4-P Marketing Strategy

The use of 4 P’s, on the other hand, ensures maximizing the resources of the company. When considering price, place, product, and promotion, all aspects of the product/service are considered. Both distributors and customers are emphasized. Equally important, the company’s perspective is taken into account, especially in finding cost-effective ways to make, distribute, and promote products and services. The sales philosophy, which “engages an organization to seek out customers aggressively and persuade them to consume existing offerings,” is part only of the promotion part (Morgan 1996, p.20). This sales philosophy must be combined with cost philosophy, “The only way to improve our profits is to reduce our marketing and production costs,” to safeguard the profitability of products also.

Marketing is precisely about responding and reciprocating to customer needs. It's important that the business knows where there is demand in the market, in order for them to fill it before launching their new product. The business has to take into count that they have to set a reasonable price for the product, especially when they have competition in their location. This is when the four Ps of marketing are introduced; Product - the right product to fill in the market and a product that people are willing to buy to fulfil their customer needs, Price - an equitable selling price so that customers think that the product is a good value of money. Promotion - methods of advertisement such as: word of mouth, leaflets or on social media, by promoting your product you're letting customers know that your product exists. Place - the right location for your business where customers are likely to buy your products.

Another way to focus on the companies marketing strategies would be the four P 's (Product, Place, Price, and Promotion). There is an importance of understanding the marketing mix to sell more products as well. Developing an effective and successful marketing mix takes more of an experimentation and following up the process to determine the most effective method of marketing of a product or service for the customers.

As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,

In this assignment I will show my understanding in marketing strategies and principles, and show how are they are used in the hospitality sector.

The four P’s of marketing are product, price, place and promotion. Product is a good or a service that is intended for the consumers based upon their wants or needs. Price is the set price on the product. The price will depend on the targeted consumer, the economy, and the location. Place is merely the location in which the company decides to distribute the product. Promotion is the way the company decides to advertise their product to the public. (Griffin, & Ebert, 2003).

There is also a case that marketing has changed from the earlier belief that there was only the 4Ps, and this was seen as the definition of marketing for many a year, but as time elapsed new Ps were introduced to this list - for example people and physical emotion were added to the concept of marketing (Annmarie Ryan 2011). Although the list was growing it didn’t seem to explain the complexity which it required in order to meet its business and consumer demands and needs. Consumers can be passive in the marketing environment and make little or none of what is being thrown at them in the heavy media of advertising and marketing. This could be described as social marketing.

In fact, 4Ps and the value marketing approach are correlated because both of the approaches are used for similar aims. The four Ps approach was introduced in the early 1950s which refers to product, price, place, and promotion and in the current era, it’s viewed as traditional approach to marketing. It’s notable that these 4Ps are nouns, while the values approach components are verbs. In

The four key components of its marketing strategy is the 4 Ps: Product, Price, Place, and Promotion.

Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.

Marketers use the marketing mix as an important business tool. The marketing mix is known as four Ps: price, product, promotion and place and is often decisive when determining a product or brand 's offer.

The term marketing mix was first coined in 1940s that described the four strategies a company should take in consideration while marketing a product. Later on, a need arose to develop a marketing mix for how the services will be marketed. This change arrived because services are intangible and perishable in nature. Hence, marketers needed to extend the marketing mix or the strategies that should be considered in service markets. The extended marketing mix (7Ps) includes three more Ps – People, physical evidence, and process.

Marketing mix or 4 Ps of marketing is the combination of a product, its price, distribution and promotion. It must be designed by marketers in such a manner that these four elements together must satisfy the needs of the organisation’s target market, and at the same time, achieve its marketing

Product - The first of the Four Ps of marketing is product. A product may be sometimes a tangible good or an intangible service that meets a need or desire of consumers. Whether you sell custom pallets or wood products or provide high end accommodations, it’s critical to have a definite grasp of exactly what your product is together with what

HOW A PRODUCT OR SERVICE CAN DELIVER VALUE TO CUSTOMERS THROUGH THE 4P’S OF MARKETING