Essay by JAndolinaHigh School, 11th gradeB+, May 2005

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Marketing is the analysis of customers, competitors, and a company. Marketing is deciding on targeting the most profitable segments. Marketing is also positioning your products, and then doing what's necessary to deliver on that positioning. You can deliver on positioning by using marketing tactics such as branding, advertising, and communicating via e-mails, and letters. Marketing tactics alone will not get you where you want to go, however marketing tactics along with strategy based on great analysis will get you where you want to go. Marketing is about understanding the customer and meeting their needs and wants.

There are four P's in marketing they are Price, Place, Promotion, and Product. The first one I will be talking about is Price. There are many different ways you can price a product. For example, Premium Pricing is where you have a unique product or service that has an edge on the competition but the consumer will have to pay more than the competition for your product.

Second, there is Penetration Pricing this is where you have a high quality product and set your prices lower than the competition to try to break into an industry and gain market share. New companies trying to make a name for their selves in the industry use this technique. Third, there is Economy pricing this is where you have a low quality product and you charge a low price. This technique is used when companies want a lower manufacturing cost. Lastly, there is Price skimming this is where you have a low quality product and you charge a high price because your company has a substantial competitive. The high price usually attracts new competitors into the industry who can offer a better deal, so this technique is not the best one to use.

Next I will talk...

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