•If a product is seen exactly the same as other products on the market, consumers have no reason to buy it.
•That is way, companies differentiate their products through positioning to offer more value to the consumers. E.g. Mercedes “engineered like no other car in the world”
•Product; means the “goods-and-service” combination the company offers to the target market.
•Price; is the amount of money that consumers have to pay to obtain the product.
•Place; includes company activities with the intermediaries that make the product available to target consumers. The intermediaries keep an inventory of the products, shows them to potential buyers, negotiate prices, close sales and give service after sales.
•Promotion; means activities that communicate the product and persuade target customers to buy it.
•It is not enough to develop a good product, price it attractively and make it available to target customers. Companies also must communicate with their customers to market their products.
•A company’s total marketing communication program is called the promotion mix which consists of (1) advertising, (2) personal selling, (3) sales promotion, (4) public relations and (5) direct marketing.
•If a product is seen exactly the same as other products on the market, consumers have no reason to buy it.•That is way, companies differentiate their products through positioning to offer more value to the consumers. E.g. Mercedes “engineered like no other car in the world”•Product; means the “goods-and-service” combination the company offers to the target market.•Price; is the amount of money that consumers have to pay to obtain the product.•Place; includes company activities with the intermediaries that make the product available to target consumers. The intermediaries keep an inventory of the products, shows them to potential buyers, negotiate prices, close sales and give service after sales.•Promotion; means activities that communicate the product and persuade target customers to buy it.•It is not enough to develop a good product, price it attractively and make it available to target customers. Companies also must communicate with their customers to market their products.•A company’s total marketing communication program is called the promotion mix which consists of (1) advertising, (2) personal selling, (3) sales promotion, (4) public relations and (5) direct marketing.
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