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4P’s of Marketing
Product: In product mix, product offer and product strategy are covered. It is considered as the heart of the marketing mix strategy. It includes product features, packaging, after sale service, value, company image etc. Products are tangible like electronics, intangible like suggestions by the consultants or services by hospitality industry. The main purpose of this element is to deliver customer value. For example, hamburger of McDonalds, Coffee of Starbucks and Coke of Coca Cola Company are some well known global products.
Price: Price is the value given by the target market in exchange of the product to the marketers or organizations. This element is also flexible as compared to other elements of the marketing mix. Depending over the demand and supply pattern, organizations can raise or lower the pricing of their products. Price is important element, as it determines the total revenues for the business by multiplying units sold. Pricing strategies cover both variable and fixed cost of the firm. There are various firms that charge high price, some charge medium and others charge low price to please the customers. There are firms like Wal-Mart that charges low pricing for its grocery items (Wal-Mart Stores). In contrast to this, there are firms like Apple Computers that charge high pricing for its smart phone as compared to other mobile manufacturing firms (Apple Inc, 2015). People purchase both low priced and high priced products due to their associated values. Hence, it should be set in a competitive manner to avoid any loss of both customers and market (Marketing Mix-The 4P’s of Marketing). We provides the best assignment help Australia.
Promotion: Promotion is used to inform, educate, persuade and remind the customers about associated benefits of using the product or services. It covers sales promotion, public relations, advertising and personal selling. Elements of the promotion strategy are integrated with other marketing mix elements to deliver promotional mix. Organizations often provide discounts, offers, sales on particular festive seasons to attract the target market. Happy Meal, Weekend special, 30% discounts for particular time period, buy 1 get 1 free are several promotional strategies. These are used by the firms like Coca Cola Company (beverage), Marks & Spencer (retailer) and spa service providers. Retailers like Wal-Mart uses promo like Big Saving to get maximum traffic . People are attracted towards these offers and shop without their shopping plans that generate revenues for the business.
Place: Place is an important element of the marketing mix. It is so, as if the products are not placed in proximity or accessible, customers will not purchase them. So, this strategy is developed by considering the access issue of the target market. Place is a kind of physical activity that consists of storing, transportation of raw material and finished goods to the final destination (Marketing Mix-The 4P’s of Marketing). For example, firms operating in the retail sector have improved their in-store shelf space to maximize the sale of the products. Home delivery options are also offered by the firms like Tesco, ASDA etc to ensure customer delight. These kinds of place strategies are appreciated by the customers who do not enough time to physically access the stores. In addition, to ensure customer satisfaction, sales personnel act as assistance for the customers to help them locate the preferred products on time. It creates brand image and provides customer value.
Role of Marketing Mix
According to our assignment help experts say that role of 4P’s in marketing strategy can be discussed as below:
Product: Product helps the marketers to determine features and attributes to be covered in the marketing mix strategy. It also assists the marketers to identify the packaging and related information considered important by the target market. Without knowing the product to be marketed, an organization cannot decide about price, promotion and place strategy.
Price: Price strategy helps the marketers to determine the promotional strategy of marketing. It is so, as on the basis of pricing, marketers decide about the investment in advertising, sales promotion and personal selling. For example, if the pricing is to be kept high for the particular product, the promotional activities are aimed to ensure maximum exposure to the target market.
Promotion: Promotion element of the marketing mix enables the organizations to spread a word of mouth for their products or services. By using promotional aspects, marketers formulate marketing strategies such as targeting, segmentation and positioning. For example, if the promotion is aimed to inform about major changes in the product line, the media channel that have higher exposure rate are selected for the marketing strategy. If there is social cause to be marketed, social networking sites such as twitter, MSN, face book and You Tube will be used to promote the cause among the public.
Place: Place element of the marketing mix is also important in developing marketing strategy. It helps to determine segmentation, targeting and positioning strategy of the business. If the firm wants to promote the product in local community, it uses road shows, local people, local stores etc to ensure physical distribution of the product. Efforts are also invested less if, the company office or stores are located in crowded areas.
Marketing Mix Framework
Marketing mix framework is implemented in following ways:
Marketing Plan: Marketing mix framework is used under the marketing plan and business plans. Under these plans, marketing mix is executed in below ways:
Product Strategy: In product strategy, first of all, features and attributes are selected. After this, packaging is decided. Next to this, nutritive information if required is also attached over the packaging. Next to this, customer care contact numbers and email ID of the organization are given over the packaging.
Price Strategy: In this strategy, pricing including fixed and variable is decided to implement the final price. Price including all tax is determined by the responsible personnel.
Place Strategy: In this strategy, location, physical distribution, display features, etc is decided under the plan. After deciding these aspects, place strategy is executed by the marketers in the intended marketplace.
Promotion Strategy: In this strategy, promotional aspects such as media, channels, and sales personnel required for the activities, resources, messages, campaign etc are determined. Once these aspects are finalized, promotional strategies are implemented to inform selected target market in specific segment.
Limitations of the 4P of Marketing Assignment Help
Marketing mix framework has several limitations. These are as below:
Forecasting: It is true that marketing mix framework is based over past data. So, it avoids current or future changes in the marketing concepts. Due to this, there are chances of developing unreliable forecasts for the business. Limited insights into the forecasting might affect the business growth of the firm by misleading the marketing strategic orientation
Brand Equity: Marketing mix framework focuses over short term sales, so it avoids the long term impact over the brand equity of the business. In the marketing mix, return on investment is decided on the basis of short term effects. Contrary to this, there are several long term effects that must be considered.
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