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7
The product element of marketing refers to the good or service
that a company wants to sell. This often involves research and deve-
lopment (R & D) of a new product, research of potential market, testing
of the product to ensure quality, and then introduction to the market.
A company next considers the price to charge for its product.
There are three pricing options the company may take:
above, with or
below the prices that its competitors are charging. For example, if the
average price of a pair of women's leather shoes is $47, a company that
charges $43 has priced below the market; a company that charges $47 has
priced with the market; and a company that charges $53 has priced above
the market. Most companies price with the market, selling their goods or
services for average prices established by major producers in the indus-
try. The producers who establish these prices are known as price leaders.
The third element of the marketing process – placement – in-
volves getting the product to the customer. This takes place through the
channels of distribution. A common channel of distribution is:
manufacturer -----> wholesaler -----> retailer -----> customer.
Wholesalers generally sell large quantities of a product to retail-
ers, and retailers usually sell smaller quantities to customers. Finally,
communication about the product takes place between buyer and seller.
This communication between buyer and seller is known as promotion.
There are two major ways promotion occurs: through personal selling,
as in a department store; and through advertising, as in a newspaper or
magazine.
The four elements of marketing – product, price, placement, and
promotion – work together to develop a successful marketing operation
that satisfies customers and achieves the company's objectives.
СOMPREHENSION CHECK
I. Answer the following questions about marketing. Questions
with asterisks (*) cannot be answered directly from the text.
1. What is marketing?
2. How does the definition of marketing that is given in the read-
ing differ from the one that you wrote?
3. What are the four main elements of marketing?
4. What is involved in the product element of marketing?
5. What are the three pricing options that a company may take?
8
6. *Using $275 as an average price for word processing software,
what are examples of pricing
above, with and below the market?
7. What does placement involve?
8. *Do you think McDonald's provide food on a wholesale or re-
tail basis?
9. *What are some advertising media besides magazines and
newspapers?
10. *If you were to specialize in one of the marketing elements,
which one would you choose? *Why?
II. Various problems that might occur in the marketing pro-
cesses are listed below. Determine which of the four P's each problem
is most closely related to. Mark the appropriate category of
PRODUCT,
PRICE, PLACEMENT, or PROMOTION with an X.
PROBLEM PRODUCT PRICE PLACEMENT PROMOTION
1. The advertising gives
false information.
2. The product is
dangerous.
3. The product is not
available in enough stores.
4. The product is too ex-
pensive.
5. A salesclerk is rude.
6. The product is sold dur-
ing the wrong season.
7. The product is of poor
quality.
8. The advertising is
offensive.
9. The price of a product
increases faster than the
rate of inflation.
10. The product is not
available in your favourite
stores.
The product element of marketing refers to the good or service 6. *Using $275 as an average price for word processing software,
that a company wants to sell. This often involves research and deve- what are examples of pricing above, with and below the market?
lopment (R & D) of a new product, research of potential market, testing 7. What does placement involve?
of the product to ensure quality, and then introduction to the market. 8. *Do you think McDonald's provide food on a wholesale or re-
A company next considers the price to charge for its product. tail basis?
There are three pricing options the company may take: above, with or 9. *What are some advertising media besides magazines and
below the prices that its competitors are charging. For example, if the newspapers?
average price of a pair of women's leather shoes is $47, a company that 10. *If you were to specialize in one of the marketing elements,
charges $43 has priced below the market; a company that charges $47 has which one would you choose? *Why?
priced with the market; and a company that charges $53 has priced above
the market. Most companies price with the market, selling their goods or II. Various problems that might occur in the marketing pro-
services for average prices established by major producers in the indus- cesses are listed below. Determine which of the four P's each problem
try. The producers who establish these prices are known as price leaders. is most closely related to. Mark the appropriate category of PRODUCT,
The third element of the marketing process – placement – in- PRICE, PLACEMENT, or PROMOTION with an X.
volves getting the product to the customer. This takes place through the
channels of distribution. A common channel of distribution is: PROBLEM PRODUCT PRICE PLACEMENT PROMOTION
manufacturer -----> wholesaler -----> retailer -----> customer. 1. The advertising gives
Wholesalers generally sell large quantities of a product to retail- false information.
ers, and retailers usually sell smaller quantities to customers. Finally, 2. The product is
communication about the product takes place between buyer and seller. dangerous.
This communication between buyer and seller is known as promotion. 3. The product is not
There are two major ways promotion occurs: through personal selling, available in enough stores.
as in a department store; and through advertising, as in a newspaper or 4. The product is too ex-
magazine. pensive.
The four elements of marketing – product, price, placement, and
5. A salesclerk is rude.
promotion – work together to develop a successful marketing operation
that satisfies customers and achieves the company's objectives. 6. The product is sold dur-
ing the wrong season.
СOMPREHENSION CHECK 7. The product is of poor
quality.
I. Answer the following questions about marketing. Questions 8. The advertising is
with asterisks (*) cannot be answered directly from the text. offensive.
1. What is marketing? 9. The price of a product
2. How does the definition of marketing that is given in the read- increases faster than the
ing differ from the one that you wrote? rate of inflation.
3. What are the four main elements of marketing?
10. The product is not
4. What is involved in the product element of marketing? available in your favourite
5. What are the three pricing options that a company may take? stores.
7 8
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