THE 4 P’S OF MARKETING
Introduction
Marketing mix blends four strategic elements in order to meet consumer needs and tastes of the target market. Successful combination and implementation of these strategies leads to successful marketing efforts. The four variables are product itself, price, promotion, and the place (Barker 2006, P. 138). An organization should develop marketing strategies, which includes the four variables in order to place its operations in accordance with the target market needs.
Product
This is a package of tangible and intangible features and attributes that an organization offers to the consumer. The products come with supporting components like packaging, warrant and emotional components such as convenience, brand loyalty, security, self-esteem and status. The product should be attractive to consumers. An organization should innovate and constantly improve the existing products to gain a competitive advantage over other competitors (Barker 2006, P. 139).
Price
This is the total value, which sellers and buyers, assigns to a product. Consumers should get a reflective value of the price on the goods or services that they receive. The pricing methods depend on the competitors, market environment and production costs (Barker 2006, p. 139). However, an organization should consider the legal restrictions, the relationship between price and quality and the pricing of other competitors.
Promotion
These are the organizational methods of communication, in order to inform the customers about the existence of a product. Promotion communicates the main messages and persuades the target customers to buy the product(s) (Barker 2006, p. 140).
Place
This is the distribution channel, which an organization uses in product delivery to the customers. Distribution and selling of the product should be available to customers at the right time, quality, quality and cost. The channel includes processes, relationship and institutions, which an organization uses to facilitate the transfer of product from producer to consumers (Barker 2006, p.140).
Reference
Barker, R. 2006,‘Integrated organizational communication’, Cape Town: Juta.Pp. 138-140