Generally, the marketing system comprises numerous small and large organizations and the system is responsible for delivering our high living standards. There are a number of factors that contribute to making a company prosperous which include: dedicated employees, great strategy, good systems of information, as well as excellent implementation. Nonetheless, today’s prosperous firms share one thing; they are focused on their customers and are dedicated to marketing (Kotler & Armstrong, 2018). These companies focus on satisfying their customer’s needs in various markets. They motivate their employees to deliver high quality for their clients.
Essentially, marketing a business is how one positions it to satisfy one’s market needs. There are four vital elements in marketing which include product, price, place, and promotion. Each of these elements aid in attracting customers. First, product is the goods and services that a company provides to its customers. Normally, customers are attracted to other elements associated with the product apart from the physical product itself. For instance, the packaging of the product, features, quality, services, options, brand name, and warranties. It is vital to note that a product’s function, appearance, and support make up what the customers are purchasing. Therefore, it is crucial for companies to focus on the needs their product bundles addresses. Also, a product should meet the needs of a specific target market (Kotabe & Helsen, 2017). In addition, client research is a pivotal element in establishing an efficient marketing mix. Research enables a firm to offer products that will appeal to clients.
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Second, price is how much a company charges for a product or service. In most cases, many companies feel that they must have the lowest price in the market. Nevertheless, this may indicate low quality of products offered. The price of a product should reflect its appropriate position in the market. Additionally, the pricing approach should lead to a price that covers the cost per item and results in profit. Generally speaking, having low prices will make it impractical to grow. For a company to be prosperous, it should follow many alternative strategies for pricing such as value-based, cost-plus, competitive, skimming, going-rate, discount, psychological, and loss-leader pricing strategies.
Third, place implies the channels of distribution to get a product to the target customers. The nature of a product greatly influences how a company will distribute it. Ordinarily, companies that assemble or create a product will either sell the product directly to their customers or sell it to a vendor. A company should decide whether it will sell their product directly to customers or through an intermediary.
Fourth, promotion signifies the selling and advertising part of marketing. Promotion is vital as it helps customers to understand a company’s product, its use, and why they should want it. Promotions helps the customers to be aware that a company’s product will satisfy their needs. Ideally, for a promotion to be effective, the efforts of promotion should have an explicit message targeted to a particular audience reached through a suitable channel (Belch & Belch, 2012). Promotion may involve public relations, advertising, sales, and personal selling promotions. Advertising is a vital promotion channel. The methods of advertising to promote a product include radio, print, television, electronic, and word of mouth.
Notably, focusing on the previously mentioned four P’s of marketing will result in higher profits for the company. The elements will assist the company to make strategic decisions imperative for the smooth running of the company (Pride et al., 2018). More so, focusing on the four variables will help the firm meet the needs of customers hence increasing customer satisfaction. Hence, there will be an increase in the profitability of the company over the next 3 to 5 years.
In conclusion, the four P’s (price, product, place, as well as promotion) should work together in a company’s marketing mix. Generally, decisions on one variable will influence the alternatives available in others. All in all, utilizing the four elements in marketing a business will lead to customer satisfaction thus establishing a profitable business.
References
Belch, G. E., & Belch, M. A. (2012). Advertising and promotion: An integrated marketing communications perspective . New York: McGraw-Hill Learning Solutions.
Kotabe, M., & Helsen, K. (2017). Global marketing management . Hoboken: Wiley.
Kotler, P., & Armstrong, G. (2018). Principles of marketing . Hoboken: Pearson Higher Education.
Pride, W. M., Ferrell, O. C., Lukas, B. A., Schembri, S., Niininen, O., & Casidy, R. (2018). Marketing principles . South Melbourne, Vic.: Cengage.
