What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing

Marketing is a system-wide process of planning and making adjustments to ensure the establishments and maintenance of mutually beneficial exchange relationship. Marketing, broadly speaking, concerns with selling, market research and advertising. Every organisation has two basic operating functions. What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing.

Production and marketing creates utility for the consumer. Utility refers to the want satisfying power of a good or service. Production creates form utility by transforming the raw materials into goods and services. Apart from the form utility marketing also creates time, place and ownership utility. Time and place utility refers to the availability of the goods and services to the consumers at the right time and right place. Ownership utility refers to the transfer of the product or service from the possession of the producer or the marketer to the possession of the consumers. 

There are different views for the concept of marketing. However, the three basic elements that can be seen in the definition of marketing are selling, market research and advertising. In broader terms it is a management process, which identifies, anticipates and satisfies customer requirements efficiently and profitably. It is a process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfies the individual and organisational objectives. In the exchange process two or more parties give something of value to each other to satisfy their perceived needs. What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing.

Supply chain management- It is about managing the pipeline that links customers to suppliers. It can be defined as management of upstream and downstream relationships with suppliers, distributors, and customers in such a way that greater customer value is achieved at lower cost. Today's customers demand higher levels of performance from the suppliers particularly in the delivery service.

What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing

The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience. 

Although there are many other “marketing mixes,” the four Ps are the most common and foundational to creating a successful marketing plan. In this article, you will learn more about their purpose, history and find a detailed breakdown of the four Ps. 

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What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing

What are the 4Ps of marketing

The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives. 

The 4 Ps were first formally conceptualized in 1960 by E. Jerome McCarthy in the highly influential text, Basic Marketing, A Managerial Approach. There, McCarthy noted that while the text of the book was  “similar to that found in the traditional texts, the approach is not.” 

What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing McCarthy’s novel approach was influenced by the still-recent “marketing mix” concept, which Harvard Business School professor Neil. H. Borden popularized in the 1950s. In fact, Borden himself had been influenced by a 1948 study written by James Culliton, in which the author equated business executives to “artists” or “mixer[s] of ingredients”. Rather than using the same approach for every situation, then, Culliton and Borden recognized that successful executives instead mixed different methods depending on variable market forces. 

McCarthy streamlined this concept into the four Ps—product, place, price, and promotion—to help marketers design plans that fit the dynamic social and political realities of their time and target market. In effect, the purpose of the four Ps remains the same today as when McCarthy first published his book: “developing the ‘right’ product and making it available at the ‘right’ place with the ‘right’ promotion and at the ‘right’ price, to satisfy target consumers and still meet the objectives of the business”

The four Ps

The four Ps form a dynamic relationship with one another. Rather than one taking priority over the other, each is considered equally important in crafting a strategic marketing plan. 

Product

The product is the good or service being marketed to the target audience. 

What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing

Generally, successful products fill a need not currently being met in the marketplace or provide a novel customer experience that creates demand. For example, the original iPhone filled a need in the market for a simplified device that paired a phone with an iPod, and the provided a humorous experience for consumers that was utterly unique.    

Price 

Price is the cost of a product or service. 

When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. Pricing can have a significant impact on the overall success of a product. For example, if you price your product too high for your targeted audience, then very few of them will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins. 

To identify a successful price, you will want to thoroughly understand your target audience and their willingness to pay for your product. Some questions you might ask yourself as you are considering your product’s price include:

Place

Place is where you sell your product and the distribution channels you use to get it to your customer. 

Much like price, finding the right place to market and sell your product is a key factor in reaching your target audience. If you put your product in a place that your target customer doesn’t visit—whether on or offline— then you will likely not meet your sales target. The right place, meanwhile, can help you connect with your target audience and set you up for success. 

For example, imagine you are selling an athletic shoe you designed. Your target market is athletes in their early twenties to late thirties, so you decide to market your product in sports publications and sell it at specialty athletics stores. By focusing on sports stores over shoe stores in general, you are targeting your efforts to a specific place that best fits your marketing mix.  

What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing

Promotion

What do you understand by marketing approach? Discuss in brief the 4 Ps of marketing Promotion is how you advertise your product or service. Through promotion, you will get the word out about your product with an effective marketing campaign that resonates with your target audience. 

There are many different ways to promote your product. Some traditional methods include word of mouth, print advertisements, and television commercials. In the digital age, though, there are even more marketing channels that you can use to promote your product, such as content marketing, email marketing.

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