Question

I.Reviewer in Marketing.

1. Study the principles of MARKETING MIX.
What are the 4 P's OF Marketing? Define each
 Prepare a marketing plan for a particular business where you apply the 4Ps.

Answer 1

4 Ps of Marketing Mix

4 Ps of marketing is a model of marketing that describes the important elements of marketing such as product, price, place, and promotion. The knowledge about marketing mix helps an organization in making better and profitable marketing decisions. Different elements of marketing mix shall be defined below.

Product

Product means the tangible thing that is offered by an organization to a customer. The product policy of an organization deal with the design, features, brand name, quality, service, etc.

Price

Price means the amount that a customer pays to gain ownership of a product. The pricing policy of an organization deals with different components of price such as allowances, discounts, rebates, credit policy, etc.

Place

Place means the ways through which a product reaches to customers from the sellers. Place mix of an organization is also known as the physical distribution. The place policy of an organization deals with channels of distribution, warehousing, transportation, inventory management, order processing, etc.

Promotion

Promotion means the way in which a company communicates about a particular product with a potential customer. The promotion policy of a company deals with advertising, personal selling, public relations, sales promotion, publicity, etc.

A marketing plan with the application of 4 Ps of Kid's Garments

The product selected is Kid's Garments and the different elements of its marketing mix shall be given below.

Product

Here the product is Kid's garments. It will be given a very good and catchy brand name. The materials used for making the product will be of superior quality. The product will be made available in attractive packages.

Price

As the market of Kid's garments is a highly competitive one penetration pricing strategy shall be adopted. Discounts will be announced to attract price-sensitive customers.

Place

The product is intended to sell through its own stores so that the company could avoid intermediaries between the customer and the company.

Promotion

Promotion of the Kid's garments shall be made possible through advertisements and also by offering some incentives to customers such as free gifts etc.

Please give Up-vote if you like the answer. Thank you.