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