December 12, 2012
The Marketing Mix “4 Ps”
Marketing is a very unique field of work. It is the activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large. The goal of marketing is to deliver genuine benefits in the offerings of goods, services, and ideas marketed to customers. The way to achieve this goal of satisfying consumer needs is by developing a marketing program by using the marketing mix, or “the four Ps”.
The marketing mix is a combination of four controllable factors that the marketing manager can use to solve a problem: product, price, promotion, and place. Once a firm has selected a target market, these four elements are used to ensure customer satisfaction. The first element, the product, is of course very important. A product is a good, service, or idea to satisfy the customer’s needs. The success or failure of a business depends largely upon whether the customer demands the product or not. We have to consider buying habits, geographic locations, purchasing power, and other factors. Sometimes a business may want to come out with the best there is, and sometimes the same business might market a product that is for the budget customer. For example, the shoe designer Steve Madden has a high-end shoe collection that satisfies the needs of customers with a large amount of purchasing power. However, he also has a collection called “Madden Girl” that satisfies the needs of customers who want to keep up with the latest trends, but who is also a budget customer.
The second element of the marketing mix is price: what is exchanged for the product. This element is a very important factor in satisfying consumer needs. The price needs to be relevant to the product/service If a product is priced above the maximum amount consumers are willing to pay, they will simply buy a substitute product from another company. A firm's pricing...