Running Head: INTRODUCTION TO BUSINESS

Introduction to Business

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Marketing mix and its components

The mix of marketing can be defined as the group of marketing variables implemented by

a company in order to disclose the desired market response (Anusha, 2016). It includes all the

elements that influence product demand offered by a company. There various components of a

marketing mix; Product- It means the solution which the client wants and requires. It centralizes

everything in the market mix. The company needs to be able to offer at least a minimum standard

of output to put up a high sales. Price-This generally is the value that the consumer positions.

The business should analyze the products value in order to reach out to potential customers.

Place-The word place in marketing mix applies to commodity delivery or the point of selling the

product. A successful marketing strategy in any given market segment consists of attracting the

customer's attention and shaping their purchase decision in a deep way. Promotion- That is the

interaction that takes place between the organization and the consumer (Anusha, 2016).

Marketing Techniques

Specific businesses employ marketing strategies to communicate with their customers.

They include: Start introducing new products and services-Usually adding a new product or

service to the list of those you already sell creates a big increase in revenue. It also brings

potential consumers who have not been involved in the existing goods and services. Becoming a

valuable resource or tool-By providing them with free knowledge, and helping them to do tasks

quicker, easier and cheaper. This will attract more customers. Separating from competition-By

identifying or creating a purpose for consumers to do business with you rather than buying the

same or similar goods from someone else in order to find the value in your company. Promoting

end results and anticipating change- Insulate oneself from the effects of transition by increasing
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the number of goods and services that you sell and by using a range of marketing strategies

(Adamashvili, & Fiore, 2017).

Marketing definition

Marketing is the operation, processes for developing and collection of organizations,

producing, interacting and sharing deals that are of value to suppliers, consumers, general society

and partners (Liu, 2017).

Steps used in pricing goods and services

The steps to determine prices for goods are as follows: Choosing the market objective-

The organization determines first where its business offer will be placed. The simpler the goals

of a product, the easier the pricing. Determination of Demand-Increasing price will result in a

different level of demand and will have a different effect on marketing objectives for a product.

Cost estimates-The commodity company's costs will measure the cost of the product for

determination. Analyzing the prices, costs and offers of competing companies- The business

should compare its prices with competitors, learn about the quality and cost of its competitors.

Choosing a method of pricing- They include target return, value pricing, auction-type pricing as

well as the mark-up pricing methods. Choosing the end price- Pricing strategies limit the range

the firm must pick the final price from. The organization will consider other additional factors in

choosing the price (Laatikainen, & Ojala, 2018).

Branding

Making your own brand effectively amounts to 6 actions (Williams, 2017): Investigating

target market and rivals or competitors. Secondly, picking ones personality and focus. Choosing

the product or service name in order to reach a target audience follows. Fourthly, one needs to
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write a brief description about the product, its usefulness and usage. This will give the potential

buyer of what the product entails. Fifth, give the product a branding name or logo, well-designed

to attract customers. Lastly, apply and develop your brand in your business.

Product life cycle

This is the period which a product follows from its initial market launch to the decline or

removal from the market (He, Luo, & Huang, 2019). There are four stages in the life cycle-

introduction, development, maturity, and decline. Introduction-The product will be released into

the market at this point. Once a new product comes out, it is always a period of great value in the

lifetime of the product-even though it does not necessarily achieve or ruin the company. Growth-

Consumers are already taking the product and purchasing it more and more. The concept of the

product is established and is both sales and popularity. Maturity- Saturation is reached at this

point and sales levels are completely wiped out. Many companies start innovating in order to

retain or increasing their market share, improve or diversify their product to reach new markets

or improve innovations. Decline- During this stage, product prices drop dramatically, and the

behavior of customers shifts as the product becomes less during demand. The company's product

is gradually losing market share, and competition appears to cause decline in sales (He, et.al,

2019)
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References

Adamashvili, N., & Fiore, M. (2017). Investigating the role of business marketing techniques in

sales process. European Journal of Management Issues, 25(3-4), 135-143.

Anusha, K. S. (2016). Brand a marketing mix: a review. Journal of Global Economics, 4(3), 1-4.

He, B., Luo, T., & Huang, S. (2019). Product sustainability assessment for product life cycle.

Journal of cleaner production, 206, 238-250.

Laatikainen, G., & Ojala, A. (2018). Pricing of digital goods and services. In Information

Systems Research Seminar in Scandinavia. IRIS Association.

Liu, R. (2017). A Reappraisal on Marketing Definition and Marketing Theory. Journal of Eastern

European and Central Asian Research (JEECAR), 4(2), 7-7.

Williams, R. L., & Williams, H. A. (2017). Origins of Today’s Marketing and Branding

Strategies. In Vintage Marketing Differentiation (pp. 1-4). Palgrave Macmillan, New

York.