4P’S Marketing Mix Assignment Help
4P’s Marketing mix is a combination of different marketing decision variables which give a firm competitive advantage. It is categorized into four elements which include; product, price, place, and promotion. These elements change according to the market condition and customers preferences. It is a set of controllable variables that a company uses to influence buyers’ responses. A marketing manager analyses the market, plans for the future, develops market strategies and meets the demand by using these controllable variables. Are you looking for 4P’s Marketing mix assignment help? Worry no more! We got you covered!
4P’S Marketing Mix Assignment Help: Product
It refers to the physical product or service produced by a company. It is the key element of any marketing mix. It includes intangibles such as furniture, grocery, and intangible elements like services purchased by the consumer. Hotel industry and tourism industry are examples of intangible based industries.
A company can have variety of products. For example, Nike Inc. has products such as shoes for running, basketball, gym and training, football, golf and skateboarding. Nike Inc. also offers customized shoes and football jerseys. It also offers clothing’s such as hoodies, sweatshirts, t-shirts, shorts, tracksuits, sport bras, among others.
Product Life Cycle
There are different stages of a product as explained using product life cycle. There are four stages in the product life cycle which include initiation stage, growth stage, maturity and decline stage. A product is introduced to the market at initiation stage, then it gains more customers as it undergoes growth. As the market becomes stable, the product matures and becomes dominant in the market. Then it declines due to introduction of superior products and high competition.
Customer Life Cycle
Customer Life cycle aims on building life time customers by creation and delivery of products throughout the life of a customer. For example, CANARA BANK has number of products that targets to maintain a lifetime relationship with its customers. An individual is allowed to save money in the bank at the age of 12-15 years in the live cash account. The individual then advances to Right Track Account when they are 16-17 years old. This account is specifically for saving money to attend college.
Students’ loans are available to the individuals at the colleges. Once they begin to work, they can save money in savings account. Then they can obtain loans on mortgages and car. They can also obtain a pension plan. CANARA BANK manages to maintain a long-term relationship with the customer.
Decisions relating to product can be determined by the following factors: Technology, product value, product quality, product packaging, product brand, product differentiation, among others.
4P’S Marketing Mix: Pricing
Price is the amount of money the consumer pays in exchange for the product or service offered. The pricing is dynamic so as to accommodate changes over time. The vital factor in pricing is determination of the product cost, marketing cost and other expenses. There are different ways of pricing which include; strategy pricing, skimming, penetrating pricing, psychological pricing, cost plus and loss leader.
It involves fixation of the price based on strategic moves of the company. It can be based on competition basis. In this case, the firm can select the competitive pricing strategy where competition is based on superior distribution, appealing advertisement, superior products, customized product, among other factors.
It refers to fixing a higher price on the product compared to similar products then lowering the price. It allows the firm to recover the cost incurred during research, development and production of the product. It is mostly used on electronic gadgets such as laptops, calculators, DVD players, among others.
It refers to fixing the price of a product lower than the similar products. It allows the firm to obtain a large market share thereby providing an opportunity for the company to increase the price of the product.
It is whereby markets believe that certain prices are more appealing than others. It is done through image pricing. The retailers use the method by use of price tags such as; “699.0”,”78.95”, among others.
It is whereby the company has higher prices on their products so as to maximize profits. Each company has different pricing objectives. In this concept, the company combines all the costs incurred such as marketing to be covered by the profit.
It is the use of low prices on a commodity so as to attract new business. An example is a company that selects competitive pricing strategy and uses non price competition technique.
4P’S Marketing Mix: Place
It involves distribution channels, warehousing facilities, transportation means, and inventory control management which all facilitate the movement of goods from the producer to the consumer. Distribution highly impacts profitability. Therefore, a company should establish an effective supply chain and logistics management plan. There are several ways of distribution which include retail, wholesale, internet, direct sales, peer to peer, and multi-channel.
There is a strong relationship between retailers and customers. They are conveniently located for the access by the customer. They offer products from different brands whereby the customer can choose. In most cases, products are promoted by retailers. Sometimes, they obtain these products from wholesale.
It offers products in bulk and on a lower price compared to retailers. Customers prefer purchasing from them due to these factors. Wholesalers offer promotion of sales through brochures. They can distribute the product to the consumer directly or indirectly through retailers.
It is an online medium through which consumers purchase commodities via websites such as Alibaba, Amazon, eBay, among others. It can also be done through mobile apps such as Amazon. It is more efficient since more people can access the product at any location as long as it is within the company’s coverable range. A consumer clicks on the product in the website, then pays electronically and states the address where they want their products to be delivered. It is cheaper since there is no set up cost.
In this case, there are no intermediaries or distributors. The company has direct communication with the consumer. For example, a consumer can register directly with Aqua guard company through the email. Companies employees can be involved in direct sales of products especially during promotion.
Peer to peer
It is where information is delivered through word of mouth among peers. When an individual admires a product, they can pass the information through word of mouth to another person. That other person then passes the information to another person, thereby becoming a chain.
It is whereby companies use different channels to distribute their products to the consumers. The companies can use both retailers and internet to distribute its products. For example, Nike Inc. has over 1000 retail stores, 300 of which are in United States. It was also involved in online shopping through Amazon from 2017 to 2019. From 2019, it begun using its own website through a third party.
4P’S Marketing Mix: Promotion
It involves publicity, public relations, exhibition, and demonstrations. They help the company represent the product to the consumers in an effective manner and convince them to purchase the product. There are different ways of promoting products or services which include; special offers, endorsements, advertisement, user trials, direct mailing, leaflets, free gifts, and joint ventures.
They are offers given by the company to entice the consumer. They include; buy one get one free, or they can be coupons, discounts, free accessories such as free blades, laptop bags. They can also be in form of discounts such as 40% off.
This is whereby a celebrity advertises a particular product. The consumers develop more trust on the product. The product also develops high credibility in the market. Some consumers are enticed to purchase because the celebrity is advertising the product. Others purchase to have some form of fulfillment and to resemble their role models.
It is a vital way of doing promotion. It creates brand awareness, and effectively transmits the product information to the target market. There are numerous methods of advertisements such as television, magazines, journals, google ads, posters, billboards, and newspapers.
The products advertised on media such as televisions are highly likely to be purchased compared to products advertised on newspapers. This is because media covers a larger audience. The firm selects the mode of advertisement depending on who is the target audience.
This is whereby the company offers a trial basis on their product. The user is able to enjoy free services from the product mostly an app, then after a certain period, if they are enticed by the product, they can pay for it and continue using it.
It involves targeting customers on a certain database. The target audience has certain attributes. Communication is done through agencies in form of mails. The mail is marked to the potential consumers and responses are monitored.
In conclusion, 4P’s ensures the firm gains customer satisfaction and achieve organizational goals. The company should alter all the four elements depending on changes in the market conditions. It is very important in achieving competitive advantage in the market.
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