Proper Marketing Strategies

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For any business to be successful, the proper marketing strategy needs to be put in place. This is because every business has an objective of attaining and retaining its customers who will propel its operations. The 4Ps model of marketing is the best decision any business can make. This model will assist the business to know the customers’ needs, preferences, expectations, decision-making processes, and the areas the business needs to emphasize in customer communication. The 4Ps in marketing stand for product, price, place and promotion, and they are important for a business to be able to attract customers. The product refers to goods and services a business offers to its customers. These goods and services need to be attractive to the customers due to their quality, the features they have, and warranties among other attributes. The product should meet the needs of the market targeted. The second P which is price refers to the amount the business charges for the product. Determining the price should reflect the right positioning of the product in the market where the price should cover the price of the product including the profit margin. The next P is the place which is the area or channels used to get the product. A business that offers its services to the local community is at the end of the distribution chain thus it supplies directly to the customers while the global business needs intermediaries. Both businesses need market coverage which can either be selective or intensive or even exclusive. The final P which is promotion refers to the advertising in order to let people know what the business has to sell. It aims at informing people what the product is, how they can use it and why they need the product (Ehmke, et al, 200... ... middle of paper ... ...ntage. Reference List Ehmke C, Fulton J, and Lusk J, (2005). Marketing’s Four P’s: First Steps for New Entrepreneurs. Retrieved From: http://www.ces.purdue.edu/extmedia/ec/ec-730.pdf Kotler, (2003). Defining Marketing for the Twenty-First Century. Retrieved From: http://www.managementparadise.com/forums/marketing-management-rm-im/26149 defining-marketing-twenty-first-century-kotler-2003-a.html Penrose, (1959). The Theory of the Growth of the Firm. Oxford University Press: New York. Waluszewski and Alexandra, (2005). Developing a new understanding of markets: reinterpreting the 4Ps. Retrieved From: http://search.proquest.com/docview/222059370/1316A0FEC2C6325EE79/2?accoun d=45049 Wilson, (2011). Marketing mix (Price, Place, Promotion, Product). Retrieved From: http://www.thetimes100.co.uk/theory/theory--marketing-mix-(price-place-promotion product)--243.php

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