Back to: Marketing SS3
Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Marketing class, we will be learning about Elements of Marketing
At one point or the other in our lives, we have tried to convince people why a particular thing is better than the rest. For some, beyond just talking, there are extra efforts they put to make people accept their opinions of something. Marketing is essentially making a product appealing and buyable.
But when we talk about elements of marketing, we are taking a step further.
Elements of Marketing
Elements of marketing often refers to a common classification that began as the four Ps: product, price, placement, and promotion.
Product
This represents an item or service designed to satisfy customer needs and wants. To effectively market a product or service, it’s important to identify what differentiates it from competing products or services. It’s also important to determine if other products or services can be marketed in conjunction with it.
For instance, if you wish to start selling handcrafted bags, you identify what differentiates your product from competing products or services.
Price
The sale price of the product reflects what consumers are willing to pay for it. Remember we cited an example of selling a handcrafted bag. In doing this under price, you must know the capacity of your buyers financially; how much they are capable of buying your product.
Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on consumers’ perceived quality or value is known as value-based pricing.
Placement
When determining areas of distribution, it’s important to consider the type of product sold. Basic consumer products, such as soft drinks, often are readily available in many shops. Premium consumer products, however, typically are available only in select stores, such as body cosmetics.
Promotion
In promotion, Joint marketing campaigns are called a promotional mix. Activities might include advertising, sales promotion, personal selling, and public relations. An important consideration is the budget assigned to the marketing mix.
In summary, when we talk about elements of marketing, we are referring to a common classification that began as the four Ps: product, price, placement, and promotion.
Evaluation
Explain what you understand by elements of marketing.
Reading Assignment
What does the four Ps stand for?
Weekend Assignment
Mr A has just begun to sell a newly introduced product for consumption during cold. He is worried that people may not be able to afford the product. Explain how Price in elements of marketing can help his business.
We hope you enjoyed today’s class. See you in the following term.
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