4Ps of Marketing Assignment Help
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4Ps of Marketing: The Marketing Mix
The 4Ps of marketing are the key factors that help market a good or service. Also referred to as the marketing mix, the external and internal business environment usually constrains these factors. The idea of the marketing mix was popularized by a Harvard University professor, Neil Borden, in the 1950s. Borden, in his article in 1964, wrote on ways that firms could engage consumers using advertising tactics. Over the years, his ideas have been fine-tuned. E. Jerome McCarthy, a Michigan State professor, narrowed them down to the 4Ps. All these happened before the internet and integration between companies and consumers. Marketing mix helped companies overcome physical barriers that hindered the globalization of production process even before the digital age. The P’s were extended to include factors such as process, people, and physical evidence. All these essential components are still being used and are studied meticulously in a marketing course.
A product is a service or good that an enterprise offers to its target market and consumers. Ideally, companies consider specific consumer demands to compel potential buyers who need to have this product. Additionally, it is essential for marketers to understand the life cycle of a product to be successful. They need to have a strategic plan for handling the product at every stage of its life. The kind of product manufactured by the company partially determines the price that should be charged, the place where it is going to be sold, and how it is going to be promoted in the market place.
Price is the amount consumers are going to pay for the product. Marketers often link it to the perceived and real value of the product. Other factors that are also considered include competitor’s prices, supply and distribution costs, and seasonal discounts. Sometimes, the management of the business may lower the price to allow more consumers to try out the product. Also, they may raise the price to make the product seem luxurious.
It is vital that marketers know when to offer a discount. Although a good cut can draw more customers, it may also give the impression that the product is not of the highest quality when it is at a lower price.
Place defines where the business is going to sell its product. It also outlines how goods and services are going to reach the market. A company should deliver its goods and services where there are potential buyers. In some cases, place aspect may also refer to placing the product on TV shows, web pages, displays, and specific stores to capture the attention of consumers. However, this kind of placement overlaps with promotion.
Promotions provide consumers with information on why they should pay a certain price for a good or service. It encompasses aspects such as public relations, advertising, and marketing strategies. Most marketers tie promotion with place to reach their targeted audiences.
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Marketing mix can be troublesome if you are not familiar with the concepts it entails. Many students are not a fan of the theoretical nuances that are involved in this subject, such as the accounts of its history, practical applications in renowned organizations, and the theory in a comprehensive organizational framework. We recommend that you avail of our 4ps of marketing homework help when you find these challenges too complicated to overcome.
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