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Critical Literature Review (50%) - each student will choose a particular International Marketing topic from the syllabus (severa - Essay Example

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Critical Literature Review (50%) - each student will choose a particular International Marketing topic from the syllabus (severa

The marketing mix commonly referred to as the 4Ps includes product, price, place, and promotion. It is noted that for a company to satisfy the needs of its customers, it must ensure that products of the right quality and quantity are developed, charged reasonable prices, found at the right place, as well as ensuring that the existence of the goods is made known to customers through promotion. This paper will discuss the marketing mix (4Ps) as well as the importance of the augmented product model with reference to the real world examples (Gitman and McDaniel 2008, p.13). Product The 4Ps of the marketing mix consist of the product, price, place, and promotion. The poduct is one of the most fundamental elements of the marketing mix that managers must take into consideration when making marketing decisions. The product in this case is the physical service or good that a company offers to customers. The basic elements of a product include function, packaging, appearance, and warranty among others. Therefore, the product that a company intends to deal with should satisfy the customer’s requirements in terms of quality, quantity, and appearance. Ensuring that these basic elements of a product are met will make a company competitive because of the fact that many customers will prefer the company’s products to those of other competitors in the market (Lamb, Hair, and MacDaniel 2008, p.56). Samsung is one of the electronic companies that operate in a very competitive environment. As such, the company understands that to remain competitive, it must offer products that compete favorable with other companies. To achieve this, Samsung has focused on manufacturing high quality products that satisfy the needs of its customers. Most of Samsung’s products are said to be of high quality with regards to proper functionality and appearance. In addition, the company provides a warranty of not less than one year for all its products. For example, one of the company’s latest iPhone 5 is just amazing in terms of quality and functionally. The company reveals that the iPhone 5 started receiving orders even before its launch because of its quality and functionality (Page, 2013). General Motors is another company that performs very well in the automobile industry due to the high performance of its products. General Motors operates in a very competitive environment. As such, the only way to remain relevant is to concentrate on the manufacture of cars of high quality that satisfies the need of customers. According to Tehrani (2008 p. 8) a product is best described in three concentric circles namely the core product, augmented product and the Uber product. He observed that the core product is found at the center of the concentric circle and is meant to satisfy the pressing needs for which the product in developed. Then there is the augmented product consisting of the core product and other features that ensure that the product become more functional. Finally, there is the Uber product, which consists of all other intangible features added to the product such as the brand promise. The concentric model of a product can be illustrated using the mobile phone marketing. In this regard, the mobile phone becomes the core product while the augmented products will include other features such as the product warranty and after sales services. The Uber product in this case could include the customization of the ...Show more

Summary

Marketing Mix for Products (4Ps)-Literature Review According to Kemmer and Boden (2012, p. 6), the success of any business depends on the satisfaction level of its customers. The business environment has become very competitive today. As such, every company is doing its best to attract new customers and ensure that customers it already has remain loyal…
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Critical Literature Review (50%) - each student will choose a particular International Marketing topic from the syllabus (severa essay example
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