The marketing is a theory which consists of the four factors which affect the organization and the parameters through which the impacts can be controlled. It also consists of the factors which are used to influence the consumers to purchase the products of the organization. The use of the factors helps the organization to assess their situations better. The marketing mix consists of elements and factors which are critical in making decision for the organization regarding their product (Rambeli et al. 2017). The organizations sometimes customize the factors according to their needs and use the factors then to manage and serve their customers better. This helps the organizations to boost their bottom lines. The marketing mix consists of 4P’s – product, price, promotion and place. In this report it will be discussed the parameters of the 4P and their advantage to the organization.
Four parameters of the mix
The 4P consists of four parameters – product, price, promotion and place. Each of them has their significance. The components of the parameters will be discussed below.
Product quality: The quality of the product is one of the most important factors that is assessed for the success of the product.
Designing a better product will provide extra positive points which will help to give the product a competitive advantage (Ha et al. 2015).
The outer packaging of the product plays a huge role in making the product attractive to the customers. The customer will be first attracted to the product through the outer packaging (Rambeli et al. 2017).
Brand promotion and endorsement of the product through marketing makes the product k9re known and famous among the customer giving it the opportunity to easily get to the customers.
The price of the product has a lot to do to make the product more successful. If the price is too high them a large section of the population will be deprived of the facility. If the product cost is made too low then the organization might not recover their invested their money. The price factors also include the monetary benefits which are promised to the customers (Rambeli et al. 2017). The benefits also include the discounts which are given to the customer to make them attracted to the product or services. The organization also includes the options to have the facility of credit so that money can be borrowed for purchasing the products. These factors will make the customers attracted to purchase the product more (Ha et al. 2015).
Promotion is really necessary to make the product known to the customers. Through promotion a product is made to known and recognized to the people. Good quality promotion is necessary for making the product successful (Ha et al. 2015). Promotion can be done through electronic media, sales persons and public relations. Emails can be used for spreading the product information to larger group of people. Promotion is one of the most important aspects of the marketing mix.
Place determines the success of the product and services at the last step. If a costly product is being sold at a lower income area then it will not have any success. The choice of place for the setting the product sales is very important. The retail outlets or the shops should be present which sells the products to the customers (Rambeli et al. 2017). The delivery of products to various places is very important for many types of business. In today’s world internet objects form a vital part of the business? It has to be keep in mind whether the contents are downloadable. Apart form these factors there are lots of other distribution factors which has to be sorted out in terms of place provides great factor (Zhu and Sarkis 2016).
Advantages of 4P
All the factors of marketing which are different in nature are brought into a single platform which provides the organization with ability to assess the factors better making the decision making capability more efficient (Zhu and Sarkis 2016).
The factors allow the organization to separate the marketing factors form other organizational activities which helps making the marketing more specialized and efficient. The separation of the task helps the specialist to focus more on the topic (Rambeli et al. 2017).
The organization gets the idea about the needs, requirements and resources they own. This helps to devise their plans well. The organization can devise their plans according to the needs and trends of the customers.
The decision making capability will be made more efficient as the factors gives better idea about the impacts of the factors on the organization (SAM 2017).
Disadvantages of 4P
The marketing mix does not take into account the various factors of the client. This mix is mostly internal factors oriented.
The clients according to this mix are considered as passive or secondary and their needs are not given much priority. This theory does not allow interaction and relationships. This is a major disadvantage of the mix (Ha et al. 2015).
The unique elements of the marketing are excluded in the marketing mix. This deprives the customer get better idea about the product and their features.
Generally the products are sold in isolation and the singular points are indicated about the product. All the different factors like brand, product all are interconnected because of the trends and needs of the customers (Rambeli et al. 2017).
The marketing mix does not focus on the customer organization relation which is one of the most important factors for the success of the product. The product should be designed keeping in mind the needs and trends of the customers (Zhu and Sarkis 2016). This helps the product to become successful in short time.
Hence it has been concluded that the marketing mix is one of the most important factors and theory in determining the factors which influences the success of the product. The various parameters of the 4p marketing mix have been discussed. These factors determine the factors which influences the success of the products in the market. The various advantages and disadvantages of the 4p marketing mix have been discussed in detailed manner which provides clear idea about the marketing mix. The disadvantages and advantages prove that the mix has to be used very well to capitalize the advantages and minimizing the disadvantages. Hence this report provides all the detailed information about the marketing mix.|
Ha, M., Jung, J.Y. and Eom, H.J., 2015. The Staff is More Important than the Price: A Study of the Consumer Loyalty Model in a Coffee Shop in Korea.
Rambeli, N., Marikan, D.A.A., Karim, N.A.H.A., Hashim, E. and Hashim, A., 2017. The influence of 4P marketing on housewives’ spending patterns in Malaysia. Geografia-Malaysian Journal of Society and Space, 11(7).
SAM, A.F., 2017. The Effects of Marketing Mix (4P) on Companies’ Profitability: A Case Study of Automotive Industry in France. Journal of Research in Marketing, 8(1), pp.636-640.
Zhu, Q. and Sarkis, J., 2016. Green marketing and consumerism as social change in China: Analyzing the literature. International Journal of Production Economics, 181, pp.289-302.