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25 May, 17:10

Name the parameter of the marketing mix based on the following scenario.

Seiko is one of the most renowned watch manufacturing companies in the world. Their signature quartz innovation makes their watches very accurate. Caliber 9F is supposed to be the newest and the best invention by Seiko so far.

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  1. 25 May, 19:47
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    Product

    Explanation:

    In marketing mix, there are four parameters associated with it, one of which is product. Product could be refered to as tangible and intangible goods, services, which are produced or rendered to satisfy consumers need.

    Components of a product include but not limited to warranty, product brand, safety, it's functionality, quality etc. Other marketing mix parameters are place, price and promotion.

    With regards to the above, in as much as the watch is accurate due to innovation, then it can be termed as product under functionality component.
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