The four Ps or four elements of the marketing mix are product, place, price, and promotion, which are used to satisfy consumers’ needs and the objectives of the organization. After a target market is selected, “…the firm must take steps to satisfy [the customers] needs” (Kerin, Hartley, & Rudelius, 2009 p. 13). The basic concept of the marketing mix is to focus on what customers want and to keep customers satisfied. Although the marketing mix is a unique way to market a product or service, satisfying the consumers’ needs and wants is every marketer’s main goal. Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants.
The next step is communicating. It can be compared to promotion in the 4Ps approach, because it involves informing the customer on the offer. The difference is in information delivered to the customer. The 4Ps approach promotes and advertises the product, while the value approach - the value - product plus service, benefit, and enjoyment that can be received with the product. In addition, the value approach involves not only telling the customers how good the offering is, but also learning from them about their preferences and desires.
The essential marketing strategy falls under 4Ps. They are Product, Price, Place and Promotion. All these strategies are vital for a company to enhance their business. However, these strategies become active when it satisfies the customer needs because the main idea of marketing is to fulfil the customer wants and needs. In this marketing tactic, all the 4Ps plays a particular role for the business.
Price refers to the price set for the aforementioned product, and the particular pricing strategy that the firm has chosen to implement. Promotion refers to the promotional strategies that are used to sell the product, and the communication that is undertaken to persuade customers to purchase the product. Finally, place refers to the method of distribution used to get the good and/or service from the firm to the customer. The 4 Ps marketing mix is commonly
It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics. Three Sources Describing the Marketing Mix The article Developing Your Marketing Mix defines the marketing mix as "a combination of marketing tools that are used to satisfy customers and company objectives". The article describes how it takes proper coordination, planning, and use of each of these elements to reach the consumers in one's target market. The importance of the coordination of the elements is so that one can be sure they are not sending mixed messages to the consumer and confusing them, the elements should all contain the same message. Another important point that this article makes is that properly using the marketing mix to develop your marketing strategy, will help meet the nature and needs of one's specified target market.
The process of developing, promoting, and distributing products to satisfy customers' needs and wants. Marketing include 4 Ps for marketing mix that is product, place, price and promotion. Product is the good, which is the company want to manufacture. Place is the place where the company sell the product. Price is the value of goods in the society and promotion show products to customers, e.g.
Four Elements of the Marketing Mix To begin, the first p in the marketing mix stands for product. Products are the things that organizations sell to people (ABC’s of Small Business, 1999-2003). This area is concerned with creating the right product or service for the target population. The product or service should satisfy the need of the target population. For this reason, it is very important to know the wants and needs of the target population.
The Strategic Planning Marketing Process An organization must use a strategic marketing process to distribute its marketing mix resources to reach its target markets. The elements of a proper marketing mix are price, product, place, and promotion. They are the four P’s of the marketing process (Goi, 2009) Good understanding of the marketing mix is important for an organization. When a company is developing a marketing plan, it must consider each element. Just as important is an understanding how to use the element in the marketing process.
When creating your product strategy, you should develop a business plan to aid in product investment decisions, utilize your market research to create high demand products, and, most importantly, ensure that your business is able to continually bring that product into the market place. Executing a successful marketing strategy includes developing a budget and brand, determining ways to interact with the target market, and aid the sales team in selling the product. A well-executed product and marketing strategy will successfully combine the demands of the external market place with the company 's corporate
* Timely… they must plan how and when they need to be achieved. The marketing aims and objectives are a part of the marketing plan. The marketing objectives and are also SMART and like all the other departments within the business they need to build towards the aims and objectives of the business as a whole. Marketing objectives must involve understanding the needs of the customers; they also need to stay ahead of their competition. The market research the department carries out helps to determine what their objectives ar... ... middle of paper ... ...blend of the marketing mix will persuade a customer to buy the product and stay loyal to the business.