Question

This written assignment looks at the Four P's of a marketing mix, answer the follow questions on these important tools.

answer the follow questions:

1. If the entrepreneur changes one of the Four P's, would there be corresponding changes in the other P's. Describe your thought process in your paper.

Answer 1

There are four important P’s in marketing that includes Product, Price, Place and Promotion. Certainly, there could be some small or major impact seen upon the other P’s when there is a significant change of one P in the process. For example, Price forms an important part while marketing a product. If the Product had initially followed a Price penetration strategy to enter into the market with cheaper rate of the Product and gradually now plans to hike the rate since the product has gelled well with the consumers at a given market area, then such a change in price could affect the other P’s as well. Hike in price may not be a welcome idea for the customers who may now shift to opt for the substitutes of the product. This will impact the Place and Promotion techniques used to market the same product. The place factor might have to be shifted to a Place where the Product is more acceptable in terms of its hike in price by the consumers. The Promotion campaigns need to be increased more with minor changes in the Product design or utility aspect as well, if the same product needs to be made acceptable by the consumers in the prevalent market itself. Hence this is how, a change of one factor in marketing P’s impact that of the others.

Taking another example: suppose the Promotion campaign of a premium product brand, say, Mercedes, has now been opened to the Television commercials to even in the developing countries like India, where earlier, such promotions were generally restricted to the Luxury car magazines, etc. When promotion campaign changes, so does the demand for the product. Moreover, when the Mercedes is being promoted for the masses, it is inevitable for the makers of this car to make the prices more affordable for its consumers so as to ensure that the Promotion campaign is indeed some worth to the audiences. Hence, the Price is made a little more reasonable than it would have been otherwise. Moreover, the Place of distribution could now be widened without really compromising upon the Product features. Hence, this also proves that one changes in Four P’s would impact the correspond changes in the other P’s as well.