Due to competition in business organizations, marketing is the key feature of success in business. Marketing helps an organization to determine, anticipate and fulfill the requirements of a customer in a profitable manner. In addition, marketing allows the purchase of the right product or the appropriate service to the customer at a reasonable price, at the right place and on time. For successful marketing, there are aspects that should be considered, they include; the product, place, price and promotion (Peter, 2002).
When an organization is selling its products or offering services, they need to be well-located for the purchaser. The products should be sufficient in order to satisfy the demands of the customer. Maintenance of storage, distribution and the records costs to an up to normal level is also necessary. The place in marketing entails a method of displaying the product and services to the customer. The place can be a shopping mall, a workshop or an office. The place in marketing depends on the nature of the service or goods and should be designed to be attractive to the customer (Peter, 2002).
A product or service needs to be researched on before introducing it to the market. Research on the product ensures that the product or service meets the demands of the customer. In a business setting where the product is developed, methods of developing and extending the product or service to the changing market are essential (Jennifer, 2010).
The value of a product or a service is achieved when the customers agrees to pay for it. The price in marketing needs to be fair and reasonable. The cost factor positions the business in the market place, the more value for a product or service, the more the value the buyer will demand for their cash. However, the pricing should include all the business costs and provide a profit. Price is the only marketing mix element that generates an income (William, 2007).
Promotion entails the process of making people identify a product or service that is provided. Via promotion, the organization says what it provides, or does and what it offers to the customers. This is through activities such as branding, corporate identity, sales management, offers and exhibitions. Promotion is fundamental to the organization's staff as it ensures that employees are well-informed and share knowledge with their customers (Jennifer, 2010).