attract the customers. He should provide additional services such as security department and proper hygiene so as to attract and retain customers. PRICE Pricing is a alert element of any marketing strategy. Marketing decisions should be based on a comprehensive search on pricing (Armstrong and Kotler 3). This research offers knowledge on competitors prices on similar products in the market and the prospective demand. It helps companies to fix suitable prices for the consumer which has improves overall effectiveness of the marketing strategy. There are several elements affecting the price of a product or service. These include the companys market share, cost of raw materials, list of competitors in the market and their marketing strategy as well as the consumers perception about the product or service. My father can charge low prices for the rental shops in order to attract customers for the archetypical few months. There are different pricing methods that are employed by companies in the up-to-the-minute times. The first is cost recovery pricing which is applied by marketers to ensure that they recover the cost of achievement (Armstrong and Kotler 15). On top of this, they add a reasonable profit margin to