MARKETING

Theoretical Essay

Abstract

The marketing mix is the combination of different marketing instruments used by a company to achieve its targeted marketing goals with specific customer groups on the relevant market segments. A core product offered with additional products or services to generate revenues is known as augmented product. This additional service may be tangible or intangible depending on the nature of product and the level of demand that the customer has for that product. It is important to focus on a target group and marketing strategies of a company to offer the products with its intangible attribute and additional services i.e. augmented products. Considering the importance of augmented product model , marketing manager must focused on providing additional services or offers such as after-sale services, discount offers, attached gifts etc. in order to build strong relationship with customers and create brand image and equity among target market.

Theoretical Essay

Introduction

Marketing model is a form of qualitative and quantitative description of behavior of subjects represents a marketing system in their interaction on the creation and reproduction of the demand for goods and services in order to obtain or increase profits. Building a model of marketing is not an end in itself, and is kind of tool for the management of marketing functions (Kerin, 2001, pp. 167-169). Today, there are several recognized theoretical models of marketing services including marketing mix.

The marketing mix is the combination of different marketing instruments used by a company to achieve its targeted marketing goals with specific customer groups on the relevant market segments. Marketing mix means, with the right product, at the right place with the right prices and the right sales channel for success (Kotler & Keller, 2012, pp. 252-286). Marketing mix refers to the right product, at the right place with the right prices and the right sales channel for success. The basic tools of the marketing mix are called “4Ps” and are divided into four areas: product (product policy), price (pricing policy), promotion (communication policy) and place (distribution policy).

A core product offered with additional products or services to generate revenues is known as augmented product. This additional service may be tangible or intangible depending on the nature of product and the level of demand that the customer has for that product (Desmet, 2008, pp. 109-115). It creates loyalty and brand image among customers.

Marketing Mix

The 4P's consists of four factors that are strongly interconnected. Generally, these are the 4 P's that an organization has to apply to the market in which it operates. The 4P's can be used by an organization to provide a comprehensive marketing strategy to set. It is important for marketing manager to ensure that these four forces are well-matched to one another.

Source: Brooke and William, 2003, pp. 20

Product

The product consists of what the organization has developed to meet the needs of the customer. This may be a tangible item such as a calculator or a car, but also an intangible service such as thesis supervision or a ...