7P’s of Marketing Mix
Marketing Mix
The model of 7P’s of marketing mix presents a set of the variable element which can be used to influence the buying decisions of the consumers. The old model of marketing mix consisted of 4P’s-place, promotion, product, and price. The added components add essence to the prosperity of the service companies. In this, the researcher had applied the extended model of 7P’s of the marketing mix of the case of Haier China to spot out the prevailing issues from the viewpoint of marketing. Read the academic writing provided by Order Custom Papers further to learn about the topic.
Product
The product has always been the significant element in the development of Haier China. The fundamental goal of Haier China is to become the world-famous brand. In its Global Building stage, the main focus of Haier China has been always on the high-end technology. The air conditioners, washing machines, refrigerators and other products of Haier China are all the forerunners to adopt the most advanced technology. Through its high-tech products being presented persistently, Haier does not just realize the new idea of style and utilization, additionally lead another pattern of market consumption.
Pricing
The working principle of Haier is to focus on the war of value instead of the price war. Therefore, the company makes all possible efforts to produce competitive products at a reasonable rate. In order to fulfill the demands of different demographics of people, the approach of Haier China to extend its product price line. In contrast to those organizations that blindly make markdowns to increase their sales volume, the main preference of Haier China is to adopt a high-price strategy instead of the schema of good sales and small profits.
Place
In its process of internalization, Haier took the foreign-agent system in most of the European countries, which assisted it to enter successfully into the global market. The Haier China strongly follow the concept of direct controlling the channel terminal by making use of service sites, sales sites and existing networks of foreign distributors which assisted it to significantly minimize the expenses involved in channel construction. The consumers can find all Hair stores with rich products and unified image all across the globes.
Promotion
Currently, the company promotes its products to retailers and consumers by the means of media that have a significant impact on the TV shopping channels, special product exhibition, and different professional magazines. Moreover, the promotion strategies of Haier are community oriented. The management of Haier China strongly believes that within the environment that entails changing the social economy and continuous new competitive market conditions, it is not possible to meet the changes through the existing market-oriented promotion strategies.
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