4 P’S Of Marketing Assignment Help In USA,Australia & UK
Marketing is an extremely vast subject with multiple elements and sub-topics. It is an integral part of every form of business from the earliest times. The students studying marketing in school or college have to go through multiple assignments and case studies as a part of their curriculum. This is where they can take support of the 4 P’s of marketing assignment help by cheapassignmenthelp.co.uk.
Marketing mix is a part of marketing which is utilized by marketers as a business tool which is essential for deciding an offer of brands or product. 4 P’s of marketing are part of marketing mix and were proposed by E. Jerome McCarthy in 1960.
WHAT IS MARKETING ?
Marketing is the activity of a company that is associated with buying and selling a product or service. It includes advertisements, selling and delivering products to people. The aim of marketing companies is to get the attention of target audiences by using slogans, design of packets, general media exposure and celebrity endorsements.
WHAT IS MARKETING STRATEGY ?
The fundamental goal of marketing strategy is to increase sales and achieve a sustainable competitive advantage.
Marketing strategy includes all short term activities, long term activities and all basic activities in the field of marketing.
WHAT IS A MARKETING PLAN ?
A marketing plan is a business document that is written to describe the current position of the market and its strategies for the period covered by the marketing plan. Marketing plan usually covers a period of one to five years.
WHAT IS MARKETING MIX ?
Marketing mix is a tool that is used by marketers in marketing. The term marketing mix refers to the set of tactics or actions. And company uses these actions to promote its brand or product in the market.
The four P’s makes up a marketing mix are :
Let’s understand them in detail.
FOUR P’S OF MARKETING MIX:
- PRODUCT – Services or goods which are sold to consumers through which their needs are satisfied is referred as a product. It is the most basic element to start a business. The marketers study the growth phase, maturity phase and decline phase of a product lifecycle to analyze the importance of the specific products and strategies related to their sales.
To develop a right product, analyze and answer the following questions :
- What does the customer want from the product or service ?
- How the customer will use it ?
- What features you should add to your product to meet the customer’s requirement ?
- Name of the product ?
- Different sizes and colors of product ?
- Are you adding any unnecessary feature that is not needed by the client ?
- PRICE – The price is the amount which is paid by the customer for a service or a product. It decides the profit of the business due to which it is the soul of a business. Neutral pricing, market penetration pricing and market skimming pricing are considered as the three major strategies associated with the pricing of a specific product. Cost of raw materials, manpower, machinery and promotions etc. are considered while deciding the price of a product.
Ask some important questions to yourself while setting the price of your product :
- How much you have invested in the production of that product ?
- What is the customer’s expected price for that product ?
- Can a slight decrease in price, increase your market share ?
- Does the current price of your product affect your competitors ?
- PROMOTION – It comprises of methods which makes sure that awareness of the product is made among the potential consumers through various channels of communication. Public relations, advertising, sales promotion, online marketing, events and banner ads etc are some of the mediums which are utilized by marketers for promoting a product. A proper promotional strategy boosts the sale in exponential manner which helps a company in achieving their objectives.
Answer the following questions for an effective promotion strategy :
- The correct and suitable time to launch/promote your product.
- How to reach your audience or buyers (television ads, celebrity endorsement or general media exposure) ?
- What promotion strategy your competitors are applying ?
- PLACE – It is the place of distribution of products among the customer. The type of product, target users, price and availability of resources generally decide the place of selling and distribution of particular service or goods. Franchises, direct selling and exclusive distribution etc. are major elements of placement of products.
Answer these questions before developing your distribution strategy :
- How will you access the different distribution channels ?
- Do you need an online store to sell your product ?
- What kind of stores do your clients go to ? Whether a mall, mortar store, supermarket or online ?
WHAT IS THE IMPORTANCE OF MARKETING MIX ?
All the elements of marketing mix affected each other. They make a business plan for a company to give it a great success. But if handled wrong, then the business could take years to recover.
HOW TO USE 4 P’s OF MARKETING ?
A series of questions designed to help define marketing mix.
- What are the customer expectations of your service or products ?
- How will your product meet those expectations ?
- How will you differentiate your product from your competitors ?
- Current interactions with your clients ?
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