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

Marketing - Essay Example Before product development, one needs to analyse the demand of that product in context of its supply, or needs to create a demand by creating marketing niche. 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 using that product, irrespective of its necessity. This is very common for luxurious goods and services. 2. Price It is the material amount that is paid by the customer for a product. According to Jed C. Jones ‘The price of any 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 limited availability in the market (but with strong demand) are more inelastic, meaning that price changes will not affect their unit sales very much.’ (Jones, 2007) 3. Place It is one of the most important elements of marketing mix. It is the location from where a customer can purchase or obtain the product. It consist of various channels of distribution 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 Product 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, gift 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 involved in each and every step of product life cycle. The management of an organization plays a key role in development of this element. They collectively constitute 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 proces s. 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 far higher expectations about the quality of their accommodation and learning environment than in the past. As a result colleges and