Apply what you have learned so far about marketing, especially Pricing methods and strategies, and review the pricing of the Segway as an intrinsic component of the marketing strategy for that product. Would your pricing and marketing strategies have been any different, and if so, in what way and why?
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//Before scripting about the marketing and pricing strategies of Segway, we have to first understand about the concept of marketing and its use in the present business environment with the help of its 4P's. So, firstly, we will have an idea about the concept of marketing and marketing mix. //
Marketing is a continuous process which plans and executes different aspects like product, price, place, promotion, people and many more. Marketing tries to find out the future needs of the customer through market research. In other words, marketing is a process which creates and directs organizations to become successful in selling a product or service that people not only desire, but are also willing to buy.
According to the concept of marketing, an organization first discovers the need of its potential customers and then makes its products or services, which can fulfill their needs. Marketing has two major factors; first is enlisting new customers and second is retention and expansion of existing customers. To be successful, marketing must put emphasis on four Ps mainly; Price, Place, Product and Promotion. Out of all four Ps, price should be the main concern of marketing, as this determines the need of the customers.
Marketing mix is the combination of marketing tools that marketing managers orchestrate to satisfy consumers and the company objectives. Underpinning Marketing Mix is a number of marketing terms which ...
The response addresses the queries posted in 698 Words, APA References.