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Marketing strategy chapter 1
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For any business to be successful, the proper marketing strategy needs to be put in place. This is because every business has an objective of attaining and retaining its customers who will propel its operations. The 4Ps model of marketing is the best decision any business can make. This model will assist the business to know the customers’ needs, preferences, expectations, decision-making processes, and the areas the business needs to emphasize in customer communication.
The 4Ps in marketing stand for product, price, place and promotion, and they are important for a business to be able to attract customers. The product refers to goods and services a business offers to its customers. These goods and services need to be attractive to the customers due to their quality, the features they have, and warranties among other attributes. The product should meet the needs of the market targeted. The second P which is price refers to the amount the business charges for the product. Determining the price should reflect the right positioning of the product in the market where the price should cover the price of the product including the profit margin. The next P is the place which is the area or channels used to get the product. A business that offers its services to the local community is at the end of the distribution chain thus it supplies directly to the customers while the global business needs intermediaries. Both businesses need market coverage which can either be selective or intensive or even exclusive. The final P which is promotion refers to the advertising in order to let people know what the business has to sell. It aims at informing people what the product is, how they can use it and why they need the product (Ehmke, et al, 200...
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Reference List
Ehmke C, Fulton J, and Lusk J, (2005). Marketing’s Four P’s: First Steps for New Entrepreneurs. Retrieved From: http://www.ces.purdue.edu/extmedia/ec/ec-730.pdf
Kotler, (2003). Defining Marketing for the Twenty-First Century. Retrieved From: http://www.managementparadise.com/forums/marketing-management-rm-im/26149 defining-marketing-twenty-first-century-kotler-2003-a.html
Penrose, (1959). The Theory of the Growth of the Firm. Oxford University Press: New York.
Waluszewski and Alexandra, (2005). Developing a new understanding of markets: reinterpreting the 4Ps. Retrieved From: http://search.proquest.com/docview/222059370/1316A0FEC2C6325EE79/2?accoun d=45049
Wilson, (2011). Marketing mix (Price, Place, Promotion, Product). Retrieved From: http://www.thetimes100.co.uk/theory/theory--marketing-mix-(price-place-promotion product)--243.php
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
There are so many marketing techniques that companies use in today’s world. There are also many competitions that companies face because of the advancement of marketing and different kind of brands. Old spice does a great job advertising and campaigning by using classical conditioning. Old Spice is an American brand that males use for grooming, they do a great job marketing the product and presenting them to consumers. Classical conditioning is when theorists teach either animal or human certain behaviors passively through repetition. After the theorist teach the animals, the theorist measure and see what the response. One of the most important thing about classical conditioning is to see something repetitively, and learning how to behave. Old Spice uses classical conditioning to influence consumers’ attitude because it shows the commercials repetitively. Classical conditioning also involves unconditioned stimulus, conditioned stimulus, conditioned and unconditioned response. Old spice’s commercials have everything included. Response campaign was a huge success because it involved everyone; it included mass media such as TV, print and digital ads.
An agent must be able to apply effective marketing principles. The “Four P’s” of marketing are:
In a recent five-year study researchers have found that the “4 P’s” undercut the B2B marketers. The author states, “The “4 P’s” causes the marketing team to stress about product technology and quality even though these are no longer differentiators but are simply the cost of entry. It underemphasizes the need to build a robust case for the superior value of their solutions. And it distracts them from leveraging their advantage as a trusted source of diagnostics, advice, and problem solving.”. This new method is more customer focused because if they have a good overall experience with your company, it is more likely they stay with your company (Ettenson, Conrado, & Knowles,
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Compare and contrast two marketing strategies: 4Ps and value approaches to marketing. The 4Ps approach to marketing was introduced in 1950s and is now viewed as a traditional approach to marketing. Unlike the value approach, which is more focused on delivering value to a fantastic read the customer, the 4Ps approach is more focused on the product itself.
Some of the 4P’s of Marketing Mix that Interface need to implement to realize success include:
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Donaton, S. (2004, February 23). It is time to take a fresh look at the definition of marketing. Advertising Age, 75(8), p-16.
Marketing is the process in which the goods move from the place of conception to the consumer who wishes to use it. As per marketing principles the art of marketing depends on the 4 P’s namely
The factors that have a great influence on marketing management, marketers’ business decision-making, and their relationship with customers include macro- and micro-environment, and the latter in turn includes the concept of so-called “4 P’s” (i.e., product, place, promotion, and price). Micro-environment is also referred to as “immediate environment” and stands for the factors that are literally “close” to a certain company: its suppliers, customers, intermediaries (e.g., advertising agencies), and competitors (“Marketing environment,” n.d.) Four P’s are also called “the marketing mix,” and their most widely used interpretation belongs to McCarthy (Blythe, 2008). The marketing mix indicates the four aspects of how to make your business profitable and yourself proficient as a marketing specialist. As Cannon (1992) pointed out, “The marketing mix is the set of controllable variables that the firm can use to influence the buyer’s response.” First, the business person needs to understand what the product of consumer’s desire is. It is obvious that “an undesired product” will not be sold. Producers, however, may invent something that consumers even did not expect to have but really wanted, at least, unconscious...
The four Ps of marketing are product, price, place, and promotion. Product is the physical product or service that the company is selling. Price is what the company is charging its customers for the product. Place is where the company makes the product available to consumers. Promotion is what the company is doing to promote its product to persuade customers to buy it.