Marketing is an oft conceived word used in our daily life Essay

Marketing is an oft conceived word used in our occasional life - Essay ExampleThe term was derived from the original meaning which taken literally meant simply going to the market to shop or to sell goods and go there. Marketing has grown by leaps and bounds today. It is a creative industry that has expanded down to various genres such as advertising, distribution and selling. Customer nursing home is figured out, their needs and aspirations realized and the relevant product developed accordingly.Robotic toys are the latest trend in a huge toy market worth(predicate) $31.8 billion in the United States alone in 2005, according to the research firm NPD Group. The toy generations breed and spread rapidly--and go extinct fast, too. (Jeffries, 2006) exclusively the innocence hidden in playing with mess up has made it all time favorite game of children. While keeping in view the take aim of fame in the children the companion is planning to introduce a new product. The product is th e toy machine named as Mud Master that can make screw up balls just like when one has to compact it with his hands. The toy will need sand, dirt, mud, and water in it to make mud balls much faster and more compact.The mud toy is a relatively new product that the company is going to launch. At the preliminary level, the product is stipulated to reach customers through vendors, whole sellers, the companys factory outlets and its principal(prenominal) branches. Based on the response triggered by the product, future variations in the delivery of the product will be reasoned out.PRICING As mentioned by Kotler (2000), the company will follow a six steps procedure for setting its determine policy 1. Selecting the pricing objective2. determining motive3. estimating costs4. analyzing competitors costs, prices and chaps5. selecting a pricing method and6. selecting the final price.The company will follow the method of target return pricing long-run profit making strategy by keeping the pr ices low. Price is an important factor in the determination of the marketing mix as it will maintain effects on the supply and demand of the company. Price is an important factor for the customer while making a decision to buy the mud maker. Price will often be the contrast that will push a customer to buy our product over another, as long as most things are fairly similar. For this reason pricing policies need to be designed with consumers and external influences in mind, in order to effectively achieve a stable balance between sales and covert the production costs. Price strategies are important to the company because the price determines the amount of sales and profit per unit sold. Businesses have to set a price that is attractive(a) to their customers and succeeds the business with a good level of profit (Geoffrey 191-192) The company should give more incentives to middle men or retailers in way a that they offer them free samples, by this these retailers and middle man pus h their product in the market, so that coca cola can be seen more in the market. And have a good sale in the market because according to the expert which product seen more in the market that sells more, basically a strategy to provide incentives to retailers and distributors. Seen