4p's in Marketing

The promotionPromotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service. The pace and creativity of some promotional activities are almost alien to normal business activities.The cost associated with promotion or advertising goods and services often represents a size-able proportion of the overall cost of producing an item. However, successful promotion increases sales so that advertising and other costs are spread over a larger output. Though increased promotional activity is often a sign of a response to a problem such as competitive activity, it enables an organization to develop and build up a succession of messages and can be extremely cost-effective.

Product: - it is essential for a business or organisation to in-depth features, qualities and uniqueness of their product as compared to their competitors they are offering to their customer.

Marketing mix is used at the MARC facility to develop and implement a plan to achieve organization goals. The four variables product, price, place, and promotion are within the organization’s control and therefore, the mix of those four elements are key in marketing decisions. Marketing mix is the combination of all the experiences, tools, innovations, and creativity that the MARC uses to make consumers their clients. All four P’s are needed in a marketing mix they should all be tied together. Revenue, while promotion, place, and product generate cost. Producing, designing, distributing, and promoting products come with expenses.

Pricing is important when marketing a product. The determining factor for the pricing is the material, time to make, amount spent on marketing and promotion of the product. The goal in providing such a product that is moderately

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

Product/Customer focus. This concept underscores an understanding of the two most important elements in any business – products and customers. While it is important to think about management, marketing, finance, and the like, none of those functions makes any difference if a firm does not have good products with the capability to satisfy customers. An entrepreneur’s keen focus on products and customers typically stems from the fact that most successful entrepreneurs are, at heart, craftspeople. They are obsessed with making products that can satisfy customer’s need. This is an important point to remember , particularly in an era when it is tempting to envision new businesses resulting from every advance in technology.

More broadly, price is the sum of all the values that consumers exchange for benefits of having or using the product or services that are being offered in the market.

Price means the pricing strategy you will use. You have already fixed, as an hypothesis a customer price fitted to your customer profile but you will have now to bargain it with the wholesalers and retailers.

In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to "the four Ps" of marketing which are product, price, place, and promotion (Kotler & Keller, 2006). When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer, then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company.

Price is a source of income and profit for all type of businesses. After product, deciding price is a step which play an

The Segment “price” is a part of the marketing mix as well. It focuses on the pricing of the product and

Price is the value exchanged for products in a marketing transaction. It is a changeable key characteristic of a product and also is a key element in the marketing mix. It directly relates to customers demand and organization revenue.

Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).

To begin with we must know the fundamentals of products within industry which help them achieve sales and merchandising. A product/service within a business shows how the business markets them and how that industry is going to accomplish sales and merchandise goods. A product acts as a way of differentiating yourself from other industries therefore public knows you for the product you supply. The physical characteristics within the product needs to obviously distinguish how the business differs from contestants, for example rating of a product could be made inexpensive or the quality made better as a result customers would have quality to work with which helps their decision in buying products. With all the physical characteristics plainly recognized the company can then use these to come to a decision their place in the marketing mix. This would relate to a company trying to fascinate market shares from people who like quality products or create a saturation price strategy to make products reasonable price than other competitors. This can therefore provide a USP for the establishment and can permit them to have more of stimulus in their market. This as a result shows how the product/services provide the principal factor into how sales are made, for the reason without the product the establishment has no authoritative tool to fascinate customers and differentiate themselves from others. The use of products therefore allows the company encouraging customers in buying their

Marketing Mix is defined as “A combination of the product itself, the price of the product, the place where it is made available and the activities that introduce it to consumers that creates a desired response among a set of predefined consumers.”