Marketing Mix Four P's
The four P's of marketing was first introduced by Jerome McCarthy back in the 1960's.The suggestion was introduced to the marketer as an aide in marketing strategy and planning. Although McCarthy's Four P's was implemented to aid the marketer in his or her planning and strategies, Robert Lauterborn then suggested an idea in which the Four P's can be used to take the consumers into consideration.
The Four P's of Marketing consists of Product, Place, Promotion, and Price. Each of these four P's is considered essential to the marketing strategies for an organizations strategic planning. Taken into consideration the effect the Four P's has on an organization, it is firstly, important to understand these four elements. First, in the strategic planning of an organization, there must be an idea. That idea is known as the Product of marketing. "The product is the full bundle of goods and services offered to the customer." (http://dede.essortment.com/psmarketing_rvte.htm ¶ 2) From there, research and analysis of an appropriate venue is to be taken into consideration. "The Place is where and how the product is distributed and sold." Where as Promotion is the process of advertising your product and Price is the cost of the product or service that is being promoted.
Take into consideration an organization such as Universal Studios. Universal Studios Orlando which is a for profit organization that services the community with the thrills and excitements of theme parks, a variety of luxury hotels, and night time entertainments such as Bob Marley's and Hardrock café, first opened in Orlando Florida back in 1990. With the booming tourist population and a need for other attractions apart from Disney World, Universal Studios Orlando became the next major amusement park attraction to tourist. To compete with Walt Disney World's Magic Kingdom and MGM studios, Universal studios implemented a new them park known as Islands of Adventures. Islands of...
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