Mm4 Book Review

The 4Ps are one of the most effective concepts of the marketing framework used in marketing. They are used to help the company progress as a whole and also ultimately improve the market exchange of the company. In chapter six and nine of the book, “MM4” by Dawn Iacobucci, Iacobucci focuses on two aspects of the 4Ps, products and pricing. Each concept is thoroughly examined and proven to be effective in marketing management. One of the main focuses of marketing management is to satisfy the customer, the only way to do that is to provide a great product that is worthy of their purchase. In chapter six of the book, the author defines a product as both goods and services. For example, a product can be a good such as flat iron and the service of a hairstylist. Although both are different in some ways, they are both marketed and used by customers. …show more content…
107, Iacobucci), prices have a great impact on whether the customer will buy a product. The price controls the supply and demand of a product. Prices can range from low, medium, and high. Lower prices can be used as a means to breakeven and keep the company afloat, or it could even be an attraction to lead customers to buy other products that are higher in price. Medium prices can range from low to high prices based on the circumstances of the company. Prices will be higher if the company offers more benefits and services or lower for more value of products. Higher prices indicate the customer is willing to pay more money for exclusive products. Higher prices can be used to create a divide between statuses or it could in fact be that the products quality is truly better or more unique than the competition. Pricing can determine whether a company can succeed or not. Pricing can indicate and help to solve problems within the company just by setting the right