Four P's Represent

In: Business and Management

Submitted By bugger3123
Words 427
Pages 2
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 shipments to retail stores. This is why it is critical for marketers to coordinate with other departments to discuss any possible complications, and to make sure everyone is on board.
In my opinion, the most important is factor is product. Price, place and promotion serve to enhance the product attractiveness. If you fail to focus on making quality products, you may make a sale but you can…...

Similar Documents

4 P's of Marking

...4 p's of marketing The Four P's of Marketing The four P's of marketing are: Product Price Place Promotion Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature packed products cost more. The key is to have the most valuable product in its price range. Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better to cut a few low-value features out and so be able to offer a lower price. Place is sometimes thought unimportant to online business. However, many deals still go best with a handshake. Services can only be cost-effectively provided within a fixed travel-radius. Shipping costs matter. Place is still a vital concern. With the internet, all online shops are on the super-highway and equidistant to any customer, and yet people still look for local and regional suppliers. Financial and legal issues are still mostly set by place too. Where will you place your distribution centers? Would better placement of your business let you ship faster or more cost-efficiently? Promotion is the P that everyone knows Marketing is about. Of course, we are not only talking about advertising in promotions, but also sponsorships, public relations, special offers, viral marketing,......

Words: 1314 - Pages: 6

The Four P's of Marketing

...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...

Words: 342 - Pages: 2

The Four P's

...------------------------------------------------- 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......

Words: 682 - Pages: 3

4 P's of Ray Ban

...mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way - probably the best-known way - of defining the marketing mix, and was first expressed in 1960 by E J McCarthy. What is marketing? Putting the right product in the right place, at the right price, at the right time. When We talk about Market,Whether you are a small business or a large corporation you need a good marketing strategy. There are many ways to market your business the question is which ways are the most effective for your product or service? Ray-Ban is a Eyewear company.This Company just make Sunglasses. The 4 P's of Ray-Ban Marketing decisions generally fall into the following four controllable categories: Product Price Place (distribution) Promotion PRODUCT Product/Service The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: Brand name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and services Ray-Ban have a eyewear products.Ray-Ban become a good brand in eyewear industry. Ray-Ban know what does the customer want from the product and what needs does it satisfy. Ray-Ban just selling googols but in many models. Ray-Ban giving guaranty on some googols glasses for screech. Ray-Ban produces a product which is stylish and different from......

Words: 1090 - Pages: 5

The Four P's of Marketing

...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......

Words: 645 - Pages: 3

Four P's

...Place and Price Analysis The Price When marketing their products, company will need to create a successful mix of the right product sold at the right price, and in the right place. Getting the price right involves examining customer perceptions and rival products as well as the costs to manufacture. Of all the aspects of the marketing mix, price is the one, which creates sales revenue, all the others are costs. The price of an item is clearly an important determinant of the value of sales made. Price is really determined by the discovery of what customers perceive is the value of the item. Researching consumers' opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to pay. An organization's pricing policy will vary according to time and circumstances. For example the value of water in the Lake will be very different from the value of water in the desert. The Place involves using the best possible channels of distribution such as the leading supermarket chains. The product is the central point on which marketing energy must focus. About a fifth of the cost of a product goes towards getting it to the customer. Place is concerned with various methods of transporting and storing goods, and then making them available for the customer. Getting the right product to the right place at the right time involves a competent distribution system. The choice of distribution method will depend on a variety of......

Words: 327 - Pages: 2

The Four P's

...The Four P’s of Marketing Kevin Hammond A.I.U Abstract In this paper I will talk about the four p’s of marketing. With this mix you will see the different parts of business. Price is one of the biggest parts of marketing, not only does it affects the business directly but the buyer well be to. The place of distribution will influence how the product sales. Promotion of a product is how a business lets the buyers know what they have to sale. The goods or services a business has to offer is the product I love cars and have worked around them for years. When I was in sales I noticed that salesmen did not know much about their product. I enjoyed working with cars. I know producing and selling automobiles would not be easy with the cost just starting the business. The price of the product refers to how much you charge for your products or services. Pricing your product can be tricky and or frightening. A lot of businesses think they must have the lowest price to get more customers, but this can back fire on them. Ware a customer thinks that your product is of low quality. One must price there product to cover cost and include a profit margin. Place is Ware and how you distribute your product will greatly influence sales. Place is how a business gets its product to their customers. What that product is will affect how it’s distributed. The promotion of a product refers to the advertising and selling part of marketing. Its how a business will reach......

Words: 594 - Pages: 3

Four P's of Marketing 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 services is always wrong... There is no right price! The right price is the price that the client is prepared to pay for perceived value add. Price; Product; Place; Promotion. C:\saoug\lead_roberts.doc What has our experience been? The client is prepared to pay for superior service. Now this sounds all very warm and fuzzy but if you have the right product, the infrastructure to deliver on promises and a client centered attitude, then the client will be prepared to pay for the service. In our case we have a mandate from management to......

Words: 1450 - Pages: 6

Four P's of Marketing

...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......

Words: 901 - Pages: 4

Marketing Four P's

...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......

Words: 3523 - Pages: 15

Marketing Mixing and the Four P’s

...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......

Words: 750 - Pages: 3

The 4 P's

...Marketing Mix – The 4 P’s of Marketing Product The foremost of the marketing four p’s is the product that a company intends to sell. A product can be something like a car, toothbrush, nail polish, utensil, clothing item, etc. Although, manufacturing a product does not fall in the work of the marketing department, yet how the product should look, how it should function and how it can be used by the customers, is mainly determined by market research and based on the same marketing strategies are determined to position it in the best possible manner in the market. To be successful at developing the right product, which is one of the important four p’s of marketing, the marketing department should give regular inputs with regards to the needs and wants of the customers to the manufacturing department. Guarantees, warranties as well as support services for the product are decided upon to match the offerings of the competitors. Price Next of the 4 p’s of marketing is the pricing strategy. The price should be determined in accordance to a number of factors such as the number of product features, the price of similar products in the market, how much the customers are willing to shell out for the conveniences offered by the product, etc. As price is the revenue for a business so special attention should be paid while determining the pricing strategy. Discounts, allowances, financing options fall under the pricing marketing mix strategy too. Place “Place” refers to making a......

Words: 465 - Pages: 2

Four P's or Marketing Mix

...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......

Words: 995 - Pages: 4

Four P's Marketing Mix on Starbucks

...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......

Words: 1212 - Pages: 5

Four P's of Tiger Beer

...brewery extended in the year 1937 and again after two year of span it expanded due to production demands. It made expansion globally when they purchased the South Pacific of Papua New Guinea in 1958 and in 1970’s Malayan Breweries started to produce Heineken beer as well. In 1980’s they took their beer name in premium beer category and by the end of 80’s Tiger Beer was considered as one of the world’s best beers. After that, In 90’s they renamed the brewery as an Asian Pacific Brewery so that they can show a clear sign of contributing to all Asian countries (Cairns. R, 2007) Purpose As a Business Analyst employed by Asian Pacific Breweries, my duty is to focus on how product and services can deliver “value” to the customers through four P’s of marketing. Asian beer directs their efforts and focus to create the ultimate customers experience and it also developed a set of values that’s close to their heart, a promise of un compromised value and trust to their esteem customers Description and the evaluation of the 4Ps Description of Tiger Beer Asian Pacific Breweries introduced the Tiger Beer in 1931 by giving new curve to the Malayan Breweries. And after that, Over the years, Tiger beer received a lot of praises from world’s most popular newspapers and journals. Tiger has got a lo of awards since 1939, including no less than 30 international gold medals in Paris, Geneva, Rome, Lisbon Madrid. Tiger beer’s regular quality has make it topmost honours at the 1998 Brewing......

Words: 2528 - Pages: 11

Ch.95 : Yumesaki-sensei on the Attack (color) | Plus Tic Neesan | Resume Writing