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

MRKT - Essay Example The 4P’s are product, place, price and promotion. This marketing 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 way. PRODUCT OR SERVICE The product or service should be in line 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 must develop their products and services to stand out in the highly competitive market (Armstrong and Kotler 5). When developing products, it is imperative to consider various aspects including quality, packaging, customer service as well as consequent after sale services. Product differentiation plays an important role at this juncture as it enables products to be noticeable in the market (Armstrong and Kotle r 5). In addition to, product variation enables the company to satisfy the diverse needs of the customers. With regards to services, companies must 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 discard obsolete products. This process is referred to as product elimination which ensures maintenance of a fresh and new exciting product line that remains relevant in the market (Armstrong and Kotler 10). It is of great importance to consider other additional features concerning the product that may considerably affect the market (Armstrong and Kotler 3). Companies should choose names that are simple, eye catching and trendy. The name of the product go hand with the packaging and both play a key role in attracting customers. The other essential feature to take into account is the brand name which should be used to market the product or service. Lastly, com panies 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 and proper hygiene so as to attract and retain customers. PRICE Pricing is a vital element of any marketing strategy. Marketing decisions should be based on a comprehensive research 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 company’s market share, cost of raw materials, number 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 first few months. There are different pricing methods that are employed by companies in the current times. The first is cost recovery pricing which is applied by marketers to ensure that they recover the cost of production (Armstrong and Kotler 15). On top of this, they add a reasonable profit margin to