The 4ps Of Marketing Mix
Prof. Lora Rigutto
16 September 2017
Chapter 1 Q4: Four Ps of Marketing Mix and how they are integrated into the marketing Plan
The four Ps of marketing is a set of tools a company requires and uses to understand the market and to appropriately position its products. The four Ps are famously categorized as Product, Price, Place, and Promotion. The 4Ps are related to each other as links to a chain. If one link is weak, all other links would be weakened and impacted. In a marketing mix, all four Ps should be able to strengthen each other so that the best possible results could be achieved. If one of the four Ps is to be changed, it is critically important to check if it’s impacting other three Ps or not. If making …show more content…
The best product at the best price and right place could fail only if it is not promoted in an effective manner. Promotion is about providing information on the product features in a convincing manner through available channels. Also making the customer aware of the product availability, product features and then ensuring that the product is better than that of the competitor. An effective marketing strategy can only be planned if all four Ps are considered in an efficient manner. Adjustment and readjustment of the 4Ps in the Marketing plan could be made as per the varying demands of the target market. One marketing plan might be successful in one market but might fail in …show more content…
They need to work on the price based on the costs involved as well as the price expectations of the target customers. If the costs involved end up making a blowing up company’s budget then it might have to go back and revise the plan to get the best price.
Thirdly, the company has to decide on the place the product would be sold. If they were going to sell the pencil holders in the local market or international market. If the target customer would prefer to buy it online or in physical stores. In case of international markets, what would be the best place to sell the product either in physical stores or online? Also if it is available at stores or selling websites at the right time before the schools reopen in September.
The last P of the marketing mix refers to the promotional aspect of the marketing mix. It is very important for the customers to be aware that the pencil holders are available in their preferred location and features. The company can choose the marketing option which fits the marketing budget of the company. The company cannot and should not overspend to market the product. If all four Ps are integrated into the marketing mix in an efficient manner, it can result in a successful marketing plan leading to successful business