Week 1 MKT/421
March 5th, 2014
Moving a good or service from a concept to a customer requires action. One aspect of a business that this action is built into is marketing. The 4 P’s, of marketing are essential to the success of a company’s marketing strategy. Understanding the 4 P’s is a great way for one to understand marketing and the power that marketing has to bring success or failure to a good or service. McDonald’s Restaurant, Birdhouse Skateboards, and Red Bull Energy Drink are all successful business’s that sell products and services based on unique marketing strategies that cater to the company’s consumers who desire its product. Before the need or want for an item is present, a company markets this into its future users. Marketing generates the strategy that underlies sales techniques, business development, and business communication (Kaplan, 2008). Marketing has less to do with getting a customer to pay for a product, but instead in developing demand for the product and fulfillment of a customer’s needs. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Armstrong, 2011). Marketing a product requires a market where goods and services are exchanged according to supply and demand. Each market has a separate strategy that pertain to the success of moving the goods that are inside of that particular company, business, organization, corporation etc. When an item is demanded the market must supply it. Often a specific group of individuals are involved in marketing the product, creating awareness to the general market or targeted demographic that the product exists. This marketing effort is intended to increase demand. Marketing works to bring things to market because there is some sort of demand for the good or service based on basic marketing principles. Individuals who focus on marketing efforts are called marketers. Their job is to stimulate demand in the market place. Marketing is a necessary component to a prosperous economy and thus necessary to every business. The 4 P’s, of marketing include product, price, place, promotion. Product relates directly to the item being distributed and sold. Marketers also need to be aware of other products within their competitive markets. This effort helps in maximizing profit for the sale of goods and services. Place involves the product’s placement from where an item is located as far as distribution and by department as well as how to access. Price is associated with what amount a customer will pay for a product and any variables that works toward its support. Promotion is usually derived through strategy that explains how a good or service will be promoted and sold to a potential customer. Many goods and services have what is called a “target market,” which is recognized before uniquely developing the 4 P’s of marketing (Hirose, 2007). McDonald’s Restaurant uses marketing and advertising techniques to promote new menu items, new restaurant locations, and new job opportunities. Demand changes over time and when product begin to show a decline in sales, McDonald’s is quick to market new products in replacement or addition that help increase their ever growing net worth. Customers develop their own mental picture of what a product is worth based on its price. McDonald’s competitors could match their prices and still result in no higher demand. Seeing or hearing some type of McDonald’s promotion through advertisement throughout the day is very common from mediums such as radio, billboards, magazines, T.V. and computer use. The company is fully aware that it can take money to make money; they therefore market as necessary to bring individuals into their restaurants to purchase items (Garfield, 2006). Birdhouse...
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