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Marketing Mix
Marketing mix is when the right product is put in the right place, at the right time, and at the right price. When an organization or company creates a product that attracts individuals and put it on sale or offer it to individuals it should may be place at a price in which it matches the value of the product and is worth what the consumers or individuals get out of it. The 4 Ps of marketing and the marketing mix are sometimes used as synonyms for one another because they are close to being the same thing. The 4 Ps of marketing mix are product, place, price, and promotion. Each component of the marketing mix has some type of importance and are given an equal abundance of importance. In the marketing mix the customer is the
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Premium pricing: in a situation where the product is introduced to a marker and has and is unique, the pricing may be a bit higher in the beginning. The apple iPad is a good example of the premium pricing. It is a first of its sort that was flat, thin, and had a big screen that was touch.
Penetration pricing is when a company lowers it prices of products and make them very low to be able to gain confidence in the individuals and gain some kind of market share. Once a certain amount of the share is gained the price is then increased to make a bigger profit.
Economy pricing is when the original price is being used and put on regular store items. The costs are keep as minimum as possible and the prices are kept as an affordable but competitive price.
Price skimming is when a price that is high is changed due to competitive advantages. Once the competition in the market is increased because of the attractions of different competitors in the market, the prices is them decreased again.
The place components of marketing mix are the actions of the goods and services that are being exchanged between the manufacturer and the consumers. The component may be referred to as the distribution channel. There may be some manipulations between the place components with in the marketing plan. There may be some increase or decrease in the amount of channels, indirectness or directness of
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