Hello and welcome to this video which is focused on the 4Ps of the marketing mix and will use Apple’s iPhone as a worked example the first people are going to look at is product the product can be designed satisfy the needs of a certain group of people the product can be both intangible or tangible as it can be in the form of services or goods the example we’re using for the product element of the marketing mix is an iPhone and is therefore a tangible product it’s very important to develop the right type of product that is in demand for the target market therefore during the product development stage the business would typically conduct extensive research on the lifecycle of a product that they are developing it is important to know that most products have a limited lifespan especially in markets which are constantly changing such as one the Apple operates within as technology is forever advancing however there are some examples of products which have outlasted the average especially food products such as bread milk and eggs which have been popular items with shoppers for decades and still are today however all businesses will conduct extensive market research on their products and will seek to develop line and brand extensions to prolong the product life cycle this is something that Apple are experts at continually providing upgrades of their current product range by releasing new iPhones on a regular basis which ultimately increases the demand for their products it’s also very common for businesses to create a range of products to ensure they have the right product mix to meet the demands of their market typically expanding the product range by diversifying and increasing the depth of the product line something that Apple does very well every time it releases a new product providing the public with numerous options of the same product for example the iPhone 11 is available in three different versions which are pictured on the screen right now we’ve got the iPhone 11 the iPhone 11 Pro and the iPhone 11 pro max helping them to meet the demands of more of the market the second element of the marketing mix is price this is simply the amount the customers willing to pay for a product or service it is a key element of the marketing mix and for business in general as any changes to the price could have a significant influence on behavior and ultimately sales and the demand of the product using the right pricing strategy is key to a successful product launch and life cycle there are several pricing strategies to choose from and it’s not only dependent on the product itself what many factors must be considered such as the competitors in the market and the reputation of the business in general pricing has a huge psychological impact on customers buying behavior for example by pricing low to increase sales customers may Judge the product as being inferior to its competitors in contrast a price deemed too high by customers may put them off completely when setting the product price marketers should consider the perceived value of the product offers there are four common pricing strategies used in marketing these are skimming penetration premium and economic please note that these will have other names depending on the program you are studying and who you talk to therefore we have created a video on the different pricing strategies so head over to our channel to find out more it can be argued that Apple use premium pricing and alongside the quality of the product premium pricing can have the psychological effect of making the customers want the product more as it is seen as a luxury thus increasing the demand because of this premium price the third key element within the marketing mix is place this is the location where the potential customers can purchase the item and is another key element to the products overall success it is essential that businesses locate their products in as many places that are accessible to the target market as possible thus the more convenient the better this comes with a deep understanding of the target market understand them inside out and the business will discover the most efficient positioning and distribution channels that directly speak with their market for example Apple’s iPhone 11 is available both in stores and online also known as clicks and bricks both of these are crucial locations as physical stores all our potential customers get hands-on with the iPhone while online stores provide the convenience for people to purchase the new iPhone on their current mobile device promotion is the final element of the 4 Ps and is used to inform customers that a product is either coming out soon or is available to buy right now once the first three elements of the marketing mix are in place it is crucial to promote the product for example Apple create mystery and buzz before the product launches they tend to have withhold information around new products and leak them slowly over the weeks and months before the product releases this gets the market excited and talking about the product and its potential features following this apple will also have a product launch which is highly anticipated and watched by many of their loyal customers once the product launches it is then supported by a series of simplistic advertisements such as the one you can see on your screen right now ultimately if a business manages to combine all four of the basic elements of the marketing mix they have a great chance of success and increased sales of their products thank you for listening if you’ve got any questions about the content that we’ve discussed today please leave a question below on the comments section and we’ll be sure to get back to you
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