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Define the 4Ps of the marketing mix: product, pricing, placement,

Resolved Question:

Define the 4P's of the marketing mix: product, pricing, placement, and promotion. Why are these elements so important to marketers?
Submitted: 2 years ago.
Category: Single Problem
Expert:  Dave CPA replied 2 years ago.
Hello,

Welcome to Just Answer

Product which is seen as an item that satisfies what a consumer needs or wants.

Examples:
What does the customer want from the product/service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
Are you including costly features that the customer won't actually use?
How and where will the customer use it?
What does it look like? How will customers experience it?
What size(s), color(s), and so on, should it be?
What is it to be called?
How is it branded?
How is it differentiated versus your competitors?
What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).

Placement refers to providing the product at a place which is convenient for consumers to access.

Examples:
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies?
What do you competitors do, and how can you learn from that and/or differentiate?

Pricing is the amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival

Examples:
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments of your market?
How will your price compare with your competitors?

Promotion represents all of the methods of communication that a marketer may use to provide information to different parties about the product.

Examples:
Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch, or the timing of subsequent promotions?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?


These elements are important because they represent the basis marketing mix. The marketing 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 marketing mix model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy.

Please let me know if you need anything else. Regards Dave
Dave CPA, Accountant
Category: Single Problem
Satisfied Customers: 840
Experience: Sound knowledge base in accounting and finance.
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