The four ps are all a marketing manager needs to create a marketing strategy for service business? prepare a response that argues the contrary and justify your conclusions
Answers
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Answer:
product, price, place, and promotion
The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion
Product
Marketers must always have a clear concept of what their products stand for, and what differentiates them from the competition, before they can be marketed successfully. Today, the internet can be considered either the medium for purchase, via e-commerce, or the product itself, such as a social media service. Because of this, it’s vital that marketers fully understand the product they are selling, how it meets the needs of their target customer, and what makes their product stand above the competition.
Price
First comes the product, and immediately after comes a determination of its value among target audiences. Pricing strategy is an art and a science, in that it involves both market data and careful calculations, as well as skillfully balancing between pricing that is too high or too low, and understanding how skewing either way might damage the brand.
Price not only refers to the monetary value of a product, but also the time or effort the customer is willing to expend to acquire it. Determining this will be a critical factor in revenue for the brand as it will impact profit, supply, demand, and how much marketers should spend on a promotion or marketing strategy.
Place
The internet age has introduced new challenges when it comes to reaching your customers. Place refers to providing customers access to the product, and it also calls into play convenience for the customer. Marketing, through digital means or otherwise, is about putting the right product, in the right place, at the right price, at the right time, in front of the customer.
Even though transactions with your company may take place exclusively in-store or online, customers likely interact with your brand or your specific products in a variety of places.
Promotion
Now, how to make an audience aware of the product? Within the framework of the four Ps, promotion refers primarily to marketing communications.
These communications use channels such as public relations, advertising, direct marketing, email marketing, social media marketing, or sales promotions; think of it as any way marketers disseminate relevant product information to their target customers.
Promotion is the area that has arguably seen the greatest growth and change as a result of the digital age. With the exceptional access offered by B2C marketing solutions, marketers can now promote products easier, more effectively, and with more personalization than ever before, thus leading to greater outcomes and ever-increasing expectations.
Final Thoughts
While today’s marketing environment has changed significantly since the 4 Ps were established in 1960, the foundation of marketing has not. By continuing to focus on the 4 Ps and how to use them within the framework of the digital age, marketers can be successful no matter the circumstances.
×Product
A product refers to any item that intends to satisfy the needs and wants of a target customer. It can be a tangible good, such a clothing item or piece of software, or intangible, like a service or experience (think legal services or a cruise).
Marketers must always have a clear concept of what their products stand for, and what differentiates them from the competition, before they can be marketed successfully. Today, the internet can be considered either the medium for purchase, via e-commerce, or the product itself, such as a social media service. Because of this, it’s vital that marketers fully understand the product they are selling, how it meets the needs of their target customer, and what makes their product stand above the competition.
Price
First comes the product, and immediately after comes a determination of its value among target audiences. Pricing strategy is an art and a science, in that it involves both market data and careful calculations, as well as skillfully balancing between pricing that is too high or too low, and understanding how skewing either way might damage the brand.
Price not only refers to the monetary value of a product, but also the time or effort the customer is willing to expend to acquire it. Determining this will be a critical factor in revenue for the brand as it will impact profit, supply, demand, and how much marketers should spend on a promotion or marketing strategy. This, in and of itself, is why this ‘P’ is one of the most important. If a product is priced too high or too low, the product – and brand – could fail.
Place
The internet age has introduced new challenges when it comes to reaching your customers. Place refers to providing customers access to the product, and it also calls into play convenience for the customer. Marketing, through digital means or otherwise, is about putting the right product, in the right place, at the right price, at the right time, in front of the customer.