The company like Wesfarmers limited have paid utmost attention on the products, every product has a life cycle from its production to its consumption. The product mix of the company plays a very important role, as there are various products being offered by the company as it’s a company which prepares various products; the promotion of the product plays a vital role in the overall sale of the goods (Business.vic.gov.au, 2015). It is the way by which any company enters the market and thus it should be properly designed and the aim in the preparation of the product should be to satisfy the requirements of the customers.
Pricing of the product
In this competitive market only the companies which offer something unique or offer the goods at a relatively lower price succeed, thus it is very important to fix the price of the goods according to the value which has been perceived by the customers. The company follows the following three strategies of pricing its products the first technique is pricing which skims the market, the other technique is market penetration which is used in order to make a product famous in a market, the next technique is neutral pricing means that the price of the product is equal to the price which is offered by the competitors.
The most important reason for the success of a company is the promotional strategy used by the company and Wesfarmers have used the best promotional strategies, promotion means to make the consumers aware of the product in the market. There are various elements which are used by the company like the TV, radio different advertisements claiming the goods to be the best in the market, there are various discount offers published by the company to attract the customers and this is one of the most important reasons for the success of the company. The staff which has been appointed also plays a vital role as their behaviour attracts more customers and a good customer issue redresser team has made the company very successful (Kotler, Philip, 2012).