The 4 Ps Of Marketing: Part 1
Marketing refers to promotional activities that a business undertakes in order to advertise the sale or purchasing of a specific product, service, or asset. The marketing activities of a business range from the distribution of literature and pamphlets to the designing and production of advertising materials like billboards and other posters. While there are numerous marketing activities undertaken by businesses, there are a few marketing techniques that are common to most businesses. These include:
a. A marketing strategy refers to the set of marketing activities undertaken by a business in order to achieve a specific goal. A marketing strategy will generally be a written document that outlines the goals of the company and the likely course of action to attain those goals. The marketing strategy will guide the various organizational elements of the business, including the planning, development, implementation, monitoring, and evaluation of the marketing mix. The marketing strategy may also serve as a basis for the business’s budgeting and business planning.
b. A marketing plan refers to the actual activities undertaken under the control of the marketing strategy. This refers to the direct actions taken to advertise a brand or a product by means of various media. It also refers to the response of consumers to such marketing efforts, which is a crucial element of the overall marketing mix.
c. A marketing approach refers to the general approach used by marketers to evaluate the marketing mix. This evaluation focuses on the competitive landscape, the relative strength of the competing brands and services, and the potential of each brand or service to build market share in the long run. The competitive landscape refers to both the marketplace as a whole as well as the marketplace within each brand and service category. In addition to these factors, some marketers use customer profiling to evaluate the response of existing customers to marketing efforts.
d. A marketing mix refers to the assortment of marketing techniques and strategies used by marketers. The four Ps of this marketing type refer to a. Cost-effectiveness, which refers to the ability of a marketing technique to bring in customers at a low cost. b. Product visibility, which refers to the ability of a marketing technique to make itself known to consumers. c. Advertising effectiveness, which refers to the extent to which consumers are influenced by advertising.
e. Marketing timing refers to the timing of an advertisement’s broadcast or publication in the market. Marketing timing occurs when marketers take advantage of existing advertising opportunities as well as new opportunities that arise through product development. Market research can help determine the most appropriate marketing mix for each product development. Marketing research is critical for product development and marketing planning. Through the information derived from market research, marketers can determine the best possible marketing mix to meet their company’s unique marketing needs.