Marketing elements

Product and price

 There are two marketing elements that have been presented in this module. Product is the first marketing element and in this case, the products are tangible and they are presented in both local and overseas in order to meet the consumer demand.  Product is the key element and companies pay attention to the product as the key determinant of the economy (Barker & Angelopulo, 2006).  For example, PepsiCo has applied the marketing element in its organization by ensuring that the target markets in local and overseas get variety of quality products (food and drinks in different segmentations).

 Price is another important marketing element and in this module, price plays a significant role in making profit.  The important thing to not here is that price is made with respect to how customers values the product. This is because, if customers have a little value on the product, then the price should be low and vice versa (Barker & Angelopulo, 2006).  In this case, the company has applied the marketing element by providing variety of products meaning that the price will be different and customers will purchase the product with respect to their purchasing power.

Between price and product, I think that the product is most important.  First, business cannot move forward or expand without a product.  In other words, a product must be developed in order to apply other marketing elements such as price, place and promotion (Hoffmann, 2008).  Other point is that in order to enter in both local and global markets and get a competition position, there must be a product which will meet the consumers’ desire.  

Product as marketing element is associated with advantages in that it increases market share and company’s market power through providing target market with quality products. In addition, product increases profit and positive sales growth through developing unique products which are able to compete in the market (Hoffmann, 2008).  Another advantage is that a product can develop the economies of scale which will then help the business to manufacture many products at low cost.

 

Both price and product are similar with other market elements such as place and promotion.  This is because, when a business has developed product and price, it cannot make profit or get a position in the competition market without developing promotion (Hoffmann, 2008).  In other words, for customers in global markets to know about the product, the company should   use all means of advertisement and creat a proper place where customers will get the product.

 

Other point is that the application of product, price, place and promotion is the same. This is because, in creating place and promotion, company should first develop product and price.  The point is that a certain product should move together with price. In addition, company should take a step to promote the product so that customers can get the message and create a decision to purchase the product (Hoffmann, 2008). Finally, customers need to see the product physical for them to value and purchase it. This indicates that the application of the marketing elements is the same and all elements must be inclusive in order to achieve the competitive advantage (Hoffmann, 2008).

 

Reference

Barker, R., & Angelopulo, G. (2006). Integrated organisational communication. Cape Town: Juta

Academic.

 

Hoffmann, S. (2008). Are the 4 P's of international marketing of equal importance to all firms? What

factors might cause some to more or less important than others?: A short article. München:

GRIN Verlag GmbH.