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If the product is under quality, no matter how good the marketing efforts are, it will fail for sure. An attractive promotion, nice packaging or even a lower price rate of product competitor cannot replace a value of quality. A perfect marketing comprises of many elements and all the elements in a balanced proportion. This is how the customers are attracted and hold back in a long-run.
What Includes In a Good Marketing
The marketing comprises all the activities that aimed at enhancing the sales and a sustainable competitive advantage on the basis of the selected marketing mix. The selected marketing mix consists of four Ps that stands for product, place, promotion, and price. All the elements of the marketing hold equal importance and thus it must be taken together to achieve certain marketing goals.
The product of a company is the thing what is sold to customers and this is the base of any business operations, no matter, whether it is a service, manufacturing or the retail firm. To acquire a good market, the product should have an adequate price which is influenced by the costs involved in the production and the selected distribution channels.
Albeit, every element of marketing is important, but, when it comes to the quality of the product, it is crucial because this is the element that creates a customer satisfaction. And the significance of product quality is so important that, even if all other elements of the marketing do not work, it can live the product sale easily. On the other hand, if the product quality remains low, the customers will not be satisfied. Furthermore, the quality of the product has a direct and positive effect on ROI, price and the market share. Customers are always ready to pay higher prices for a higher quality product.
When talking about the launch of the product in the market, it is easier to launch a quality product in the market with an increasing market share. In return, the market share and higher prices have a positive effect on increasing the quality of product and an overall increase in ROI. The best example of this is the brands, such as Mercedes, iPhone, Nike, Puma etc. All have a high-quality product and it is sold at a high price, a huge market, and excellent business success. However, this is not like only the product quality matters, instead, customers will purchase only what they want. Thus, a company should find the right mix of all elements.
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