TEST Marketing Mix 4P’s | Apple iPhone Example | How do these 4P’s help a business to sell more products?

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

Read More: TESTING The Marketing Mix Explained: The 4 Ps of Marketing

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