...------------------------------------------------- The 4 P’s The first area in the 4 P’s is the product. The products quality is difficult to define because it is subjective and perceived differently from consumer to consumer. Most of the time it is a question of the tangible functional qualities of a product and the intangible ones, which concern the make and the brand. When a company decides what the range of its products is going to be, they have to be aware, because the tastes differ. When a company has many different product lines, its range is said to be wide, while a company with only one or a few product lines is said to be a narrow range. A range can also be deep. The depth of the range refers to the number of varieties in the product lines. A deep range includes many varieties, for example in a fish shop many kinds of fish are sold. A short range includes few varieties. For example shops of petrol stations, the range is short. The second area is the price. It can be very difficult for a consumer to assess the quality of a product and therefore the price is a important factor in the buying process. The average consumers can also easily understand this parameter since it is easy to compare the price of two products and find the one cheaper. A company can choose among various pricing strategies, the three most common being: Skimming Price strategy, which is the strategy where the companies are entering the market with a relative high price to cover the expenses of...
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...to focus on the goals and objectives of Anglo American and support business decision making in a global environment; to strive for continuing improvement of service excellence in a friendly and professional manner. * Vision The I.C. will play a pivotal role in facilitating the providing and use of information and knowledge to support (our client’s) business decisions. The I.C.'s aim is to become the preferred supplier of information to the Anglo American Corporation. In order to achieve our mission and focus on our vision we need to continuously be aware of our client’s needs, and this is where the 4 P's of marketing are useful. The 4 P's of marketing I shall discuss the 4 P's of marketing within the context of the Anglo American Information th Centre environment and how we apply the 4 P's. I believe that there is a 5 P and I shall discuss this in due course. The four P’s are: * * * * Price I quote Jim Courtis: The price of all...
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...Running head: THE FOUR P’S OF MARKETING THE FOUR P’S OF MARKETING Kilya Simmons Business 105 Unit 3 08-10-2013 Mrs. Carol Boniface - Hannon Abstract This essay will explain about the four P’s of marketing. The four P’s will give different demeanors in marketing when the business has to take in considerateness and sustain when products are put out. It will also indicate how clothing and the connection to the four P’s in marketing have some similarities. There are four P’s of marketing that gives insights on how to market your business and products. They are structured to support each other. They are price, product, promotion, and place. Price is one of the strategies in marketing. It can be challenge because you can easily change the price instead of the product. Some prices are set at a high price to skim the customers and influence them like the products are good quality. The reasons why they are discounted below market value so they can out beat their competitors. Some prices are set high to skim the customers and influence them like the products are good quality. Some customers have different views on pricing. They think the even numbers on prices mean it’s expensive. Pricing products to high can send customers to other competitors (Editorial Board, 2013). Products should meet the needs of a customer in marketing. It refers to the goods and services you offer to your customers...
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...3. List and discuss the 4 P’s (marketing mix) The ‘Four P’s’ of the marketing mix are, product, price, promotion and place. All of these parameters are controlled by the marketing managers of each company and are focused upon the target market of a particular company. Product- would be the physical, tangible products and services that are offered by the company. The product in which the company is focusing on promoting and marketing is the main good, which will be focused upon for all of the remaining P’s in the marketing mix. The Product is the main focus in creating a solution to the consumers need. Price- consists of the pricing strategies that are selected for each product. Pricing can consist of many parameters such as suggested retail pricing, seasonal pricing, and bundling and price flexibility, among other pricing strategies. Pricing is very important in the focus on the value and insight that the company choses to offer the target market in getting the most for their money. Promotion-This P in the marketing mix would refer to the Marketing promotion of the product or products. Promotion consists of; marketing communications, advertising, sales promotion and public relations (PR) that are related to the product or products. Promotion would focus on how the company and it marketing manager educates the target market about the product and how they decide to engage with the customer within that particular target market. Place – Place in the Marketing mix refers to...
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...PURDUE EXTENSION EC-730 Marketing’s Four P’s: First Steps for New Entrepreneurs Cole Ehmke, Joan Fulton, and Jayson Lusk Department of Agricultural Economics Marketing your business is about how you position it to satisfy your market’s needs. There are four critical elements in marketing your products and business. They are the four P’s of marketing. 1. Product. The right product to satisfy the needs of your target customer. Audience: Business managers Content: Presents the four elements of marketing your products and business Outcome: Readers will be aware of the range of marketing decisions they need to make 2. Price. The right product offered at the right price. 3. Place. The right product at the right price available in the right place to be bought by customers. 4. Promotion. Informing potential customers of the availability of the product, its price and its place. Each of the four P’s is a variable you control in creating the marketing mix that will attract customers to your business. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. As a business manager, you determine how to use these variables to achieve your profit potential. This publication introduces the four P’s of marketing and includes worksheets that will help you determine the most effective marketing mix for your business. Product “Product” refers to the goods and services you offer to your customers...
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...Which of the 4P’s is most important? First, let focus on what the “P’s” represent. THE PRODUCT: Exactly what product or service are you going to sell to this market? Define it in terms of what it does for your customer. How does it help your customer to achieve, avoid or preserve something? You must be clear about the benefit you offer and how the customer’s life or work will be improved if he or she buys what you sell. THE PRICE: Exactly how much are you going to charge for your product or service, and on what basis? How are you going to price it to sell at retail? How are you going to price it at wholesale? How are you going to charge for volume discounts? Is your price correct based on your costs and the prices of your competitors? THE PLACE: Where are you going to sell this product at this price? Are you going to sell directly from your own company or through wholesalers, retailers, direct mail, catalogs or the Internet? THE PROMOTION: Promotion includes every aspect of advertising, brochures, packaging, salespeople and sales methodology. How are you going to promote, advertise and sell this product at this price at this location? What will be the process from the first contact with a prospect through to the completed sale? (UMUC,1) Whenever a decision is made to rebalance one of the “P’s", it also impacts decisions in other areas. For example, changing the price of a popular product, by lowering its price, could impact the placement aspects by requiring increased...
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...Marketing paper 04/10/2015 | 4 P’s of Marketing | The Honest Company | | DeAnna Horton | 4/10/2015 | BUSN101INSTRUCTOR: NORMA ANDERSON | While watching television to find a commercial for this assignment, one jumped out at me, caught my attention, and held it, even remaining in my head for some time after watching the advertisement. The product was for baby diapers made by The Honest Company. These diapers are eco-friendly by being plant based; free of lotions, free of fragrance by using citrus and chlorophyll, and latex. They do not use chlorine processing or harsh chemical bleaches in the creation of these diapers. The absorbent core comes from certified sustainable forests and a polymer blend of wheat and corn. The ink from printing the updated motifs is free of lead and heavy metals. All this information was conveyed while being entertaining and having the ability to stick in one’s head well after watching. This is a “shopping” good, one of necessity if you have children and opt not to use cloth diapers. People are becoming more concerned about our impact on the earth. Many buyers are looking at going green, not just for themselves, but in the companies that produce the goods. Parents are also more inclined to purchase the best available, that is affordable, for their children. The packaging is also made of recycled materials. It shows a photo of a child, clearly identifies the contents, protects them from dirt and damage, and also provides a list of the...
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...UNIVERSITY OF BALLARAT FACULTY OF BUSINESS, ENVIRONMENT & SOCIETY MASTER IN BUSINESS ADMINSTRATION MARKETING COURSEWORK MARKETING MIX OF TIGER BEER STUDENT NAME : ARORA SAURABH STUDENT ID NUMBER : G1136238P LECTURER : THAM YUEN HOI Declaration of originality This is to certify that the work is entirely my own and not of any other person, unless explicitly acknowledged (including citation of published and unpublished sources). The work has not previously been submitted in any form to the University of Ballarat or to any other institution for assessment for any other purpose. Signed _________________________________________________ Date ___________________________________________________ Word Count - Number of Pages: 15 - Number of Words: 2361 * Exclude Cover Page * Exclude Reference list Table of Contents 1 EXECUTIVE SUMMARY 2 1.1 Introductory Sentence 2 Tiger Beer Product 2 1.2 Major Findings 2 1.3 Major Recommendation 3 1.3.1 Use its resources to increase the quality of their product 3 1.3.2 Reducing hangover percentage for consumer 3 2 Introduction 4 2.1 Background 4 2.2 Purpose 4 3 Description and the evaluation of the 4Ps 5 3.1 Description of Tiger Beer 5 3.2 Product 6 3.2.1 Tiger Beer Crystal 6 3.2.2 Tiger Super...
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...Four P’s or Marketing Matrix Paper Marketing March 26th, 2012 Four P’s or Marketing Matrix Paper With all of the media buzz surrounding products and services in TV ads, internet ads, phone applications, commercials, bulletins boards, and maybe the oldest marketing strategy around paper flyers left on the front window of cars, consumers everywhere are overloaded with information for just about everything known to mankind. To catch the consumers’ eye companies have to be more creative than ever, not only thinking outside of the box but doing circus acts around the box so to speak! Companies have to be innovative and creative to captivate the consumer’s interest. Companies have to use different marketing techniques from their competitors; they have to establish stronger marketing platforms than ever before. When trying to get the word out about a new or established business, product, or service companies need to go beyond the old ways of selectively choosing a customer base to really get a consumer thinking, they need to relate to the customer on a more intimate level and with a two way communication method instead of the one way communication method that has been the way of the past. New technology has changed the way people relate to each other, these tools include everything from Twitter, Facebook, YouTube, Instant Messaging, blogging, and other social networks where people can share products they like or dislike and promote certain products and services freely. In this...
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...Marketing Mixing AND THE FOUR P’S Abstract The marketing system is the controllable tactical marketing tools such as products, prices, places where the items are sole and promotions that the company offers to blend, and able to produce the response it want in the initial target within the market (Kotler and Armstrong,2010). The main focus for companies such as DHL for example help other companies by providing service to hospitals, small business to help make their organization fun smoothly by having a supply chain that is key with in the health care sector. left strePudding interesting and exciting you can use in almost anything. In the marking arena the Marketing Mix is an important factor in marketing using the marking mix consist of four factors known, as the four P’s which are as followed. I will demonstrate how important the four P’s are in business marketing. Marketing Mix and the Four P’s The first p is product. A product is something tangible that someone can feel. Something made or created, by person machine or natural process, especially something that is offer for sale. Products are made and created by a person, machine, or natural process, such as Pudding, which Peter Cooper invented in 1845. The second P is price. Price is a form of fee that a persons pay for the product. Price is really to reduce costs through improving manufacturing and efficiency, and most importantly, the marketer needs to increase the perceived value of the product for the benefits...
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...2 Four P’s Marketing Mix on Starbucks The marketing mix plays an important part in marketing. The purposes of the marketing mix are to use a combination of tools to satisfied the customers and obtain company goals. The marketing mix is referred as the four P’s: product, price, place, and promotion. “The elements are adjusted until a right combination is found that serves the needs of the product’s customers while generating optimum income”. (Marketing Mix, 2010, p. 1). By using the four P’s, most businesses have the ability to connect with consumers within the targeted market. The ability to create a successful marketing mix often has good results. However using the wrong mix can lead to failed marketing strategies which can result in the business dissolving. The key is not to get stuck on one mix; the combination of elements often has better results than just using one. This research paper will review all elements of the marketing mix and how each ones plays an important role that organizations must acknowledge in order to be successful. The first P in the mix is the product. The product is used to determine market needs, wants, and desires, to assess internal resources regarding satisfying market needs, wants, and desires with innovation, to develop process for market resource and product testing, and to forecast product life cycle. With this being said, the product would refer to a physical product or service in a company. The product would be used to satisfy a targeted...
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...Marketing Mix Frank Robles MKT/421 February, 25 2013 Paressa Naveed There are four categories in the marketing mix. They consist of product, place, price and promotion. Many companies use these four elements of the marketing mix to help bring in revenue on the services that they are using. This paper will focus on those four p’s of marketing and explain in detail how the four p’s are beneficial to any organizations, marketing strategy and tactics. The first category in the four p’s would be the product. What the product is a service or item that a company offers. When a product is marketed, it means that the company created the idea to reach a target audience. The product should attract a certain audience and the company is responsible for creating the marketing strategy in order to hit the target audience. The second category in the four p’s would be place. Place is directly involved where an organization puts together a strategy where they make sure they get the product to its target audience. The whole process is revolved around how the product gets distributed to the consumer. This process is very important on deciding how the product gets to the consumer before they decide to purchase it or buy it. There are many ways on how the product gets to the consumer and how it reaches the target population. Now, as for the third P which stands for promotion. When a company promotes a product, they have different ways of doing so...
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...Marketing Mix Clarisa Santiago Marketing/421 April 3, 2013 Instructor Steve Fritzenkotter Elements of the Marketing Mix What are the elements of the marketing mix, the elements are the four P’s. The four P’s include product, place, price, and promotion. These elements are essential for the success of an organization. If any of these elements are missing on a marketing plan the organization’s product might fail. The next couple of paragraphs will describe the elements of the marketing mix. This paper will include Mary Kay has an example of how the four P’s are used in the marketing mix. The book provides a description for the four P’s for the marketing mix but it also talks about the four P’s used by management. The four P’s management use reflects a more accurate modern market. The marketing mix focuses on product, place, price, and promotion. The new management P’s focus on people, processes, programs, and performance. Product as described in the book and in class is a service or article of good that a company supplies to customers. For example Tide detergent offers customers with a detergent that makes cloths look newer for a longer period of time and it also give the cloths a nice smell. Place is described has the area the product is manufactured or where the product is sold to the customers. Price is how much a product is worth and how much the customer is also willing to pay for the product. Promotion is the advertising...
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...Borden's teachings included product, planning, price, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis. These ingredients were later grouped by E. Jerome McCarthy into four categories which we now refer to as the four p's of marketing (NetMBA 2007). The four p's of marketing make up the marketing mix which is probably the most well known of all the marketing terms. "Its elements are the basic, tactical components of a marketing plan. The four p's, of the marketing mix elements are product, place, promotion and price" (Marketing teacher 2009). These four elements create the marketing mix which impacts the development of any organization's marketing strategies and tactics. The concept is simple. Think about a cake and the components of a cake. There are certain ingredients that are required but one can alter how much of each ingredient is added. The same goes with marketing. The four p's are required but depending on the organization there may be more emphasis on one and less on another. But one thing remains the same, all four p's are necessary. "The majority of people use the four p's but some will use the five p's and add people. Others may even go up to seven and add people, physical evidence (such as uniforms, facilties, or livery) and process" (NetMBA 2007). The organization that has been selected is the Londoner. The Londoner is an English pub and would be considered in the...
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...Market Mix The Four P’s Price, Product, Promotion, and Place My company has decided that we want to sell a particular product or offer a service? This product will be based on Coffee. Not just hot coffee’s – but Iced Coffee’s with different flavors. As the company grows we will introduce 2 simple baked goods, English Scones and muffins. Deciding to sell these certain products will keep it simple in the beginning. As my company action plan will employ the market mix, and the essentials of the four P’s that will enable me access to get the goods and services to the customers that I am targeting in my local area. The action plan is called the “Marketing Mix”. The marketing mix is one of the biggest and most critical decisions that a company can make. A bad marketing mix can result in poor performance and the potential for financial losses. One has no wish to be alone with a great cup of coffee and a Blueberry Scone watching the Casey Anthony Trial in an empty Coffee Shop. Now that’s a bloody nightmare there.(Fulton et al, 2006) The Origins of the Market Mix Plan It is well known the marketing mix plan created and well defined by McCarthy some forty years ago. It is commonly used to date as the standard outline and set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories are called the four P’s or Product...
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