November 21, 2013
The Impact of Marketing in My Life What is marketing? Marketing is an activity. Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products to the public. Marketing has impacted my life dramatically because I use a lot the four P’s at work and my personal life. The four “P’s” are Product, Price, Place and Promotion. Society can exist without Marketing, but Marketing cannot exist without Society. Marketing is the management process of anticipating, identifying and satisfying customers’ requirements. There are various marketing tools like advertising, branding, direct marketing, sales promotion, publicity and public relations. These tools help companies make more and larger profit, and satisfy all customers. In this paper I am going to discuss how the Four “P’s” have impacted and changed my life.
Product in the marketing mix refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. I learned that a product should be in good conditions and it should be the best product offered for customers to buy it. For the business, the product should have a variety of colors, sizes, styles, etc. If the business wants to sell a large quantity and make a moderate profit, they should add or change something to the product. The more variety the product has the easier they will sell it because there is plenty taste for every single customer. As a worker at subway, learning about product changed my skills. If product is making every effort to satisfy customers, then every time I make a sandwich I make sure it looks good. If my product looks good then customer will be satisfied, therefore the customer will come more often to buy another sandwich. In conclusion, the business needs to offer a good quality product in order to make profit and satisfy its customers.
Price in the marketing mix refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product. Pricing the product is one of the most important tools in a business. And one strategy that most businesses use is that they try to keep a good price and also encourage retailers to make large orders so that the business can offer its customers discounts when they buy the product in large amounts. No matter what type of product you sell the price you charge your customers or clients will have a direct effect on the success of your business. Pricing strategies can be complex, the basic rules of pricing a product are. 1. All prices must cover costs and profits. 2. The most effective way to lower prices is to lower costs. 3. Review prices frequently to assure that they reflect the dynamics of cost, market demand, response to the competition, and profit objectives. 4. Prices must be established to assure sales. Before setting a price for your product, you have to know the costs of running your business. Price is very important because customers are always looking for cheaper prices. In my case, I am always looking at different stores for the same product to see which one has the cheapest price. As a customer, I am looking to get the best product for the cheapest price. As a worker, I am always trying to make the best product and offer it for the best affordable and reasonable price. At the same time, the company tries to make profit having to offer the product for a good price that is win-win. The company wins customers and make product, and the customers win a good quality product for a great…