4Ps of Marketing
Every well-designed marketing strategy addresses the 4P 's of Marketing. These are Product, Promotion, Place, and Price. Each of these concepts is unique and occupies its own particular place in our comprehensive marketing equation. You must consider each when determining your marketing mix.
Product
The product variable encompasses equal elements of design, product lifecycle, and brand equity. A good example of these product elements are smart phones and other electronic consumer products. Equally important within the product variable, are decisions pertaining to new product development, brand or category extensions, and modifications to packaging.
Brand Equity, Brand Extensions, and Category Extensions
The brand equity of …show more content…
Consumer promotions offer coupons, samples, rebates, sweepstakes, and other tools to generate interest. Trade promotions are more concerned with downstream channel support and make use of trade shows, allowances, and also offer advertising support. Advertising promotes the product in mass media such as radio, television, Internet, outdoor advertising, and any other visual or electronic media.
Public Relations is the company 's effort to use the media to gain publicity. PR can 't be bought, but must be developed over time through press releases, featured events, corporate sponsorships, and outward facing a pity that capture public attention through media promotion.
The most widely used form of promotion is Personal Selling. Firms spend more money on this type of selling than any other promotional activity. Personal selling occurs through face-to-face and telephone solicitation between employees and prospects. This form of selling is not to be confused with Direct Marketing, which uses direct mail, telemarketing, and e-mail to third-party services. Even though these methods generate a high annoyance factor, they are popular with management because can measure their …show more content…
Therefore, consumer goods are most often distributed indirectly, with wholesalers and distributors bridging the gap between manufacturers and retailers, allowing retailers to upsell and cross-sell while offering personal contact and customer service to end-user. Depending on firm size, company sales representatives or manufacturers’ representatives usually approach business customers.
Do not confuse channel distribution with the physical flow of goods. Channels and channel partners are facilitators for the transaction, and frequently, goods are delivered directly to the purchaser, whether that is another company, or retailer. In either case, the distribution channel facilitates the transaction.
Supply-chain management optimizes the movement of the product. Supply chain management and channel distribution contribute to the customer 's perception of product value. A product delivered to the wrong place and at the wrong time is no value to the customer. We call this process the Value Added Chain. In the value added chain, each channel member adds value to the product in the eyes of the customer. This occurs typically in the form of services surrounding the physical product. These services create Time Value, Place Value, and Form
Every well-designed marketing strategy addresses the 4P 's of Marketing. These are Product, Promotion, Place, and Price. Each of these concepts is unique and occupies its own particular place in our comprehensive marketing equation. You must consider each when determining your marketing mix.
Product
The product variable encompasses equal elements of design, product lifecycle, and brand equity. A good example of these product elements are smart phones and other electronic consumer products. Equally important within the product variable, are decisions pertaining to new product development, brand or category extensions, and modifications to packaging.
Brand Equity, Brand Extensions, and Category Extensions
The brand equity of …show more content…
Consumer promotions offer coupons, samples, rebates, sweepstakes, and other tools to generate interest. Trade promotions are more concerned with downstream channel support and make use of trade shows, allowances, and also offer advertising support. Advertising promotes the product in mass media such as radio, television, Internet, outdoor advertising, and any other visual or electronic media.
Public Relations is the company 's effort to use the media to gain publicity. PR can 't be bought, but must be developed over time through press releases, featured events, corporate sponsorships, and outward facing a pity that capture public attention through media promotion.
The most widely used form of promotion is Personal Selling. Firms spend more money on this type of selling than any other promotional activity. Personal selling occurs through face-to-face and telephone solicitation between employees and prospects. This form of selling is not to be confused with Direct Marketing, which uses direct mail, telemarketing, and e-mail to third-party services. Even though these methods generate a high annoyance factor, they are popular with management because can measure their …show more content…
Therefore, consumer goods are most often distributed indirectly, with wholesalers and distributors bridging the gap between manufacturers and retailers, allowing retailers to upsell and cross-sell while offering personal contact and customer service to end-user. Depending on firm size, company sales representatives or manufacturers’ representatives usually approach business customers.
Do not confuse channel distribution with the physical flow of goods. Channels and channel partners are facilitators for the transaction, and frequently, goods are delivered directly to the purchaser, whether that is another company, or retailer. In either case, the distribution channel facilitates the transaction.
Supply-chain management optimizes the movement of the product. Supply chain management and channel distribution contribute to the customer 's perception of product value. A product delivered to the wrong place and at the wrong time is no value to the customer. We call this process the Value Added Chain. In the value added chain, each channel member adds value to the product in the eyes of the customer. This occurs typically in the form of services surrounding the physical product. These services create Time Value, Place Value, and Form