4p’s of marketing
Marketing Mix
The marketing mix constitutes the company’s tactical tool kit for establishing strong positioning in target markets. However, note that the four Ps represent the sellers’ view of the marketing tools available for influencing” buyers. From a consumer viewpoint, each marketing tool must deliver a customer benefit. One marketing expert suggests that companies should view the four Ps as the customer’s four Cs
Product
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. It includes physical objects, services, persons, place, organizations and ideas. For example: The Honda Civic ‘product’ is nuts, bolts, spark plugs, pistons, head lights and many other parts. Honda offers several Civic styles and dozens of optional features. The car comes finally serviced, with a comprehensive warranty and financing that is as much a part of the product as the exhaust pipe. Increasingly, the most profitable part of the business for car companies is the loan that they offer to car buyers.
Price
The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service. Price is what customers pay to get the product. Honda suggests retail prices that its dealers might charge for each car, but dealers rarely charge the full asking price. Instead, they negotiate the price with each customer. They offer discounts, trade-in allowances and credit terms to adjust for the current competitive situation and to bring the price into line with the buyer’s perception of the car’s value.
Place
All the company activities that make the product or service available to target customers. Place includes company activities that make the product available to target
consumers. Honda maintains a body of independently owned dealerships that sell
the company’s cars. They select dealers carefully and support them strongly. The
main dealers keep a stock of Hondas, demonstrate them to potential buyers, negotiate prices, close sales, arrange finance, and service the cars after the sale.
Promotion
Activities that communicate the product or service and its ‘merits to target customers and persuade them to buy. Promotion means activities that communicate the merits of the product and persuade target customers to buy it. Honda spends millions on advertising eachyear to tell consumers about the company and its products. Dealership sales people assist potential buyers and persuade them that a Honda is the car for them. Honda and its dealers offer special promotions – sales, cash rebates, low financing rates – as added purchase incentives.
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thank you so much sir for the notes 🙏
with pleasure