Essay About Marketing Are Price And Right Product

The 4 P’s in Marketing Are Price, Promotion, Place, and Promotion
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Running head: 4 P’S IN MARKETING
The 4 P’s In Marketing Are Price, Promotion, Place, and Promotion
Steven Johnston
University Of Hawaii West Oahu
4 P’S IN MARKETING
Abstract
This paper will cover the 4 P’s of Marketing: Product, Price, Place, and Promotion, which lays out the foundations of marketing strategy. Marketing is simplistically defined as ‘putting the right product in the right place, at the right price, at the right time (Martin, 2014). This paper will look at 4 companies such as Google, Microsoft, Apple, and Artists and see how they implement the 4 P’s towards their companies marketing mix.

4 P’S IN MARKETING
The 4 P’s In Marketing Are Product, Price, Place, and Promotion
“The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in the right place,…’ will happen. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and Place. These have been extensively added to and expanded through additional P’s and even a 4C concept. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering.” (“Understanding,” 2014).

The first P of the marketing mix is Product. Marketers need to understand their product before putting it on the market and the attributes that makes the product different from the competition. According to Martin (2014), “The product is either a tangible good or an intangible service that is seem to meet a specific customer need or demand. All products follow a logical product life cycle and it is vital for marketers to understand and plan for the various stages and their unique challenges. It is key to understand those problems that the product is attempting to solve.” The type of product will dictate the rest of the 4 P’s in the marketing mix.

The second P is price which is simply the cost a consumer has to put out for the product. “How a product is priced will directly affects how it sells. This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer. If a product is priced higher or lower than it will not sell. This is why it is imperative to understand how a customer sees what you are selling” (Martin, 2014). Price can be affected on how important or less important a consumer views the product which will allow for the producer to

4 P’S IN MARKETING
pay a higher price or a lesser price. Production costs, distributions costs, and rival products will also affect pricing.
The third P is place or placement of the product which is a delicate strategy. “Place decisions outline where the product is sold and how it is delivered to the market. The goal of business executives is to get their products in front of the consumers who are most likely to buy them. In some cases, this may refer to placing a product in certain stores, but it also refers to the placement of the product on a stores display or where a product is showcased on a web page” (“Four P’s,”). This stage is the front line and consumer interaction or viewing of the product which either attracts them or disinterests the consumer.

The final P in the marketing mix is promotion. Successful products or services are impossible unless it can be communicated clearly to the target audience. “The marketing communication strategies and techniques all fall under the promotion heading. These may include advertising, sales promotions, special offers and public relations. Whatever the channel used, it is necessary for it to be suitable for the product, the price and the end user it is being marketed to. It is important to differentiate between marketing and promotion. Promotion is just the communication aspect of the entire marketing function” (“Understanding,” 2014). Promotion could range from the following: advertising, public relations, sales promotions, internet marketing, social media, or sponsorships. Promotional efforts should reinforce the products benefits taking into account when and how they will convey their product.

4 P’S IN MARKETING
will close a deal. A balanced combination of sales and advertising will lead the healthy promotion of a product” (“Online,” 2012).
McDonalds
Let’s delve deeper at how the 4 P’s are applied to companies like McDonalds, Coca Cola, Nike, and Microsoft. Let us first look at McDonalds. McDonalds is arguably the most recognizable fast food chain in the world. McDonalds offers food products that are convenient with numerous locations. Their menu adapts to the host country or demographic for each restaurant placement. Some of their most common products in the U.S are hamburgers, French fires, chicken, fish, breakfast items, shakes, and salads. Apart from a core menu they will try to incorporate local favorites like in Hawaii where it is the only place one can get a Spam and eggs platter. McDonalds products are versatile and when a product loses its attractiveness they will either pull it from the menu or replacement it with a new product.

People are always looking for a convenient, decent quality, and a relatively cheap bite to eat. This is what McDonalds is able to do effectively. Prices range from $6.00-$10.00 meals depending on what you get. Their menu’s offer a value menu formerly known as the dollar menu which offers cheaper alternatives than meals. McDonalds also utilizes psychological pricing where most items are priced ending in $.99 which makes the consumers believe it is a cheaper deal than ending in $.00. Although prices will vary in different parts of the U.S and around the globe.

McDonalds placement is on a global spectrum where countries around the world will have a restaurant with some of those being franchised out. There