Marketing_Mix_Evaluation

1.1 Evaluate the components of the marketing mix Introduction Marketing is a process that resolves around customers and in order to meet requirements of the customers , marketers formulate and design the marketing mix that is also know as 5Ps ( five marketing activities : Product , Price, Packaging , Promotion and Place. Product Product is anything that can be offered to a market for attention , acquisition , use or consumption and that might satisfy a want or consumption, it includes physical objects, services , persons, places, organizations, and ideas. Each item offered to customers can be viewed on three levels. Price Price goes by many names in our society ( rent, tuition, fee, fare, rate, interest ,toll et cetera). Price is the amount of money charged for a product or service or the sum of the values that consumers exchange for the benefits of having or using the product or service. Price is the only component of the marketing mix that produces revenue, all other elements represents costs , it also the most flexible component of marketing mix . Unlike product features and channel commitments, price can be changed quickly . At the same time , pricing and price competition is the number –one problem facing many marketing executives . Yet many companies do not handle pricing well. The most common mistakes are pricing that is too cost oriented rather than customer –value oriented , prices are not revised often enough to reflect markets changes , prices are not varied for different products , market segments , and purchase occasions. Packaging Packing involves designing and producing the container or wrapper for a product . The package may include the product’s primary container ( the tube holding colgate toothpaste), a secondary package that is thrown away when the product is about to be used ( the cardboard box containing the tube of colgate) , and the shipping package necessary to store , identify , and ship the product. Labeling , printed information appearing on or with the package , is also part of packaking. Traditionally , the primary function of the packaging was to contain and protect the product . Companies are realizing the power of good package for new product requires making many decisions . First , the company must establish the packing concept , which states what the package should be or do for the product . Should it mainly offer product protection , introduce a new dispensing method, suggest certain qualities about the product or something else'