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    Running Head: Introduction To Business

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    Kashém
    This document provides an overview of key marketing concepts including the marketing mix, marketing techniques, marketing definition, pricing goods and services, branding, and product life cycle. The marketing mix consists of the 4 P's - product, price, place, and promotion. Marketing techniques businesses employ include introducing new products/services, becoming a valuable resource, differentiating from competition, and promoting end results. Marketing is defined as developing, pricing, and distributing products to consumers. The steps for pricing goods are determining objectives, demand, costs, competitor prices, pricing methods, and final price. Branding involves researching the market, choosing a focus, naming the product, describing its use, designing a logo, and applying the brand. The product life

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    Running Head: Introduction To Business

    Uploaded by

    Kashém
    617 views5 pages
    This document provides an overview of key marketing concepts including the marketing mix, marketing techniques, marketing definition, pricing goods and services, branding, and product life cycle. The marketing mix consists of the 4 P's - product, price, place, and promotion. Marketing techniques businesses employ include introducing new products/services, becoming a valuable resource, differentiating from competition, and promoting end results. Marketing is defined as developing, pricing, and distributing products to consumers. The steps for pricing goods are determining objectives, demand, costs, competitor prices, pricing methods, and final price. Branding involves researching the market, choosing a focus, naming the product, describing its use, designing a logo, and applying the brand. The product life

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    This document provides an overview of key marketing concepts including the marketing mix, marketing techniques, marketing definition, pricing goods and services, branding, and product life cycle. The marketing mix consists of the 4 P's - product, price, place, and promotion. Marketing techniques businesses employ include introducing new products/services, becoming a valuable resource, differentiating from competition, and promoting end results. Marketing is defined as developing, pricing, and distributing products to consumers. The steps for pricing goods are determining objectives, demand, costs, competitor prices, pricing methods, and final price. Branding involves researching the market, choosing a focus, naming the product, describing its use, designing a logo, and applying the brand. The product life

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    617 views5 pages

    Running Head: Introduction To Business

    Uploaded by

    Kashém
    This document provides an overview of key marketing concepts including the marketing mix, marketing techniques, marketing definition, pricing goods and services, branding, and product life cycle. The marketing mix consists of the 4 P's - product, price, place, and promotion. Marketing techniques businesses employ include introducing new products/services, becoming a valuable resource, differentiating from competition, and promoting end results. Marketing is defined as developing, pricing, and distributing products to consumers. The steps for pricing goods are determining objectives, demand, costs, competitor prices, pricing methods, and final price. Branding involves researching the market, choosing a focus, naming the product, describing its use, designing a logo, and applying the brand. The product life

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Running Head: INTRODUCTION TO BUSINESS

    Introduction to Business

    Name.

    Institution

    Date.
    INTRODUCTION TO BUSINESS 2

    Marketing mix and its components

    The mix of marketing can be defined as the group of marketing variables implemented by

    a company in order to disclose the desired market response (Anusha, 2016). It includes all the

    elements that influence product demand offered by a company. There various components of a

    marketing mix; Product- It means the solution which the client wants and requires. It centralizes

    everything in the market mix. The company needs to be able to offer at least a minimum standard

    of output to put up a high sales. Price-This generally is the value that the consumer positions.

    The business should analyze the products value in order to reach out to potential customers.

    Place-The word place in marketing mix applies to commodity delivery or the point of selling the

    product. A successful marketing strategy in any given market segment consists of attracting the

    customer's attention and shaping their purchase decision in a deep way. Promotion- That is the

    interaction that takes place between the organization and the consumer (Anusha, 2016).

    Marketing Techniques

    Specific businesses employ marketing strategies to communicate with their customers.

    They include: Start introducing new products and services-Usually adding a new product or

    service to the list of those you already sell creates a big increase in revenue. It also brings

    potential consumers who have not been involved in the existing goods and services. Becoming a

    valuable resource or tool-By providing them with free knowledge, and helping them to do tasks

    quicker, easier and cheaper. This will attract more customers. Separating from competition-By

    identifying or creating a purpose for consumers to do business with you rather than buying the

    same or similar goods from someone else in order to find the value in your company. Promoting

    end results and anticipating change- Insulate oneself from the effects of transition by increasing
    INTRODUCTION TO BUSINESS 3

    the number of goods and services that you sell and by using a range of marketing strategies

    (Adamashvili, & Fiore, 2017).

    Marketing definition

    Marketing is the operation, processes for developing and collection of organizations,

    producing, interacting and sharing deals that are of value to suppliers, consumers, general society

    and partners (Liu, 2017).

    Steps used in pricing goods and services

    The steps to determine prices for goods are as follows: Choosing the market objective-

    The organization determines first where its business offer will be placed. The simpler the goals

    of a product, the easier the pricing. Determination of Demand-Increasing price will result in a

    different level of demand and will have a different effect on marketing objectives for a product.

    Cost estimates-The commodity company's costs will measure the cost of the product for

    determination. Analyzing the prices, costs and offers of competing companies- The business

    should compare its prices with competitors, learn about the quality and cost of its competitors.

    Choosing a method of pricing- They include target return, value pricing, auction-type pricing as

    well as the mark-up pricing methods. Choosing the end price- Pricing strategies limit the range

    the firm must pick the final price from. The organization will consider other additional factors in

    choosing the price (Laatikainen, & Ojala, 2018).

    Branding

    Making your own brand effectively amounts to 6 actions (Williams, 2017): Investigating

    target market and rivals or competitors. Secondly, picking ones personality and focus. Choosing

    the product or service name in order to reach a target audience follows. Fourthly, one needs to
    INTRODUCTION TO BUSINESS 4

    write a brief description about the product, its usefulness and usage. This will give the potential

    buyer of what the product entails. Fifth, give the product a branding name or logo, well-designed

    to attract customers. Lastly, apply and develop your brand in your business.

    Product life cycle

    This is the period which a product follows from its initial market launch to the decline or

    removal from the market (He, Luo, & Huang, 2019). There are four stages in the life cycle-

    introduction, development, maturity, and decline. Introduction-The product will be released into

    the market at this point. Once a new product comes out, it is always a period of great value in the

    lifetime of the product-even though it does not necessarily achieve or ruin the company. Growth-

    Consumers are already taking the product and purchasing it more and more. The concept of the

    product is established and is both sales and popularity. Maturity- Saturation is reached at this

    point and sales levels are completely wiped out. Many companies start innovating in order to

    retain or increasing their market share, improve or diversify their product to reach new markets

    or improve innovations. Decline- During this stage, product prices drop dramatically, and the

    behavior of customers shifts as the product becomes less during demand. The company's product

    is gradually losing market share, and competition appears to cause decline in sales (He, et.al,

    2019)
    INTRODUCTION TO BUSINESS 5

    References

    Adamashvili, N., & Fiore, M. (2017). Investigating the role of business marketing techniques in

    sales process. European Journal of Management Issues, 25(3-4), 135-143.

    Anusha, K. S. (2016). Brand a marketing mix: a review. Journal of Global Economics, 4(3), 1-4.

    He, B., Luo, T., & Huang, S. (2019). Product sustainability assessment for product life cycle.

    Journal of cleaner production, 206, 238-250.

    Laatikainen, G., & Ojala, A. (2018). Pricing of digital goods and services. In Information

    Systems Research Seminar in Scandinavia. IRIS Association.

    Liu, R. (2017). A Reappraisal on Marketing Definition and Marketing Theory. Journal of Eastern

    European and Central Asian Research (JEECAR), 4(2), 7-7.

    Williams, R. L., & Williams, H. A. (2017). Origins of Today’s Marketing and Branding

    Strategies. In Vintage Marketing Differentiation (pp. 1-4). Palgrave Macmillan, New

    York.

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