The Role of a Quality of the Product in the Marketing Strategy
If the product is of a low quality, all marketing efforts will fail. A nice packaging, attractive promotion or even a lower price of competitors cannot replace a quality. The successful marketing strategy is the one that has all elements balanced. This is the only way to attract customers and hold them in a long-run.
Marketing strategy includes all activities aimed at the increase in sales and a sustainable competitive advantage based on the selected marketing mix that consists of 4 Ps or product, price, place and promotion (McCarthy). All elements of the marketing mix are equally important and must be harmonized in order to achieve the marketing goals. The product is what sells to customers and the base of the business operations. It must have an adequate price which is determined by costs and must be brought to the consumer through selected distribution channels. Customers also must be informed about the product that is offering. In services marketing is added three more elements – process, people and physical environment, which makes the 7 Ps (Booms et. al.).
Although all elements of the marketing strategy are important, the quality of the product is crucial because creates a customer satisfaction (Singh 5). Even when all other elements of the marketing strategy are in line with the market, if the quality of the product is low, the customers will not be satisfied and will stop buying the product. The quality of the product also creates value (Singh 5). Furthermore, product quality has a direct and positive influence on ROI, market share and price (Jacobson and David 32). Customers are willing to pay higher prices for higher quality. Also, a quality product will easier enter the market and increase market share. In return, higher prices and market share have a positive feedback effect on increasing the quality and all together increase ROI (Jacobson and David 42). It is enough to look the well-known brands, such as iPhone, Mercedes, Nike or Armani to see that with high quality always goes high price, a huge market and enormous business success. However, customers will buy only what they want, so the company must find the right mix of all elements.
Therefore, though all four elements of the marketing strategy are important, without a quality product a company cannot survive in the market, even if has the greatest competitive advantages in other aspects of marketing. Very often a quality of the products is the crucial factor in the decision to purchase a product because it determines customer satisfaction.
Booms, Bernard H. and Bitner, Mary Jo. “Marketing Strategies and Organization Structures for Service Firms.” Marketing of Services. American Marketing Association,1981, pp. 47–51.
Jacobson, Robert, and David A. Aaker. “The Strategic Role of Product Quality.” Journal of Marketing, vol. 51, no. 4, 1987, pp. 31–44., doi:10.2307/1251246. Accessed 16 Feb. 2017.
McCarthy, E. Jerome. Basic Marketing, IL: Richard D. Irwin, 1964.
Singh, Meera. “Marketing Mix of 4P’S for Competitive Advantage.” IOSR Journal of Business and Management, vol. 3, no. 6, 2012, pp. 40–45., doi:10.9790/487x-0364045. http://www.ijbmi.org/papers/Vol(2)6/Version-2/B02620508.pdf. Accessed 17 Feb. 2017.
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Essay about Four Elements of the Marketing Mix
1460 Words6 Pages
What does the phrase marketing mix mean? What is the purpose of the marketing mix? The marketing mix is a process most organizations use to bring a product or service to market. The four Ps is a good way to define the marketing mix tool. The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the…show more content…
The Role of the Four Ps
The first important aspect of the marketing mix is the tangible product. This first step for the marketer involves the decision-making process. The product should include tangible attributes. There are many product decisions to make such as, appearance, quality, and functionality. The function of a product must address the needs of the consumers. For example, high-tech devices such as an Apple iPod or a Microsoft Zune digital mp3 player have the tendency to attract tech savvy users. The target market suitable for this particular electronic product would be individuals in their 20s and 30s—Generation Y population. Hence, the mp3 product must have the right features. The features most consumers care about on an mp3 player are space capacity, battery life span, sound quality, screen size, and color. Touch screen, camera, and web access are additional features most customers care about as well.
Consumers choose mp3 players that do more than play music. For instance, when consumers travel, an mp3 player will be the ideal portable entertainment and communication product during a trip. Since most customers shop for mp3 players to suit their needs and sometimes their budget, companies market mp3 players by their brand name, their product detail, and their price. An effective method for the product