Question

Eren Marketing Company sells specialty products( jewellery) to high income families with high social status. The market is highly competitive and it is very hard to differentiate the products. Explain the 4P's, explain how the company can offer value, and explain how to build long term relations with the customers.

Answer 1

Eren marketing company sells specialty products(jewellery) to high income families with high social status.
The market is highly competitive and it is very hard to differentiate the products. It simply means there are a large number of sellers in this market and they are selling very close substitutes of the commodities at a constant price.
Both sellers and buyers have complete knowledge about the market and sellers are able two earn only normal profit in this market.
The concept of four P's in the marketing management means product, price, place and promotion.
The concept of product means the quality of the goods.
The concept of price means to fix the price after studying the competitive price in the market.
The concept of place means the proper distribution of goods in the market.
The concept of promotion means to promote the goods as per the product.
The market is highly competitive and it is very hard to differentiate, it means that the specialty product is a customized way of the product for the customers.
Speciality products are those products which can be used to give a proper customisation to the customer. It means the customer is already aware about the making and the production of the goods.
The company can offer values by providing customer satisfaction and good service to the customer and update the customer by giving proper information and accepting proper feedback from the side of the customer . This is only play that company can build a strong relation with the customer by offering and accepting their needs and making products according to their demands.