Discuss how the following companies implement the 4P's of Marketing: Product, Price, Place, Promotion.

1) Product - Pepsi Co

2) Price - McDonalds

3) Place - Any Insurance Company

4) Promotion - Starbucks

275 words

Solutions

Expert Solution

1) Product refers to the offerings to the customer by the company. Currently, Pepsi Co offers diverse products - Soft drinks, Energy drinks, Cereal, Rice snacks, Snacks, Side dishes, Breakfast bars, Sports nutrition, Bottled water and other merchandise. Pepsi had initially started only with soft-drinks. The other products got added to the portfolio with the acquisition of various companies such as Frito Lay

2)Price - This element consists of a pricing strategy of the company. McDonald's target consumer segments are middle and upper-middle classes. It prices its products accordingly. Following are some of the pricing strategy used by McDonald's

Optional pricing - while McDonald's don't want to overprice its primary offering - Burgers, it uses optional pricing for garnering greater revenues. In McDonald's sides or extras are offered at an additional price which increases money spent by customers.

Bundle pricing - McDonald's combines different products and offers it at reduced prices. This increases the overall sales of McDonald's while the customers are gratified that they got more for less

3) Place - It covers where and how the products/services are made available to the customers. Insurance companies use various channels to sell their products

Agency: These are individuals who do direct selling for the insurance company. Agents personally get in touch with the prospects and introduce the products to them and help them purchase it. In return, they get sales commissions.

Stores: Insurance companies set-up brick and mortar stores where a consumer may walk-in to purchase a product.

Online: Nowadays, insurance products can also be purchased from company websites. Generally, products are sold at lesser prices online since it is a low-cost channel

Partnerships: Insurances are also sold at various partnerships such as banks, vehicle dealers etc.

keosha answered 1 year ago

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