Free Sample: Marketing Tactics paper example for writing essay

Marketing Tactics - Essay Example

Marketing tactics has four elements which are product, price, promotion, and place. These four elements are the nuts and bolts of building a successful strategy which will tell prospective customers about the organization and reasons why this met in these four elements of the marketing mix: Product, Price, Promotion, and Place. Product Product is a physical good, a service, or even an idea (McCarthy, E. J. , & Puerperal, W. D. , 2004). First a company has to have the right product to develop that will meet the customer’s needs.

There are product areas of decision such as branding, packaging, reduce lines, warranties and such that have to be addressed before the product is launched. But not all products are physical goods but rather services that satisfy a customers needs. The Army provides a service to the public to defend the United States and its people. The youth of the United States make up the labor force for this service. They were market targeted to Join the Army through feelings of patriotism and values of home, family, friends, and careers.

There is a life cycle of a product that traverses and starts as: the development of a product, market launch, the product’s customer growth, market level off, competitor introduction of a superior product, product decline and eventual withdrawal of the product. Place A product is not much good if it is not in the right place at the right time. To get product to the right place at the right time there has to be a mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer (Marketing Teacher, 2000).

One first has to consider what type or channel distribution needs to be used to move the product. Is it going to be direct to consumer or indirect via a wholesaler or retailer (intermediaries)? Are the striation levels going to be complex with multiple retailers and wholesalers? The Army uses a direct approach with the consumer. They sell their service mostly through the internet and the media. Promotion Promotion involves informing the customer about the product.

This is done to either acquire new customers or merely to maintain current customers. Marketers can tell potential customers about their product directly by using the internet, video conferencing, or though direct communication. One of the direct promotional methods deployed by the Army is the use of recruiters that go to schools, college amuses, and events. There are other ways to reach large audiences. Mass selling involves the use of advertising or publicity to tell customers of their product.

Marketers promote products through sales promotions such as coupons, samples, or novelties. An example of this would be a novelty promotional item such as the Swiss Army Knife. According to Determent Home (2006) “Price is the amount of money charged for a product or service or the value exchanged for the benefits of the product or service. ” Care should be taken in setting the product being marketed. The consumer will not aka the product seriously if it is too low as well as over pricing will drive customers away.

If a potential customer finds the price unacceptable then all the planning effort is wasted (McCarthy, E. J. , & Puerperal, W. D. , 2004). There are several pricing strategies to consider when setting the price. One should consider whether one is trying to gain market share, product uniqueness, geographical location, or economies (Marketing Teacher, 2000). Observation dictates that Army does less advertising on television when the Army is meeting its’ recruitment quotas. That usually occurs when there is a recession and Jobs are not plentiful.

What they have to offer during these periods of time as incentives are usually less then when the economy is doing well and they can not meet their quotas. The economy is a big piece to consider when setting prices for products and services. Summary The four elements of the marketing tactics are all equally important when developing a marketing plan. The four Up’s: product, price, promotion, place seek to inform, satisfy, reach, and place value on the product or service that will meet the customers needs. All four are needed in a marketing mix.

Free Sample: Marketing tactics paper example for writing essay

Marketing tactics - Essay Example

Price elasticity: products with high quality or being highly processed tend to be inelastic demand, while row materials are usually elastic. For example, a price increase in a car only leads to little decrease in demand, in the contrary; a price increase in oil could leads to huge change in market. Market-skimming pricing: two examples came to my mind when I saw this concept, Samsung and Apple. As I know that, Samsung often set an extremely high price when they release a new cellophane, after few months the price could drop nearly 40% or even more.

But Phone never change its price. Market-penetration pricing: this often happened when a company first enters a new market. It could help to gain more customers and set a good impression that this company’s product is worth to buy. Product-line pricing: the broad range of prices and features will attract more customers in different levels of income. For example, when buying a car, you are able to choose different accessories, such as entertainment system, safety system and lighting system.

Captive-pricing: an example for captive-pricing is desk lamp, desk lamp is cheap but the bulb is not. You can find a desk lamp in Walter for $10, while the bulb could cost you $5. By-product pricing: a farm can collect animals’ waste then use to produce marsh gas, which Is able to reduce the fixed cost in the farm. Segmented pricing: this kind of pricing are common happened in beverage and food companies. Bigger packs are cheaper than smaller packs per unit. Psychological pricing: this pricing could found In medicines.

When buying a medicine we focus on Its safety, so we could accept to buy an expensive one Instead a cheaper one. For example, when a consumer found two medicines and they are nearly the same quality, but this consumer didn’t know the quality, and then he tend to buy the expensive one, since people use price to Judge quality. Dynamic pricing: I’m not sure If this example Is right. The price of crude OLL Is changing every day. It determined by the supply-demand relationship.