Why is Product the most important in 4 Ps of marketing mix? Rate this post Introduction This report is to outline business analysis on Nandos restaurant in Singapore. Lastly, a conclusion will be given on the summary of the essay. It is their needs that determine the type of products and services offered, prices charged, promotions created and where restaurants are located. Through marketing, McDonalds establishes a prominent position in the minds of customers. Promotion 4. The next stage is to get them to want what is offered. Relationship marketing is not a new discovery but a re-discovery. 2. This has led to a new paradigm shift on the focus of services and relationship marketing. But the 4Ps of marketing is like the purest crystal which cannot be refined further. Product should match the envisaged positioning, Internal & External Environmental Factors That Affect Business, A Situational Analysis of a Strategic Marketing Plan. These can be related to market share, sales, goal, reaching the target audience and creating awareness in the marketplace. Essay, 3 pages. Danone traced its heritage back to 1919 in Barcelona, Spain, when Isaac Carasso wanted to create yogurt with inherent health benefits. 4. Other promotional methods include sales promotions, point of sale display, merchandising, direct mail, telemarketing, exhibitions, seminars, loyalty schemes, door drops, demonstrations, etc. To meet the needs of the key market it is important to analyze the internal marketing strengths of the organization. The internet has diversified the traditional approaches to marketing. Accurate research is essential in creating the right mix to win customer loyalty. Every other Ps-model is either an expansion or modification of the original 4Ps. It gives flexibility. The very competence of your product depends on the efficiency of your process. McCarthy had highlighted that the 4Ps viz. The pricing mix decisions need to consider the below marketing variables : The pricing strategy of your organization must align with the overall goal of your organization to blend smoothly. The marketing mix needs to be based on the profile of the targeted customer to be effective. Why are the 4 P's of marketing so relevant to a business? Often the three additional Ps- process, people, physical evidence is also added and called 7 Ps of Marketing. With his 4 valuable years of experience in online marketing, he helps clients expand their online presence and mushroom novel business ideas. Long-term objectives are broken down into shorter-term measurable targets, which McDonalds uses as milestones along the way. (at page 5). Price These buying decisions can often be affected by wider factors than just the product itself. The performance of a firm in the various attributes like goodwill, market share, loyalty, etc will have both financial as well as other implications. With the Australian biscuit market accounting for about $100million every year. Our thinking is therefore moving from a marketing mix focus to a relationship focus (Webster, Jr, F.E., 1992). The choice of your product is going to be the foundation for developing other three Ps viz Pricing, Promotion, and Place. Students looking for free, top-notch essay and term paper samples on various topics. But target customers decide the quality of the product and its pricing, but what ultimately identifies the target customers? What products are well received? It involves the range of activities involved in the creation and delivery of goods. It can help your product fare well in the top e-commerce marketplaces as well. Arnotts Biscuits controls approximately 56% of this market2. Market research identifies different types of customers. According to Booms and Bitner (1981), he proposed an idea of an expanded marketing mix for general use by service organizations. Your Answer is very helpful for Us Thank you a lot! A thorough understanding of the product; its market; the needs and preferences of the customers is essential to building a valuable insight into the marketing mix for your product. Place in the marketing mix, is not just about the physical location or distribution points for products. As customers contribute their expertise, time, and resources in marketing exchanges, we are witnessing the emergence of collaborative marketing. All the components of your marketing mix should synthesize well to give a distinctive position for your product. When the company decided to globalize, they realized that each market required a different set of specifications to make the product successful. 4Ps Case Study. One, it informs the potential customers about your product and secondly, it persuades them to buy your product. The main problem for this approach is the lack of coordination and cooperation across departments and functions. 7 P's of Marketing: After developing marketing strategies you need to focus on 7 P's of marketing. You can view samples of our professional work here. What products are well received? Free resources to assist you with your university studies! How can it have such a great plan? For example, in US, McDonalds try to advertise to mothers with children. Popular search: VAT Registration No: 842417633. We cannot hold software in our hands, yet we know that they are earning millions of dollars. To build long-term business it is essential to retain people once they have become customers. McDonalds knows about the people it is serving the more it is able to communicate messages which appeal to them. Both these factors are vital in a form of relationship marketing as it strengthens the bond and helps avoid dissatisfaction. Product, price, Promotion, Place. In order to meet these changes, McDonalds has introduced new products and phased out old ones, and will continue to do so. Study for free with our range of university lectures! At this point the 4Ps is put together Copying content is not allowed on this website, Ask a professional writer to help you with your text, Give us your email and we'll send you the essay you need, Please indicate where to send you the sample. The people are of two categories. For example, in launching its Physique hair care products, P&G invited consumers to register on its Physique.com Web site to sample the new products. one step checkout, Certain academics have suggested that the 4 Ps of marketing mix should be expanded depending on the context in which they are being used (e.g., Kotler and Bloom 1984; Shapiro 1985; Booms and Bitner 1981: Renaghan 1981). McDonalds ensure that this is done with tightly controlled, finite marketing budget. Product, price, promotion, and place are the initial control elements that are available to shape a marketing plan. Secondly, they include external people or customers. Systems are put in place to obtain market feedback which measure success against short-term targets. The product features, pricing, and place strives to factor in the expectations of a customer. Hence, of all the 4 Ps the Product is the most elemental P. Here, it is essential to understand the term product mix concerning marketing. These additional psychological factors are significantly important to the customer. Technology is transforming the very nature of marketing. If your company is looking for broad market penetration with the new product, you need to select the pricing, the people, the promotional strategy and distribution method accordingly. The pricing is, in reality, a matter of quality and distribution is also dependent on the target customers. Firms that harness the power of collaborative marketing will be able to extend their enterprise downstream all the way to their end-customers and take their customer relationships to a higher level. We may add two or more Ps to the 4Ps, but we cant move a P out of it. Another key element is trust where there has to be belief in the other partner trustworthiness that results from the expertise and reliability of that partner. Lilly plans to create communities of researchers who can collaborate with each other and with the company to solve difficult research problems. In all its markets McDonalds faces competition from other businesses. Type: It is a means of achieving customer satisfaction, retention of the customer base, and long term profitability (Reichheld, F.E., 1990). The service products are usually intangible and thus lacks a material presence. It is important when deciding on price to be fully aware of the brand and its integrity. They can be even more important than the products physical benefits. They have a huge number of ways of spending their money and places to spend it. It is not only creating new avenues to market your products but new kinds of products hitherto never seen. It explains what marketing actions and resources will be used and how they will work together. It is the starting point of all thought process, hence the most important of all Ps. It should also be in line with the positioning strategy of the firm. Therefore, McDonalds places considerable emphasis on developing a menu which customers want. Now, that we know all the Ps that enables you to market your product. All marketing activities begin with the product. It only means that if the targeted customers are high-end ones, then your product must be placed superior in qualitative terms. Within 12 weeks, more than 5 million consumers visited the site, giving a strong start to the product launch. Relationship marketing is still seen in its infancy as a mainstream marketing concept, although it has established itself as a primary paradigm in industrial and services marketing. Give them the freedom to believe and improve, reconsider and renew the temple instead of destroying it. Type: The internet based technologies facilitates deeper penetration into the very individual. This means the profit margin has been reduced without increasing sales. Over time many Ps have been crystallized like 5Ps, 8Ps, etc. Thus a link is being forged between the consumer and the organization. Hence, it is the bedrock of marketing of any kind. This shows that organizations today are already moving towards this new approach and not just focusing on the product/services they offer, but providing a long term relationship with customers focusing on value. It is the critical revenue-generating component of the firm. Market research identifies these factors and anticipates how they will affect peoples willingness to buy. Success cannot arise exclusively from the elements of marketing mix but indeed by building long term relationship between the buyer and seller (Ford et al, 1986). Quality of employees and how well trained they are to offer the best service to customers Product If your product is priced too high, it may exude a feeling of high quality. As reported by Popovic (2006), the concept of 4 Ps is criticized as being a production-oriented definition of marketing and not customer-orientated. Here is the simple graph of 4Ps model. 2. Marketing In contrast, some academics disagree on these researchers who attack on the meaning, philosophy and importance of the marketing mix approach. Now let us discuss the four fundamental elements of the marketing mix which are the Product, Pricing, Promotion, and Place. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. (2016, Aug 15). It has become one of the decisive factors in building a brand image in public. Retrieved from https://studymoose.com/4ps-case-study-essay, This is just a sample. In this report, we will perform environment analysis on the market in Singapore. also offered here. The promotion mix will thus include the various means that you can use to communicate with the target audience. The marketing strategy is the statement of how objectives will be delivered. Premjith leads the Digital Marketing team at Mindster, one of the leading mobile app development company in India. Dont waste Your Time Searching For a Sample, Get Your Job Done By a Professional Skilled Writer. What restaurants are visited? Showing the benefits which they will obtain by taking action, is usually sufficient. We use cookies to give you the best experience possible. Several writers have included research as an essential marketing management activity and even assigned it the alliterative nomenclature of Probing (Borden and Marshall 1959; Traynor 1985). Essay, 8 pages. A thorough survey of the resources that are available with the firm for disposal is the first step. This approach is to be known as the biggest shift in the development of marketing. One element of relationship marketing is the promise concept (Calonius., H, 1988). Now you must remember that you are not alone selling the product, but you can make it look unique, and that is your creativity. The following are the elements of a distribution mix : Now, that we know the 4Ps which entails the marketing process, it is time to pinpoint the one that could make or break it for you. A further consequence of price reduction is that competitors match prices resulting in no extra demand. Over the years, a number of writers have sought to enhance the four Ps by adding other items that they believed were critical to marketing management. The right messages must be targeted at the right audience, using the right media. But, everything begins from the basic 4 Ps. This is known as branding. The fact is, the 4Ps of Marketing are really important because they, together, form the marketing strategy of your company. It includes the factors which lie within the organization or is concerned with the inner atmosphere of the firm. Of course readers can skip this part to see the 4Ps part directly. Indeed, companies have to use the 4ps to create customer relationships. It is one of the most leading new approaches to marketing which has entered the marketing literature (Gronroos, C., 1992). We will examine in this article why the 4Ps are indispensable for a marketing executive today and how they still hold with the marketing of intangible and tangible products : The very purpose of marketing is to make your promising customers aware of your products. Marketing continuously monitors customers preferences. These attributes will further help in guiding your organizations decisions for future expansion or corrections in the current strategy. The internal factors are primarily : External Factors concerned with the factors outside the organization. McDonalds is world-famous. "You must agree to out terms of services and privacy policy", Get to Know The Price Estimate For Your Paper, By clicking Write my paper, you agree to our, By clicking Check Writers Offers, you agree to our, By clicking Send Me Sample you agree on the, 44 Case StudyThe case study being adopted in this research, Case Study: Arnott's Emporio Marketing Strategy, Ask Writer For Because it is the resources that dictate your limit, you may have big plans but, they are just daydreams without funds to support them. It was Neil Borden who first popularised the idea of the marketing mix in the 1950s. Results can be analyzed regularly to see whether objectives are being met. McDonalds needs to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future. It almost washed away all the mobile service providers out. In fact, some studies show that having to make too many decisions can leave people tired, mentally drained and more dissatisfied with their purchases. An attractive bottling can merely make your product unique as more and more people are into social media. At a particular time, you need to revisit these 7 P's to see that you are on the right track at the current time. While each advocate for adding to the four Ps has championed that particular addition, none has made a persuasive case that the addition is essential to the exchange process or the creation of long-term elationships. The customers are the very purpose of your organization. You need to gauge the overall organizational goals and align your mix to facilitate the companys goals as well for example. Rate this post 1) From the information about Chobani in the case at the start of the chapter, (a) whom did Hamdi Ulukaya identify as the target for his first cups of Greek yogurt and (b) what was his initial 4Ps marketing strategy? In this part well discuss how environment affect its strategy. The Four Ps The marketing mix consists of price, product, promotion and placement -- the four P's -- which are the essential elements of a marketing McDonalds uses Market mix in separated ways. Customers try new products and provide feedback, allowing P&G to refine products and marketing plans. As we can see, Taiwan is full of McDonalds because of franchising. The promotional aspects give to the customer what your company proposes to offer and thus position the products better. The beer bottle model of Park Avenue shampoo attracts the eye and makes you buy it just for the sake of the feel that packaging creates in you. A programme that will include the traditional 4Ps with the new requirements of time is necessary to keep floating with the latest developments. Thus, in order to draw attention to them as variables of equal importance than traditional mix elements, the services marketing mix gave each of the new variables its own place. The margin of your profit depends on how quickly you can turn over the goods. 4. A marketing mix is the set of those factors which a company can leverage to make the consumer purchase its products. Now, P&G can do the same test at a cost of $2,500 and get results in two weeks. The role of the marketing mix is to synthesize the visible and invisible qualities of a product with the aspirations of the targeted clients. The important thing to remember when offering menu items to customers is that they have a choice. So the marketer must know the art of wielding this dangerous sword of pricing. But how do McDonalds get detail info about its customers? Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are Therefore, it needs Market research, which is also needed to be done before using 4Ps model. The result of all the efforts is higher customer satisfaction and greater market share which is compounded by an increase in the sale of the products. Place through which products are sold to customers. 3. In collaborative marketing, the network becomes the enabler of collaborative exchanges, which go beyond relational exchanges because they involve reciprocal dependence and maximization of mutual benefits. The product mix is the whole range of products a company offers to its customers. A marketing plan must be created to meet clear objectives. Necessity of touring across the country (more personal approach) ??? They include the following aspects : The core marketing mix fundamentals based on 4 Ps will enhance the success of your products by passing on the following benefits : The four Ps of Marketing: Product, Price, Promotion, Place when blended properly creates coordination that gives a right pitch to the product. There are a limited number of customers in the market. 4. The four Ps are the key categories involved in the marketing of a good or service. The marketing mix for a manufactured product will be different from that of a product as a service. The methods include advertising. Therefore, in Taiwan, for example, we have discount for lunch or dinner. Our academic experts are ready and waiting to assist with any writing project you may have. It follows the principle: the whole is greater than the sum of its parts.. The objectives communicate what marketers want to achieve. The promotions aspect of the marketing mix covers all types of marketing communications. This results in a stronger link between the internal processes and the needs of customers, resulting in higher levels of customer satisfaction. An effective promotion mix will ensure good sales and a marketer must strive to create a conducive environment. Systems and how well they function in providing customersatisfaction e.g. Rate this post EXECUTIVE SUMMARY The Australian cracker and crispbread market was worth $245.4 million in June of 20031. Rate this post The current problem is that advertising and growth can lead to an end of the quirkiness that is currently Trader Joes strongest attribute. At the same time, it makes up for an extremely large part of a successful marketing plan. Conversely, certain academics have argued that this view of marketing have become outdated for use in the 21st century today and is only relevant to certain organizations (Hakansson et al, 1982). Pricing decisions should be taken with great care, as it is a double-edged sword. The right blend of Ps that is fitting for a product depends very much on the perceptive ability of a marketing manager. 3. 2. The right marketing and relationship mix offers a company a good opportunity to create a good total relationship with existing and potential customers (Zineldin, 2000). Hence the Place factor is crucial in ensuring your products competitiveness in the market. Messages should gain customers attention and keep their interest. If they are merged correctly, then your product will find a unique space in the customers mind. We will make use of SWOT analysis and also PESTEL analysis to perform this. All work is written to order. 4Ps of Marketing (Marketing Mix with Examples) The 4Ps of Marketing or the Marketing Mix is one of the most basic concepts taught in Marketing. The customers perception of value is an important determinant of the price charged. The 4 Ps of marketing primary purpose is to help us take into consideration potential roadblocks to widespread product adaptation and ongoing success. will also be guided by this decision. Hence, the choice of your marketing mix must factor in the competitors strategy and must develop counter attacking solutions as well. Objectives guide marketing actions and are used to measure how well a plan is working. sizechart The aim of this essay is to critically assess whether the application of marketing mix is still relevant for contemporary approach to marketing today. Although none of the additions to the four Ps has had widespread acceptance, they do present a confused recipe to the student in some introductory. write 4 p's of marketing with example of each, what is the 4 p's of marketing definition. 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