4P’s OF MARKETING ASSIGNMENT HELP

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TABLE OF CONTENTS

1. WHAT IS MARKETING ?2. AIM OF MARKETING COMPANIES3. WHAT IS MARKETING MIX ?4. WHAT ARE THE 4P’s OF MARKETING MIX ?5. IMPORTANCE OF MARKETING MIX6. HOW TO USE 4P’s OF MARKETING ?7. CONTACT US8. THANK YOU

WHAT IS MARKETING ?

Marketing is the business or action of promoting products and services and selling products and services. It includes market research and advertising.

AIM OF MARKETING COMPANIES

The aim of marketing companies is to seek attention of target audience by using media exposure, celebrity endorsements, design of packets and slogans.

WHAT IS MARKETING MIX ?

Marketing mix is a tool which is used by marketers and refers to the set of actions and tactics which are used by a company to promote a product or a brand in the market.

WHAT ARE THE 4P’s OF MARKETING MIX ?

The 4P’s of marketing mix are:

● Price● Product● Place● Promotion

PRICE

Price is defined as the amount paid by the customer for a product or a service. The profit of a business depends on the price and hence, it is consider as the soul of a business.

The three main strategies of pricing are: market penetration pricing, neutral pricing and market skimming pricing.

While deciding the price of a product, cost of raw materials, machinery and manpower are considered.

PRODUCT

Product is referred as the goods and services sold to consumers which can satisfy their needs and it is the basic element to start a business.To analyze the importance of products, marketers need to study the maturity phase, growth phase and decline phase.

PLACE

Place is defined as the platform for the distribution of products among the customers. The factors which need to be considered while deciding the place of selling of goods are: target users, product type, availability of resources and price. For example: direct selling and franchisees.

PROMOTION

Promotion comprises of all the methods which are used to spread the awareness of the product through different channels of communication. Promotion can be done through advertising, public relations, online marketing and banner ads. It helps a company in achieving its objectives.

IMPORTANCE OF MARKETING MIX

Marketing mix is important for company’s success because it makes business plans for a company and it can be harmful also if handled wrong and could take years to recover.

HOW TO USE 4P’s OF MARKETING ?

It can be defined with a list of following questions:

● What are the customer expectations from the product or service ?● How will the product meet those expectations ?● What will differentiate your product from other competitors ?● Current interactions with clients.

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