What are the Four P's of Marketing Why Marketing Managers must blend the Four P's - Essay Example

Summary

The 4P’s of marketing stands for product, promotion, price and place. All these elements have a special significance in marketing as any business should have product or products which have demand in the market…

Download full paper File format: .doc, available for editing

GRAB THE BEST PAPER98.4% of users find it useful

What are the Four Ps of Marketing Why Marketing Managers must blend the Four Ps

Read Text Preview

Subject: Marketing
Type: Essay
Level: College
Pages: 1 (250 words)
Downloads: 2
Author: onitzsche

Extract of sample "What are the Four P's of Marketing Why Marketing Managers must blend the Four P's"

What are the Four P's of Marketing? Explain why Marketing Managers must blend the Four P's. The 4P’s of marketing stands for product, promotion, price and place. All these elements have a special significance in marketing as any business should have product or products which have demand in the market. Promotion is needed for making the people aware of the products produced by the business concern. The price element is of special significant as it enables the concern to cover the different costs of the business house as well as attract the customers for purchase of the product.

To perform the business or distribute the products a business concern must have a location it can afford. So, the place element also becomes a vital element in marketing. (Kotler, 1972, pp.24-25; Clemente, 2002, pp.241-243) In marketing there exists two types of planning, namely strategic planning and tactical planning. Strategic planning is comprised of the STP i.e. Segmentation, Targeting and Positioning. On the other hand, the tactical planning consists of the 4P’s of marketing. The 4P’s of marketing is also defined as the marketing mix.

The ultimate truth is there is no perfect blend of these 4 elements and it has to be changed according to the market position and the product life cycle. This blend of 4 elements is very important because it helps to formulate the strategic planning. The product element helps to decide which market segment to aim. The promotion helps to create mass awareness by electronic media, print media and word of mouth. (Clemente, 2002, pp.241-243) Different pricing strategies like penetration pricing, market skimming and cost plus pricing helps the concern to generate profits.

The place factor helps to perform business which will provide convenience to suppliers and customers through different distribution channels. These are the reasons of blending the four P’s of marketing by the marketing managers for achieving higher profits in business. (Belohlavek, 2008, pp.11-18) References 1. Belohlavek, Peter (2008), Unicist Marketing Mix, Blue Eagle Group 2. Clemente, N. Mark. (2002), The Marketing Glossary: Key Terms, Concepts and Applications, New Jersey:Clemente Books 3.

Kotler, Philip (1972), Marketing – Management, Delhi:Pearson Education India

CHECK THESE SAMPLES OF What are the Four P's of Marketing Why Marketing Managers must blend the Four P's

Has the marketing mix for Volkswagen been successful

This report will focus primarily on promotion at Volkswagen and psychographic segmentation and targeting strategies, since the recent successes at VW in the last four to five years has been highly dependent on these activities and marketing strategies.... This report will focus primarily on promotion at Volkswagen and psychographic segmentation and targeting strategies, since the recent successes at VW in the last four to five years has been highly dependent on these activities and marketing strategies....

11 Pages (2750 words) Coursework

Pas Automotive Repair Company

The company will initiate public enticements to first-time service consumers and will work based on brand equity among techniques Forms of advertisement In any company as per the requirements of marketing strategies,... Pas Automotive Repair Company Course Name Institution Pas Automotive Repair Company Executive Summary Pas Automotive Repair is a sole proprietor business associated by women using her best asset to make money....

15 Pages (3750 words) Case Study

Marketing Strategies of Sky Broadcasting PLC

hellip; The focus of the report is to show via any organization what marketing is, how this organization uses marketing strategies and techniques, why marketing is essential to Sky broadcasting and how its use of marketing has changed and will change in the future. Rupert Murdoch was the founder of Sky Television plc.... This report is going to provide a case study of marketing strategies of Sky Plc.... In the beginning the company was four-channel satellite television service....

7 Pages (1750 words) Case Study

The Nature of Business and the Importance of Marketing

As time goes, the concept of the marketing mix and the four Ps had become an irrefutable paradigm used in academic research, which in turn results to validity being taken for granted.... Furthermore, it will consider the reasons why marketing is essential to this organization, and how it has changed its use of marketing and how it might continue to do so in the future.... This report will examine the importance of marketing to organizations in the twenty-first century....

16 Pages (4000 words) Essay

Strategic Management Degree Case Study

The best blend of these channel is Advertising, Personal selling, Publicity and sales promotion.... The depth of Wal-Mart's management team allows the managers to tap into tremendous internal talent.... The 4P's are the most important founding factors on which the marketing plan of a company basically depends.... Effective use of these 4P's can lead to successful marketing of a product or service.... We will analyse the marketing strategy of Wal-Mart below keeping in view the 4P's: Since the Wal-Mart are the retailing stores an array of products is available to cater the needs of the customers....

4 Pages (1000 words) Case Study

How Can a Product Be Repositioned

Also this provides the organization to renew the marketing mi and change how they deal wit the four p's of the product or the service i.... the four p's need to be based first, then the consumer buyer behaviour and communication needs to be settled.... As famous and as familiar these concepts are, the 'marketing Mix' has the same familiarity.... Further more, the concepts of Buyer behaviour and marketing communication also come in....

11 Pages (2750 words) Essay

Marketing Audit of Lenovo

If classified broadly the process of marketing audit involves proper understanding of the goals, identifying current resources and techniques to be utilized by the organization, collecting information from organizational and non-organizational sources for understanding the internal environment of the organization and... Adopting a right marketing strategy is the only key for present day organizations to generate maximum revenue and face the intense competition prevalent in the industry....

16 Pages (4000 words) Essay

The Specific Methods Utilized by Barclays Bank Plc in the United Kingdom

This study undertook both a qualitative and quantitative approach to determine whether or not Barclays currently maintains a quality recruitment and selection process to gain competitive advantage, reduce turnover and select the appropriate talent for the role of the cashier.... hellip; Results of this study indicate that Barclays has managed to gain the competitive edge through its progressive soft approach to HR in relation to recruitment and selection and has found a significant reduction in turnover in the process....

21 Pages (5250 words) Research Paper