Marketing Mix Evaluation

1.1 Evaluate the components   of the marketing mix
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   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 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.

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...