1 Answer | Add Yours
Yes, the 4 P's do an adequate job of describing marketer responsibilities in preparing and managing marketing programs. Concerning Product, this defines exactly what the marketer will promote to their niche. Product is a specific physical asset designed to fulfill the needs of a certain market segment. Therefore, Product is the starting point for the marketer as they create their marketing program.
Pertaining to Price, it further defines the marketing initiatives of the marketer. Is the product luxury-priced, middle-of-the road priced, low-priced, or discount priced. The pricing element can define the niche market the marketer will target his or her promotional materials to each day. For example, will he market a low-priced item via Walmart or a very high priced item via a specialty boutique luxury retailer.
Relating to Place, it is essential that the marketer concentrate on this element. The marketer must get the finished product to the right places to achieve maximum sales. The marketer must identify distribution channels and wholesalers and/or retailers, for their products. They must analyze where best they can sell the most product so they do not waste time and resources in getting a product to a place that will contribute very little to their total sales.
Concerning Promotion, a marketer must study how best to promote a product - this includes utilizing new platforms for promotion such as Facebook, Twitter, viral marketing, email campaigns, guerrilla marketing, as well as traditional methods. A marketer is responsible for matching a product to the most useful promotion method. Failure to do so results in wasting resources on activities and channels that provide very little Return on Investment (ROI).
We’ve answered 318,928 questions. We can answer yours, too.Ask a question