Essay on Marketing Mix
The main intention of market research is to analyze the demand of customers. In fact, consumers are so close with the market research and product development to their integration into the 4 Ps--that people might even be called: The fifth "P" of marketing. The four P’s of effective marketing mix strategy was developed by McCarthy. Focusing upon customers, company could take right decision for the customers, according to the right place and distribution outlets, and the proper way for approaching the products. Marketing is all about creating beliefs to drive buying. So whether they are focused on the product, price, place, or promotion, successful marketing strategies and tactics …show more content…
How to respond to aggressive price cutters?
How to price the same product when it goes through different channels?
How to price the same product in different countries?
How to price an improved product while still selling the previous version?
How to price different component of an offering?
When the customer wants to make his own choice of components?
Price are mainly selected with the negotiation between buyers and sellers although buyers choice are given more priority. A company like L’ORÉAL uses different types of pricing policy which will meet consumers desired. Appropriate pricing and promotional techniques is a good tool to maintain and achieve competitive advantage especially its competitors do not have the ability to offer a clear pricing hierarchy. It is often chosen the price depending upon the quality of products. Price mainly varies depending upon the demand of the product and has a different impact on company’s marketing objectives. Demand and price these two are inversely related and L’ORÉAL also uses the marketing mix rules on it. L’ORÉAL use the customer’s perception of value is an important determinant of the price charged.
Promotion is such kind of marketing strategy that includes advertising, selling, public relations, trade shows, direct mail,