Marketing

Marketing consists of four factors, which are Product, Price, Place and Promotion. Firstly lets discuss about the first factor, which is the product. From what we understand a product is defined as a good, service, or an idea, which consists of both tangible and intangible features, which meets the consumers needs. This is received in the method of money in which a consumer pays in exchange of a product. For example a consumer will pay x amount of money in order to purchase a MacBook Pro which is the product as said we can see that money is given in exchange of a product. An average human mind thinks the product bought is what a product is. However there are three different factors to a product that is the Core Product, the Actual Product and the Augmented Product. “The Core product is intangible which is not touchable which alone is a benefit which makes it valuable to you the consumer. For example the benefit of an IPhone is its convenience i.e. there is an application for anything from listening to music, social networking, recording making calls etc. Another core advantage is that having an all in one handset we are able to do what we want when we want it quickly. The next factor is the Actual product which is tangible, the physical product in which you the consumer can make some use to it. For example which the IPhone example you are able to use and see the functions of the IPhone in the Apple retail outlet then purchase and collect from the counter. The final factor is the Augmented product is the non physical part of the product, which add value to without the need to pay a premium so when you purchase the IPhone the augmented product is the warranty and the customer support offered by Apple.”
(Anon.2012)

The next factor of the marketing mix is the Price. In marketing the pricing of a product is the most important part of the marketing mix as it is the only mix to bring a turnover to an organisation. Making a product to expensive or too less will