4 PS MARKETING ASSIGNMENT HELP
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Well, marketing is a very vast field of study with a large number of elements as well as sub-topics. Marketing can be defined as the activity of any business organization that is associated with or related to purchasing and selling of a service product. Advertisements, news releases, commercials, search engine optimization, mobile marketing, tweeting, blogging, bookmarking, pinning and networking are a few tools of marketing. The main aim of marketing organizations is to grab the attention of target market segments or audiences by making use of celebrity endorsements, design of packets, slogans, general media exposure, etc. Marketing has been an integral part of all forms of businesses or industries from the earliest times.
For the purpose of marketing, organizations need to come up with effective marketing strategies, plans and very productive marketing mixes. They have been described below:
A marketing strategy mainly aims at helping the business organization attain a sustainable competitive edge and increasing sales. A marketing strategy comprises of all short term and long term activities, as well as all includes all the basic and essential marketing activities.
A marketing plan can be simply defined as a business document that is developed for describing the market’s current position, as well as the strategies of the business organization for the a particular time period which is usually one to five years.
A marketing mix can be defined as a tool that marketers use for the purpose of marketing. Marketing mix is a term used to describe a set of actions or tactics. A company uses these tactics for promoting its product, service or brand in the market. The marketing mix comprises of 4 P’s - Product, Price, Place and Promotion. All marketing-mix elements are interrelated and affect each other. The 4 P’s of marketing have been explained below:
- Product: It can be defined as goods or services that are sold to people or customers through which their needs are fulfilled. The marketers thoroughly analyze the importance of their specific products or services and sales strategies to study the product lifecycle (growth phase, maturity phase and decline phase).
It is important to analyze the following questions in order to be able to develop a right product:
- What does the target customer expect out of the product or service?
- What all features of functions you will add to your service or product to fulfill the needs of the customers?
- How the customer would use your product or service?
- Product’s or service’s name?
- Product variants? Different colors and sizes?
- Price: It is the total amount that the customer pays for a product or service. It is the price that decides business profitability. Hence, the price is the soul of a business. There are three major pricing strategies, namely Marketing penetrating pricing, neutral pricing and market skimming pricing. Various expenses like cost of manpower, raw materials, machinery, as well as the money spent on promotions etc. are taken into consideration while deciding any product’s price.
It is important to analyze the following questions in order to be able to develop the right pricing strategy:
- What is the production cost of that product or service?
- What price does the target customer expect?
- Promotion: It involves various methods as well as tools which help ensure that the potential or target customers are made aware of the product or service through different communication channels. Marketers utilize events such as online marketing, advertising, banner ads, sales promotion, events and public relations for promoting a product or service. The sales of a product or service are boosted exponentially if it is promoted effectively. And this ultimately helps the business organization achieve its goals and objectives.
It is important to analyze the following questions in order to be able to develop the right promotion strategy:
- What is the most suitable time for launching or promoting the product or service?
- What are the competitors’ promotion strategy?
- What is the best way to reach the target customers?
- Place: It is simply the location or place where the product or service is distributed or made available to the customers. The target customers, target market segment, availability of resources, type of product or service and price are some of the main factors that decide the place of distribution and selling of specific goods or services.
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