Lecturer: Thomas Lim Team Members:Christopher Mark Charlton (team leader) Gary Chow Hock Meng Andrew Peter O Lai Wohlstand Cheah Rong Jin We declare this report is XXXXX words in length
Table of contents Introduction to the Marketing Mix 4P's ~
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Marketing Mix 4P's Place Literary Review Company Example of Marketing Mix 4P's Place – Ritchie Bros. Auctioneers
Marketing Mix 4P's Product Literary Review Company Example of Marketing Mix 4P's Product – Qian Hu Corporation
Marketing Mix 4P's Pricing Literary Review Company Example of Marketing Mix 4P's Pricing – Qian Hu
Marketing Mix 4P's Promotion Literary Review Company Example of Marketing Mix 4P's Promotion – Comat Training Services Pte Ltd
Introduction to the Marketing Mix 4P's. The 4P's are the 4 marketing components that make up the Marketing Mix for the sale of goods. The four components are Place, Product, Promotion and Price. Marketers develop strategies for each of these components to facilitate mutually satisfying exchanges with a target market. (Lamb et al, 2009). Each or all of the components are variable and may be fine tuned, depending on external and internal influences, to achieve the best blend that will produce the desired result for the companies offering. This report describes a literary review of each of the four components and an example of how each is implemented in a real world scenario.
Marketing Mix 4P's Place Literary Review The “place” component of the marketing mix 4P's refers to the distribution channel through which products are marketed and sold. In the view of Lodish et al. (2001) distribution encompasses all the activities that need to be performed so that the product's offering bundle is transfered productively from seller to customer who will buy and benefit from the offering. Similarily Lamb et al. (2009) state marketing channels facilitate the physical movement of goods through the supply chain, representing “place” in the marketing mix and encompasses the processes involved in getting the right product to the right right place at the right time. In the book Rethinking Marketing, Hakansson et al. (2004) quote the wording of Kotler (1991) which describes “place” as various activities the company undertakes to make the product easily accessible and available to target customers The choice of distribution channel, and which intermediaires are involved between the seller and final customer, through which the transfer occurrs and how these are managed has a big impact on the offering bundle. (Lodish et al. 2001) Selection of the distribution channel(s) will determine whether the product is sold directly, indirectly or both (multichannel distribution). Trade-off's and balances will be determined depending on how direct or indirect the distribution system is designed (Lodish et al. 2001). Selling direct may reap higher margins and profitability but at a possible cost of lower sales volumes. Selling indirectly through distributors may produce higher sales volumes but at a lower profit margins. The choice of direct channel distribution only offers one route from the manufacturer to the end user, direct.
The choice of indirect channel distribution requires further evaluation and assessment as there are a mulitude of routes from the manufacturer to the end user ie, multiple distributors, exclusive distributors, wholesaler, retailer, franchisee, value add reseller, agent etc. The choice of sales channel maybe somewhat limited by the type of product on offer, ie sweets and candy require a different marketing channels to luxury cars or industrial machinery (Lamb et al. 2009). The literature reviewed highlighted multiple variables and considerations that need to be assessed...