Marketing Principle Essay Example | Topics and Well Written Essays - 1250 words

Marketing Principle - Essay ExampleThere has been an extension in this trade mix adding more elements to it. 3 Ps have been added to this traditional marketing mix. These Ps are Physical Layout Initially the physical appearance of the crossroadion unit prepared in the factories were not given much signifi empennagece but now as the customers purchase a product from the retail store their apprehension with the presentation of the product has increased. Provision of Customer Service In the heart of the modern service industry lays customer service. The firms that serve their customers will succeed in gaining their loyalty. The firms need to give their best shot whether it be listening to the customers queries on phones or interacting with them face to face. Have a nice day approach working better than the I dont care attitude of the firms employees that come in contact with the customers. Processes There are a bevy of processes related to customer services that make the marketing effective for any organization. These processes may include use the complaints received by the customers, identifying the needs and requirements of the customers and the processes related to handling of the orders. Now the extended marketing mix involves Place, worth, product, promotion, physical layout, processes and Provision of customer service. 1.1 In the relation of the product elements of the marketing mix, say how Tip chair Accessories product can be developed to sustain competitive advantage. The firm must try to position its product quite effectively among its target market. It must graduation exercise understand the demand and then accordingly set the price of its product. Product differentiation is another aspect that must be kept in look in order to fix the price of the product. Making the product attractive helps firm gaining more customers. Tip Top Accessories must develop effective promotional strategies in order to communicate their objective to the customers. (Marketing theory, 2013). 1.2 Explain how appropriate distribution policies can provide convenience for Tip Top Accessories customers. The distribution policies of Tip Top Accessories should directly be associated with its marketing mix. The firm can exhibit its objectives through different activities. Several activities related to distribution such as in-store demonstration of a product, distributing samples and other can be a source of delivering the objective of the firm to its consumers and it is similarly convenient for the customers to judge the product based on its different features. It is also useful for the firm to arrange giveaways and sell products at a low price for at the initial stage of the launch of a product it can be quite effective strategy for a firm (CHANNELS OF DISTRIBUTION, 2013). 1.3 Explain how prices for tip Top Accessories product should be set to achieve the organizations profit and growth objectives, bearing in mind market conditions. The price strateg y of Tip Top Accessories must be related to its strength. Low price and product differentiation can be the critical elements in maximizing the profit of Tip Top accessories. Tip Top pricing must be based on the level of differentiation it is providing in its products. The high the differentiation the higher the price set by the firm. Customers are willing to pay higher price for the product whose features are different from those of others. There are often times when the sales revenue of the