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. Describe the Four P's and how they support the marketing mix of the organization.

Answer 1

Solution:

The marketing mix is a designed mix of the controllable factors of a product's marketing plan normally called as 4Ps:

1. Product

2. Price

3. Place

4. Promotion.

These four components are adapted till the right combination is detected that serves the requirements of the product's clients, although generating optimal income. Sometimes the first P (Product) is replaced by demonstration.

Product:

A product is a particular item that is constructed or developed to fulfill the requirements of a certain group of individuals. The product can be tangible or intangible as it can be in the kind of goods or services.

A product has a certain development that admits the growth level, the maturity level, and the sales refuse level. It is significant for marketers to recreate their products to get more demand once it accomplishes the sales decline level.

Questions that you have to get the help in developing a right product as follows:

• What does the customer need from the product or service?
• How will the client use it?
• Where will the customer use it?
• What characteristics should the product have to fulfill the client's requirements? Are there any necessity characteristics that you escaped out?
• Are you making characteristics that are not required by the customer?
• And many etc.

Price:

The price of the product is essentially the amount of money that a client pays for to enjoy it. Price is a really significant element of the marketing mix definition.

When adjusting the product price, sellers ought to conceive the comprehended value that the product offers.

There are three most important pricing strategies as follows:

• Pricing of marketing presentation
• pricing of market scanning
• Neutral pricing

Place:

Location is a very significant part of the product marketing mix. You have to distribute and position the product in a location that is approachable to potential purchasers.

There are many position and distribution strategies as follows:

• Intensifier distribution
• Exclusive distribution
• Discriminating distribution
• Licensing

Promotion:

Promotion is a very significant element of marketing as it can encourage brand identification and sales. Promotion is contained of several elements like:

• Sales Establishment
• PR
• Advertisement
• Sales Promotion

Advertising generally covers the communication way that is paid for like TV advertisements, print media, radio commercials and internet advertisings. In present-day, there looks to be a transfer in concentrate offline to the online world.