4ps of Marketing

Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]

(LO1) Marketing concept is defined as “is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those

Ever since companies began manufacturing their products in large quantities, they have needed to convince consumers to buy the product. Before WWI, most consumers were happy to purchase a manufactured product because it was cheaper and convenient. However, as more companies began offering more and more goods, businesses needed to stand out from the crowd in order to make a sale. Over time, Marketing has changed and evolved to become an integrated function of many companies today.

Marketing is one of the most important aspects of a business. According to Peter Drucker “There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customers so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available.” (Peter Drucker, Marketing Management, Philip Kotler).

In this essay, I am going to compare and contrast a 4P (price, product, place and promotion) approach to marketing versus the value approach (creating, communicating, and delivering value). Furthermore, explaining the sameness and difference of two companies who apply the 4P marketing approach or the value approach.

            The Marketing Concept.  This is a business philosophy that challenges the above three business orientations.  Its central tenets crystallized in the 1950s.  It holds that the key to achieving its organizational goals (goals of the selling company) consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its selected target customers. The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage.  This philosophy is the foundation of consultative selling.

Marketing concept is an ever learning and never ending concept. Marketing plays a vital role in any organization’s success. The concept of marketing is being redefined all the time.

Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.

In this day and age, marketing plays a pivotal role in the business environment. Marketing is dynamic, complicated and challenging. The basic concept of marketing is to identify the need of human and society, and research how to satisfy and create those need. According to American Marketing Association (AMA), defining that marketing is the processed activity which communicate and exchange valuable offerings to customers (AMA, 2013). To be more precise, the main mission of marketing is choosing target market, creating, delivering customer value in order to develop the partnership with customer, and contribute to the organization and relevant stakeholders (Kotler & Keller, 2011). In a word, ‘marketing is to meet needs profitably’ (Kotler & Armstrong, 2011).Therefore, when it comes to launching a new product is not easy in such intensive marketing environment, it is estimated that the failure rate of new products is at 90 percent in Europe and even at 95 percent in United States resulted from high development cost, bad launch timing, poor design of product and incorrect segmentation, targeting and positioning (Kotler & Armstrong 2011). As a result, marketing is not only regarded as selling, in other word, selling is not the most vital part of the marketing process, Peter Drucker who is a prestigious founder of modern management asserted that the making selling unnecessary is the objective of marketing. The aim of marketing is to realize customer profoundly so that the product

Since the beginning of time marketing has existed to explain and promote products to consumers in an effort to persuade purchase decisions and increase sales. Traditionally, it has been a one-way form of communication, with companies providing messages to consumers without any opportunity for consumer response. These messages started as billboards, newspaper and magazine advertisements, but as technology evolved new opportunities arose.

The 4 P’s of marketing concept has a long and distinguished lineage and is widely acknowledged as the cornerstone of the discipline. Its development is credited to a prolific marketer, E. Jerome McCarthy who proposed the 4P classification in the late 50’s (Schultz, 2001, p.7). Associated with price, product, promotion, and place, this business tool has served as a mantra for marketing managers and those in the marketing field to identify and provide consumer needs (p.7). Researchers established that the model offers a method of managing the functional activities of an organization: the product development, distribution through the channels, the price and margins and the promotional or communication flow (p.7).

4P’s of marketing: product, price, place and promotion. It is the foundation of Marketing. However, in today’s world we have a new element which would be a, marketer building relationships with other representatives and their customers. How your relationships develop will be building blocks and become the foundation. Thereafter, the marketer is able to use that information obtained using it to your advantage will a long way. Finally, the uses of social media, Facebook, LinkedIn, Twitter, and eBay are all different methods of marketing.

Marketing and the 7Ps A brief summary of marketing and how it works © The Chartered Institute of Marketing 2005 www.cim.co.uk/marketingresources www.cim.co.uk/knowledgehub | 1 Marketing and the 7Ps: A brief summary of marketing and how it works

Marketing is a very valuable part of the customer and business intamite relationship.Marketing anticipates potential customer needs and once those are identified, the production proccess may begin. Our

The marketing concept is a business philosophy that always challenges the above of the three the production concept, product concept, and selling the concept. It central tenets crystallized in the 1950s and will always hold that the key to achieving its competitors in creating, delivering and also communicating customer value to its selected target customers. The marketing concepts rest on the four of the pillars which are customer needs, target market, integrated marketing and also profitability (Schoell & Guiltinan, 1995,).