Marketing Essay Example | Topics and Well Written Essays - 1500 words - 3

Marketing - Essay ExampleBefore product development, one take to analyse the essential of that product in context of its supply, or needs to create a demand by creating commercializeing niche. Creation of a new merchandising niche idler be through with(p) through the creation of a brand. This means to create demand hype by convincing say-so customers for buying and using that product, irrespective of its necessity. This is very common for luxurious goods and services. 2.PriceIt is the material amount that is salaried by the customer for a product. According to Jed C. Jones The price of any product has a direct bear on on the marketability of that product. Pricing for offerings that are more commonly available in the market is more elastic, importation that unit sales will go up or down more responsively in reaction to price changes. By contrast, those products that have a generally more limited availability in the market (but with strong demand) are more inelastic, meaning that price changes will not affect their unit sales very much. (Jones, 2007)3.PlaceIt is one of the most important elements of marketing intermixture. It is the location from where a customer can purchase or obtain the product. It consist of various channels of distribution like retail or wholesale stores, outlets, promotional stalls, home delivery services, internet stores, online shopping cart facility, mail baffle and website order booking. 4. Promotion Product promotional activities serve as the directional factor for achieving marketing objective. They imply marketing campaigns, promotional introductory trials, event sponsorships and incentives in form of special offers, discounts, gift and advertisements. Other promotional activities include recommendations, referrals, endorsements and promotion by using good will of the company. 5. People This element of extended marketing mix comprises of people involved in each and every step of product life cycle. The management of an plaque plays a key role in development of this element. They collectively constitute the culture of an organization. People likewise are the target audience and market segment of a particular product. 6. Process This is primarily related to the organization which is providing any sort of service as its product. Secondarily, the production process, sales, after-sales and customer relationship management of a manufacturing concern forms the process. 7. Physical Evidence This element of extended marketing mix deals with the physical environmental evidences. Gaurav Garg explains it as the importance of quality physical layout is important in a range of service providers, including Students going to college or university have far higher expectations about the quality of their accommodation and learning environment than in the past. As a result colleges and