Marketing mix (Product, Price, Place, Promotion)* the right produce * sold at the right price* in the right place* using the most suitable promotion.To create the right marketing mix, businesses have to meet the following conditions:* The product has to have the right features - for example, it must look good and work well. * The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.* The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.* The target group needs to be made aware of the existence and availability of the product through promotio.nSuccessful promotion helps a firm to spread costs over a larger output.
The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line,providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as:
* the appearance of the product - in line with the requirements of the market * the function of the product - products must address the needs of customers as identified through market research.
The importance of developing and maintaining enduring relationships with customers of service businesses is generally accepted in the marketing literature. A key challenge for researchers is to identify and understand how managerially controlled antecedent variables influence important relationship marketing outcomes (e.g., customer loyalty and word-of-mouth communication). Relational benefits, which have a focus on the benefits consumers receive apart from the core service, and relationship quality, which focuses on the overall nature of the relationship, represent two approaches to understanding customer loyalty and word of mouth.This integrates...
Please join StudyMode to read the full document