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Marketing Mix 4P's | Apple iPhone Example | How do these 4P's help a business to sell more products? - YouTube
Channel: Two Teachers
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Hello and welcome to this video which is focused聽
on the 4Ps of the marketing mix and will聽聽
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use Apple's iPhone as a worked example the first聽
people are going to look at is product the product聽聽
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can be designed satisfy the needs of a certain聽
group of people the product can be both intangible聽聽
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or tangible as it can be in the form of services聽
or goods the example we're using for the product聽聽
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element of the marketing mix is an iPhone and is聽
therefore a tangible product it's very important聽聽
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to develop the right type of product that is in聽
demand for the target market therefore during the聽聽
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product development stage the business would聽
typically conduct extensive research on the聽聽
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lifecycle of a product that they are developing聽
it is important to know that most products have聽聽
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a limited lifespan especially in markets which are聽
constantly changing such as one the Apple operates聽聽
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within as technology is forever advancing however聽
there are some examples of products which have聽聽
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outlasted the average especially food products聽
such as bread milk and eggs which have been聽聽
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popular items with shoppers for decades and still聽
are today however all businesses will conduct聽聽
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extensive market research on their products and聽
will seek to develop line and brand extensions to聽聽
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prolong the product life cycle this is something聽
that Apple are experts at continually providing聽聽
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upgrades of their current product range by聽
releasing new iPhones on a regular basis聽聽
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which ultimately increases the demand for their聽
products it's also very common for businesses聽聽
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to create a range of products to ensure they聽
have the right product mix to meet the demands聽聽
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of their market typically expanding the product聽
range by diversifying and increasing the depth聽聽
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of the product line something that Apple does very聽
well every time it releases a new product聽聽
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providing the public with numerous options of the same聽
product for example the iPhone 11 is available聽聽
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in three different versions which are pictured聽
on the screen right now we've got the iPhone 11聽聽
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the iPhone 11 Pro and the iPhone 11 pro max helping them to meet the demands of more of the market the聽聽
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second element of the marketing mix is price this聽
is simply the amount the customers willing to pay聽聽
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for a product or service it is a key element of聽
the marketing mix and for business in general as聽聽
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any changes to the price could have a significant聽
influence on behavior and ultimately sales and聽聽
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the demand of the product using the right pricing聽
strategy is key to a successful product launch and聽聽
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life cycle there are several pricing strategies聽
to choose from and it's not only dependent on聽聽
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the product itself what many factors must be聽
considered such as the competitors in the market and聽聽
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the reputation of the business in general pricing聽
has a huge psychological impact on customers聽聽
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buying behavior for example by pricing low to聽
increase sales customers may Judge the product as聽聽
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being inferior to its competitors in contrast a聽
price deemed too high by customers may put them off聽聽
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completely when setting the product price marketers聽
should consider the perceived value of the product聽聽
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offers there are four common pricing strategies聽
used in marketing these are skimming penetration聽聽
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premium and economic please note that these will聽
have other names depending on the program you聽聽
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are studying and who you talk to therefore we聽
have created a video on the different pricing聽聽
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strategies so head over to our channel to find聽
out more it can be argued that Apple use premium聽聽
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pricing and alongside the quality of the product聽
premium pricing can have the psychological effect聽聽
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of making the customers want the product more聽
as it is seen as a luxury thus increasing聽聽
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the demand because of this premium price the third聽key element within the marketing mix is place this聽聽
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is the location where the potential customers can聽
purchase the item and is another key element聽聽
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to the products overall success it is essential聽
that businesses locate their products in as many聽聽
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places that are accessible to the target market聽
as possible thus the more convenient the better聽聽
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this comes with a deep understanding of the target聽
market understand them inside out and the business聽聽
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will discover the most efficient positioning and聽
distribution channels that directly speak with their聽聽
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market for example Apple's iPhone 11 is available聽
both in stores and online also known as clicks聽聽
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and bricks both of these are crucial locations聽
as physical stores all our potential customers聽聽
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get hands-on with the iPhone while online stores聽
provide the convenience for people to purchase聽聽
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the new iPhone on their current mobile device聽
promotion is the final element of the 4 Ps聽聽
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and is used to inform customers that a product聽
is either coming out soon or is available to buy聽聽
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right now once the first three elements of聽
the marketing mix are in place it is crucial to聽聽
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promote the product for example Apple create聽
mystery and buzz before the product launches聽聽
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they tend to have withhold information around new聽
products and leak them slowly over the weeks聽聽
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and months before the product releases this gets聽
the market excited and talking about the product聽聽
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and its potential features following this apple
will also have a product launch which is highly聽聽
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anticipated and watched by many of their loyal聽
customers once the product launches it is then聽聽
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supported by a series of simplistic advertisements聽
such as the one you can see on your screen right聽聽
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now ultimately if a business manages to combine聽
all four of the basic elements of the marketing聽聽
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mix they have a great chance of success and聽
increased sales of their products thank you聽聽
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for listening if you've got any questions聽
about the content that we've discussed today聽聽
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please leave a question below on the comments聽
section and we'll be sure to get back to you
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