Marketing is the procedure by which companies createcustomer interest in goods or services. Itmakes the strategy that motivates sales techniques, businesscommunication, and businessdevelopments. It is an combined process through whichcompanies build strong customerrelationships and create value for their customers and forthemselves (1) ProductThe product can be tangible or intangible that offered by themanufacturer to the customers. It can be defined as a package ofsatisfaction anddissatisfactions offered by company to the customers at a point oftime.
Their physicalattributes what they do, how they differ from your competitors andwhat benefits theyprovide. The products can be classified as durable and non durable,consumers and industrialgoods, perishable and non perishable, finished and semi-finished etc. GoPro has varied collection ofunique products. They manufacture eponymous action cameras and develops its ownmobile apps and video editing software.Size of the product is small ,lightweight and rugged body.
This one can shooting full HD video.All of theirproducts can buy from online websites. (2) PricePrice means the monetary value of the product has been fixed forexchange purpose. Theprice is the amount a customer pays for the product.
It is fixed afterconsidering variousfactors such as market share, competition, material costs, productidentity and the customer’sperceived value of the product. The business may increase or decreasethe price of product ifother stores have the same product. It is through price the companygets its money back inbusiness.
It should be fixed in such a way the company is in positionto recover the costs andearn profits also. If it is fixed very low then it may be difficult tocome to the breakeven pointand if fixed very high then it may have deterrent effect on the sale.The prix decision is verysensitive and for that special care is to be taken so that you may getthe competitive edge due to price decision. Place (Also referred to as Distribution) – Whereyour business sells itsproducts or services and how it gets those products or services toyour customers. GoPro is one of the mostaffordable cameras on the market.it was selling the lifestyle that came withusing a camera that real “doers” buy. (3) PromotionThe promotion concept is applied for products or services and to thebusiness. The promotioninclude all communications a marketer used in the market for hisproducts of services tocreate awareness, persuade the customers to buy and retain in futurealso.
For improvementin the position of sales or progress of business this method is used.The message is given totarget group regarding the features and benefits of the products orservices to the targetcustomers. Without communication the features, benefits and schemeswould not be knownto the customers and objectives of in launching of products or servicesand increasing sateswould not be completed. When communication creates awareness then onlythe interestwould be created and customers would take the decision for buying. Forpromotion differentmethods of communication can be used.
(4) PlacementPlace represents the point or location where the product is madeavailable to purchase. It isrequired that the products and customer should be available at a pointthen only the saleswould be possible. If not then the sale does not taken place. Thisterm is used for distributionchannel. It can include any physical store as well as virtual storeson the Internet.
Place is notexactly a physical store where it is available Place is nothing buthow the product takes placeor create image in the mind of customers. It depends upon theperception of customers. Theproducts or services should reach to the customer that channel iscalled distribution channelof placement.These above mentioned elements of marketing mix are only for products.With thedevelopment of service sector in every economy, the marketing ofservices is also needed.Due to this the elements of marketing mix for service have beenextended.
The three moreelements for service have been added. These are: 23 (5) PeopleThe services are being provided with the help of employees and to thecustomers. There isdirect contact for delivery of the services to the customers. The typeof people providing theservice matters a lot from business point of view. The people are tobe selected, trained andmotivated to keep the customers very happy.
So the people are veryimportant for servicemarketing. It is to be managed effectively. (6) ProcessFor availing a service certain activities are to be performed.
Forthat purpose procedure,mechanism and flow of activities by which services are delivered areto be decided. WithoutThe service cannot be delivered properly with uniformity. That wouldmaintain the standardformat for availing the services. This is called process. For example,one wants savingaccount facility in a bank then he has to apply for opening anaccount. After this the passbook, cheque book and ATM card would be issued and service can beavailed after this.. (7) Physical EvidenceThere are essential conditions for providing the service.
These aretwo types. One is internaland another is external. These create the environment in which theservice or product isdelivered. For example to provide the hotel service and externalevidence required arebuilding, parking place, gate and a long drive- way. Internal evidencerequired like counter,telephone, passbooks, reservation facilities, cigarettes etc.
Withoutthis providing hotelservice, a question does not arise. GoPro’s has used marketing mixto establish its brand. Product