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

Marketing - Essay ExampleBefore ingathering development, one needs to analyse the invite of that product in context of its supply, or needs to create a demand by creating marketing box. Creation of a new marketing niche can be done through the creation of a brand. This means to create demand hype by convincing potential customers for buying and employ that product, irrespective of its necessity. This is very common for luxurious goods and services. 2.PriceIt is the material amount that is paid by the customer for a product. According to Jed C. Jones The price of whatever product has a direct impact on the marketability of that product. Pricing for offerings that are more commonly available in the market is more elastic, meaning that unit sales will go up or down more responsively in reply to price changes. By contrast, those products that have a generally more peculiar(a) availability in the market (but with strong demand) are more inelastic, meaning that price changes will no t affect their unit sales very much. (Jones, 2007)3. indueIt is one of the most important elements of marketing intermingle. It is the location from where a customer can purchase or obtain the product. It consist of various channels of diffusion like retail or wholesale stores, outlets, promotional stalls, home delivery services, internet stores, online shopping cart facility, mail order and website order booking. 4. Promotion production promotional activities serve as the directional factor for achieving marketing objective. They include marketing campaigns, promotional introductory trials, event sponsorships and incentives in form of special offers, discounts, put 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 relate in each and every step of product life cycle. The management of an organization plays a key ro le in development of this element. They collectively even off the culture of an organization. People also 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 furthest higher expectations about the quality of their accommodation and learning environment than in the past. As a result colleges and