4ps Of Marketing ( Insound Hearing Device)

4ps of marketing ( Insound Hearing device)

Product:

The marketing related definition of a product is anything that can be presented to a market which may satisfy needs or wants of customers. Products are two types' physical (tangible) and non-physical (intangible). The product Lyric is in tangible form but some intangibility in the form of service is also available with Lyric since it has to be placed in the ear canal by a skilled professional. The product therefore is a complete bundle of benefits that buyers perceive they will get.

Lyric (Product of Insound)

Lyric Hearing is the step forward in hearing aid technology it is the first and only 100% invisible extended wear hearing solution which is designed specially to meet the patients' needs. It is analog hearing device with inbuilt programming, giving the benefit to provide a clean signal and allows long life for the energy providing system.

Unlike traditional hearing aid products, Lyric can be easily placed in the ear canal, therefore is 100% invisible. Patients of hearing loss have the cosmetic advantage over other products. Nobody can see this device; therefore patients can become more confident while talking with others (insoundmedical.com). Lyric can be used 24 hours a day and to keep it in the ear canal there is no need of surgery which means there in no implant: with the help of a small magnet it can be removed. Lyric is surrounded by a spongy material which allows moisture to escape, therefore patients can take bath without eliminating it ( nytimes.com). Traditional hearing aid batteries lasts for one week, but Lyrics batteries last for 4 weeks, therefore provides a good compliance. It will be available in ten specific sizes. Five for the left and five for the right ear therefore, Lyric provides the flexibility to meet the requirements of all age group patients.

Price

In economics and business, the price is the assigned numerical monetary value of a good, service or asset. Price is among the four variables in the marketing mix and has great significance. Choosing right pricing strategy is crucial in the marketing process. Many factors are kept in mind before deciding the price which include cost incurred on the product, competitors, target market, and buying capacity of consumers etc.

In sound has decided its price strategy on competition basis. The current model price is, comparable to a similar price for a high end pair of conventional hearing device. The Lyric is essentially a subscription product, (lease) offering, with an annual fee