Marketing is a strategy employed by a business to promote and sell products or services. It includes the coordination of the P's of marketing: product, price, place and promotion. The success of the business relies heavily on whether or not the business has a strong, achievable marketing concept and strategy aimed at a specific target market. The very successful company Apple, has used marketing to make their logo one of the most recognizable in the world. They have used to 4 p's to maintain a strong relationship with existing customers and attract new ones, through introducing new, smart, innovative and readily available products that's message is communicated clearly.
Product refers to the tangible goods or intangible services that are being sold by the business. For a product to be successful the business needs to consider what the target market is looking for in terms of quality, design, features, packaging, size as well as warranties.
Apple for example has faced increased difficulty in trying to differentiate their products due to commodisation of the mobile phone market place compared to other brands such as Samsung. However in order to beat the competition the iPhone 6, for example must have a better camera, longer battery life and 5G. therefore it is important that the companies products have the latest advancements and innovations to enable them to meet the ever growing and changing wants and needs of the target market and beat the competition.
The price of a product can have a big impact on its and the effectiveness of the marketing strategy. When business determines the price they can consider three pricing methods; choosing between cost based pricing and allowing for a profit, market based pricing or competition based pricing. They must also consider both the penetration and skimming price strategy.