Marketing is a business’s strategy of putting the business’s product in the best place where the product would be easily accessible to the intended persons. It ensures products and services are in the right place, at the right time and valued at the right price (Webster, 1995). As such, the business is able to meet more customers, thus diversifying the business’s products and services. In this context, business carries out market research to identify the most convenient product to sell, when to sell it, how to sell it and to whom to sell. They also identify the most convenient prices for the sale and marketing of the products. Although it may sound like a simple task, it is usually a complex role and involves many expenses and research. Failure to identify these basic factors would cause fewer sales and eventually low profits.
The marketing strategy is an essential aspect of businesses. In achieving the desired sales, businesses usually applies the 4P’S marketing mechanism (Webster, 1995). The model enables the business to plan for the sale of the product and identifies the potential buyers. The four pillars of marketing 4P’c include price, product, promotion, and place. These four pillars are essential components of the marketing strategies and would be discussed below.
The product is the item of trade being offered into the market by the business. This may include a service like nursing or a product like a car. The product needs to satisfy the needs and wants of the intended groups for it to the effective and accepted by them (Humble, 1989). For instance, there are those products for the young people and that of the elderly people. Other products are tangible while others are intangible. For the products to be accepted by the customers, it has to meet their needs and expectations and must be of their correct choice. The business must conduct a market research aimed at identifying the needs and satisfaction levels of their potential customers. This would enable a business to offer the right taste and category of the product to the prospective customers.
Products have life cycles in the market. These include the maturity phase, sales decline phase and maturity phase. The sellers of the products should understand these phases in developing their products and plan for the future development and diversion of the products. The sellers should be able to identify the limitation of their products against those offered by their competitors. This would enable them to design their products in the best manner possible, and attain the competitive advantage.
In order to develop the right products, businesses should need to identify the clients’ needs, location and the product’s usefulness. The right and the marketable product is the one that meets the clients’ standards and expectations. One also need to identify how the product would look like and parked, the sizes and colors available, the product’s name, features, and usefulness of the product and the difference between their products and that of their competitors. This ensures the right product is introduced into the market, which improves the effectiveness and market share of the business.
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The price is also one of the major considerations to make while marketing the products or services of the business (Gurnani, 2007). This is the amount the business is willing to charge for the goods or services offered to the customers. It needs to be considerate, as very high prices would scare away potential customers. Conversely, very low prices would mean less profit to the business, to an extent of making losses. Therefore, the business needs to research the favorable prices for their products and avoid overstating or understating the prices (Gurnani, 2007). The price is a basic factor in any firm as it determines the level of profits, survival, and growth of the business entity. It determines the demand and supply of the business’s products. The prices influence the perception of business’s products in the eyes of the consumers.
In determining and setting the prices of the products, the business needs to strategize on pricing mechanism (Gurnani, 2007). The various price mechanism includes market penetration prices, market-skimming prices, and the neutral pricing. Moreover, the business needs to identify the actual cost of producing or purchasing the product. The business as well needs to identify the customers’ preferable prices and the influence of lowering or increasing the prices.
This is the place of interaction between the buyer of the product and the seller. It revolves around the distribution mechanism of the business. The business needs to design mechanism in which the products would be made available and accessible to the potential buyers. Hereby, the business needs to first strategize on the intended market (Loomba, 1998). The business designs the distribution channels of the product. The various distribution mechanisms include selective, intensive, extensive and franchising. In deciding on the place of the market, the business needs to identify where the prospective buyers usually get their products from. This can be a kiosk, shopping malls, and marketplaces, among others. This makes the business to decide on where to make their products available.
This is an essential aspect of marketing strategy as it dictates the extent to which the business’s products are known by the buyers (Webster, 1995). Promotion involves advertising, sales promotion, sales organization and public relations. This boosts the reputation and popularity of the business’s products.
In planning for the promotion strategies, the business decides on the best time to advertise, intending to increase the coverage of the promotion. The business also decides on the information and message to the buyers, and the right media to use (Webster, 1995). This increased the effectiveness and coverage of the promotion mechanism applied. The business also identifies the effectiveness of social media to promote the products. They also evaluate the mechanisms being applied by their competition, which guide them on the mechanism to apply.
In conclusion, the four most essential elements in marketing include price, product, place, and promotion. For any business to succeed in its marketing, it has to consider the above factors. These factors enable the business to perform effectively and improve its awareness and effectiveness.