MARKETING

Understanding the Individual Elements of the Extended Marketing Mix



Understanding the Individual Elements of the Extended Marketing Mix

Introduction

This paper presents the discussion on the importance of competitive advantage of a firm over others and do they get it. After that, the paper will discuss the importance and significance of distribution channel, the price setting strategies, promotional activites and marketing mix in detail.

Discussion

If the company reaches the quality of competitive advantage; thereby, it can increase the flexibility of operating in the field of pricing and other instruments related to the material interests of buyers. Giving the price advantage can increase the flexibility of handling instruments. However, to give the edge information can effectively shapes the preferences of buyers to obtain their approval for running the instruments and activities (Don 2005, 90-105).

The choice of distribution system should be guided by the availability of products for the maximum number of customers, the ability of intermediaries to the implementation of the distribution, a satisfactory level of service and lowest cost of this distribution. Promotion mix is to communicate, inform and persuade the customer and other stakeholders of the company, its products and deals etc., to achieve organizational objectives (Jerome 2005, 37-40).

How products are developed to sustain competitive advantage?

A competitive advantage (competitive advantage) is what allows an organization to outperform the competition. It is called sustainable when its owner is able to maintain a sustainable competitive advantage; its competitors are tempted to imitate, or to establish a new competitive advantage that makes obsolete the one that prevailed at any given time. The question that how providers can enhance their products/services is that adding some unique features to the product or service which is not used being used by the competitor may enhance the product/service in a competitive way. Furthermore, changing of any feature or upgrading it with some better version or quality may also give the product the competitive advantage (Jaynie 2006, 90). In addition, value adding is also a good option for being competitive in the market. It can be done through enhancing the quality or providing some extra service (such as post purchase repairing or maintenance), so that this would also be helpful for the manufacturer in achieving competitive advantage (Powell 2001, 875).

There are a number of methods by which a business can think for developing a product or service which is capable of providing the competitive advantage to the business.

Staged release into the market

This involves producing the added-value to the products or services or producing some kind of innovations and wait for a certain time. When the right time comes, introduce the product or service to the market so that this would be able to have competitive advantage over others as the competitors would not be able to produce them immediately (Powell 2001, 875).

Differentiation and positioning

If you can differentiate your product from that of your competitors, then you can position yourself in a prime position in the market.

Research and marketing

The companies should do proper research ...