Studies have found that some of the characteristics affecting consumer behavior that marketers must take into account,due to the influence on consumer purchases are product, pricing, positioning, and placement. Product is the goods or service you create or obtain to sell to consumers that you can make a profit suppling to consumers. In order to grow or maintain continued profit,this product must be able to attract new customers.
There are 4 Ps of marketing, which are considered the four main component ingredients used to derive any given strategy in marketing products or services. A business must consider not only what has been working, but also new innovations, changes in the competitive market, and adjustments to staff and talent.
Develop your marketing and growth strategies with the Four Ps in mind, and then test the market in short bursts, to see if the campaign is truly effective. Successful businesses have nimble marketing campaigns, and managers understand when to change direction.
Define the Four Ps When developing your next marketing strategy, consider the four Ps of marketing, much like links in a chain. When one link moves, it affects all other parts of the chain, leading to other movements.
The links work in relation to each other. While other Ps have been developed over the years by business and economic experts, these four Ps are respected as the foundation for marketing programs. The four Ps are: Because they work together, their order is of no consequence.
Products exist to solve a problem or a need that a consumer has or may realize that he has.
The iPhone makes life easier by having everything you need to access in one small unit that accompanies you everywhere. Until the iPhone came along, people didn't realize they needed one, but Apple has excelled at helping consumers discover their need to simplify life by having a phone, calendar, search engine.
Price is what the consumer pays. Some industries garner only a small markup on price, while others have huge profit margins, because they are highly sought after. Price is affected by sales cycles, product life cycles, supply and demand.
Business strategies might consider a cost leadership strategy by trying to beat the market with the lowest price, or a business strategy might choose to inflate the price, based on a luxury component or brand image. As a strategy, place has become a more significant component of marketing success.
Place involves where the product is stored, perhaps even where it is manufactured. The internet has created a dramatic evolution of where products are sold and distributed, from small, local companies to global. This strategy also considers where the product is advertised and in which format, including radio, infomercials, magazines, online ads, and even in film product placements.
This strategy component is tied directly to the other three Ps. The promotional strategy aims to show consumers why they need to buy this specific product over others. Timing heavily influences the amount of promotional marketing, and when.
It may also adjust the location, such as commercials during football season games that target pizza delivery deals. It may try to entice consumers to try a product with an irresistible promotional or introductory offer.
These Four Ps really boil down to what you're selling for how much where, and what methods you will use to let consumers know about it. Building the marketing mix with these in mind is the next step.
Building Your Marketing Mix When building your marketing mix, consider the target consumer.Foreign Policy In United States Of America History Essay.
Print Reference this. Disclaimer: This work has been submitted by a student. This is not an example of the work written by our professional academic writers. There is an obvious homogeny between foreign and domestic policy and at times they even cross over each other.
The main . Finally, the Foreign Policy Elite might have looked to Europe and followed the example set by European imperialists, in particular Great Britain.
Most likely is that some mixture of these various factors all worked together to change the mind of the Foreign Policy Elite regarding the acquisition of an American empire. Four P's in Foreign Policy Essay by diezpeso, University, Master's, A, March download word file, 3 pages download word file, 3 pages 0 votes.
The basic major marketing management decisions can be classified in one of the following four categories, namely Product, Price, Place (distribution) and Promotion. Product: It is the tangible object or an intangible service that is getting marketed through the program.
This is a 8-page paper in MLA format that discusses about the theory, Four Ps and use of SWOT analysis in marketing.
Yes there is a lot more to marketing than simply finding out what people want and providing them with a product that fits the research. Aug 14, · These Four Ps really boil down to what you're selling for how much where, and what methods you will use to let consumers know about it.
Building the marketing mix with these in .