What is marketing?
When marketers start in the industry they are taught this definition for marketing ‘putting the right product in the right place, at the right price, at the right time’ (Sandhusen, 2000). Basically, you need to produce something that people demand for, put that product on a sale where the same people visit the store regularly and set a price for that product as much as the value is given to that particular product by the costumers. It requires a lot of hard work in knowing what the consumers actually want and from where they shop mostly.
It is also important yet difficult to find out what kind of a product to produce and what price to set. If you get even one of the elements incorrect then it can cost greatly. The 4 Ps of the marketing and the elements of the marketing mix are used as each others synonyms. But they aren’t the same thing necessarily. All these marketing mix elements are basically the choices for the marketers to bring up their product in the market. For defining the marketing mix the 4 Ps is possibly the best way known.
The 4Ps of the marketing mix elements are product, price, place
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The examples of goods that are intangible, or say intangible services are that of the tourism industry or the industry of the hotel, other examples can be of credits or the cell phone load. Tangible objects examples are like cars, razors etc. Price, this is the amount that a consumer pays for the product their buying. A number of factors determine the price, among which are the material costs, the number of competitors in the market, customer’s perceived value of the product, the market share and the product identity. The price of the product fluctuates if the same product is being sold at other stores.
All the other marketing mix elements are costs its just price that generates revenue from sales. An important determinant o the sales value is the price of the item. Researching what consumers want to pay for a product and what is their opinion about the product is important. The pricing policy of an organization with the passage of time and the circumstances keeps on changing. Bluntly speaking the truth, the value of the water in the Lake District’s would be quite different from the water in a desert. Place, a location where the product can be purchased is known as place.
It’s also known as the channel of distribution. Any physical store or any of the internet virtual stores comes under the heading of place. A place is all about the image it creates in the mind of the consumers and the impact it gives and not just a physical store where goods are available. Ranging from product to product, one fifth of the products cost goes to the way the product is made available to the consumers. Place is all about different methods of transferring the goods to the costumer, storing them and the way they are being made available to the consumers.
Making the product available at the right time is the distribution system. Some of the manufacturers find it convenient to sell the product to the wholesalers who then sell the product to the retailers, whereas other manufacturers prefer selling the product directly to the costumers or the retailers. Promotion, all the communication that a marketer uses in the marketplace is known as promotion. Four distinct elements are there to promotions which are personal selling, advertising, sales promotion and public relations. In the film promotion all the four elements are together used.
Any communication that is being paid for, radio, internet, commercials, billboards, cinema all is what advertising covers. The conferences, press releases, seminars, events, exhibitions, trade fairs and sponsorship deals all come under public relations where there is no direct pay for communication. The comments or any kind of informal communication from the customers that are satisfied or any ordinary individuals is the word of mouth. The staff usually plays a very important role in the public relation and the word of mouth.
Basically promotion is all about communicating with the consumers and providing them with all the necessary information about the product or the service. Nokia is one of the leading mobile phone organizations. It is a communication based company and focuses on the technology of mobile. In the starting the phone had just the SMS sending technology but later on it came with new features and new faces of the phone. The marketing mix of Nokia is too based around the 4 Ps. The consumers purchase the products for different reasons and the company is to figure out those reasons and produce the products accordingly.
Market research is very essential (Doyle, 2000). The Nokia Company needs to find out how many people use mobile phones, of what type, with what technologies etc and also target groups where there is a lot of demand for their product. Next is price and this is the key factor for product selling. The Nokia Company may use the skimming, competitor based or penetration strategies. The cost of production, competition and customer demand, are the three main factors which affect the service or product price.
The Nokia’s marketing mix place element is one that refers to the different outlets chosen for the products or services. Today, mobile phones are quite easily made available at specialized outlets, big department stores and supermarkets. Promotion is very essential for the product sales. For Nokia the promotion is used for providing the information to the consumer about the new technologies in the phone, by using various media platforms, such as the radio, the television, billboards, print advertising etc. Nokia implements these marketing mix elements in various ways in its current marketing strategy (Kurtz, 2009).
The Nokia products contain all the basic technologies that a consumer wants in his/her phone, which are text messaging, snake games and memory. With time the shape size and standards of the phone also started changing. First when these phones came in the market they were big bulky and not very attractive but with the passage of time Nokia started making phones with sleek, shiny bodies and sizes as small as able to fit in a palm. Nowadays Nokia phones when people buy also buy the accessories that come with it such as mobile covers, car chargers, kits etc which had generated a lot of profit to Nokia as they were priced high.
The pricing strategy of Nokia is that usually it produces phones with high prices. About two month of long period after the phone is introduced in the market the price of the phone falls. The pricing strategy used by Nokia is that of competitor based, they set their prices lower than their competitors that are closest to them but they don’t set prices lower than their smallest competitors as consumers are ready to pay some extra money for a well known brand such as Nokia and the quality phone it provides.
The phones of Nokia are made available and sold easily at established mobile phone dealers such as The Link and the other Carphone Warehouse dealers. These phones are sold at other dealers too such as the Dixon’s and some other electrical suppliers. The phones in the introductory time period are just available in limited quantity at the electrical suppliers and not the big dealers as to boost up its sales and attract young customers. The promotion of Nokia is done by using all the latest technologies.
By the advertising campaigns Nokia promotes its new technological devices. This advertising focuses not on the individual handset and on the technology of singular power as to appeal a great deal of people in different markets and that all in just one campaign. References Sandhusen R. L (2000). Marketing. Edition: 3rd Doyle P. (2000). Value-based Marketing. Journal of Strategic Management. Volume 8. Pages 299-311 Kurtz D. L. (2009). Contemporary Marketing. Edition: 2nd. Canada