“The Market is customer driven, and marketing therefore focuses on the needs of the customer and involves finding out what the customer wants and anticipate first, before any attempt is made to provide a product or a service to meet those needs. Marketing plays an important function in attracting the attention of consumer. It makes sure that the right product gets to the right customer at the right place and price, using the right promotion Getting marketing right is crucial to the success of service organizations. The consequences of getting marketing wrong could be disastrous. Thus detailed planning of the four components of marketing mix – product, place, price, and promotion is very significant.”
Question1. Why marketing mix is so important for small businesses as well as enormous multinationals?
Question2. Price is a sensitive issue unless the market demand is very high for the product or service. Elaborate on the key pricing strategies.