Marketing a product is a big task. The main aim of marketing business is to get attention from the audience by the style of packages, utilising mottos and necessary media. There was a time when a person tried to another “P” to the 4P’S strategy. But it ended up with criticism and failure of the business. No 1 Assignment Help deals with 4 P’s of marketing assignment help Australia There are many stages in this coursework where we have to introduce the product, research on time, place, preference and requirements so that product becomes successful. But without a strategy, we can’t launch the product successfully, and there are many complexes while marketing a product. Marketing is a type of tool which is used by marketers and people in business to sell their products and services. The marketing mix is necessary because they give great success to the company by making a business plan and handles the problem in right way. 4 P’s Marketing term paper needs a lot of understanding, market research and consultation with many people, but when the market mix is handled wrong, then it could be hard for business to recover. All the components in marketing mix dependent on each other so that the strategy of the company becomes successful.
The Concept of 4 P’s of Marketing Assignment
The marketing mix has gained its popularity after an article titled” THE CONCEPT OF MARKETING MIX” published in 1964. Not only they came to know that it is 4P’S marketing strategies. This concept was introduced long back by the experts so that they can experiment how successful it can be. By this these tools, we can satisfy the consumer and the seller. The key features of 4 P’s of marketing assignment are Interdependent variables since marketing mix is made up of four variable, they are interdependent. The next key factor is Help Achieve Marketing targets, with the help of these set of variables, we can achieve its marketing targets such as sales, profits and customer satisfaction.
The next factor is the flexible concept, the focus on any one of the variable can be increased or decreased with unique marketing conditions and customer’s requirements. The next key factor is constant monitoring; we have to keep an eye on changing trends and their needs. We have to make sure that company and market have the appropriate and updated market mix for the elements. The next key factor is Role of Marketing Manager; this role is vital because the manager is responsible for achieving desired results through his/her skills. So the manager must be mature, intelligent and creative thinking to make the business successful. The next key factor is the customer as a focal point; this is an integral part in marketing mix because the customer determines the value of the product and our goal is to achieve satisfaction and loyalty from the customer.
While developing the marketing mix, there are steps to follow. And these steps are supported by the manager so the product will be successful in the market.
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- To develop a unique selling proposition for each product. The marketing manager must be able to define what the product has to offer. With the help of customer survey, we will know what type of products is and whether it will be successful in the market.
- We must understand the consumer. We must be the focus on who will purchase the product. By identifying this marketing mix can be implemented. We must raise questions like, who is the customer, what do they need? What is the value of the product? By knowing this, we can make the product successful.
- We must understand the competition. By comparing our product with the competitor and understanding what must be done to increase the profit is essential. We can do the activities like discounts, warranties and special offers if we need.
- The next is evaluating placement options. To do this understanding where the customer likes to purchase the product is essential. With the help of media and channels, we can make this successful.
- Developing promotion or communication strategy is necessary. With the support of communication strategy based on audience identification and price points, we can promote the product.
- The next step will be cross-checking the marketing mix. Each element is related to each other. The marketing mix can be finalized after the four parts are successful.
And there is two type of marketing mix, and they are Product marketing mix and service marketing mix. Product marketing mix is the 4 P’s of marketing assignment which we mainly use in marketing strategies. Service Marketing has three features, and they are people, physical evidence and process. And these three are the one where the strategy team lack and the product becomes a failure. So to make our plan more effective we use 4P’S marketing strategies.
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With the help of these four marketing strategies, we can improve the product. The primary function of a marketing strategy is to make everyone understand their company strategies and teach them how you propose to make it happen. The market strategies experiment on themselves, finding the best location to sell their products. This 4P’S marketing strategies can be used in the urban or rural area where the result will be successful with the excellent business plan.
The product also means the item which will be or must be sold. The product must be similar to the one which consumer asks. If the product is not up to the level, then it will be hard on business. Even doing good work on other elements, the performance of the product must be right. The product must have items and characteristics that match the consumer base and influences the consumers with the excellent outcome. Before launching the product, we must research on the requirements and the consumer’s preference. So when the company reviews their product by raising questions, we can increase profit. The issues must have advantage and disadvantage of the manufactured product. So when the product is right, we can sell the product with the excellent strategy.
The value of the product means price. There is the different type of pricing strategies with a business plan. It entirely depends on costs of the production, ability of the market to purchase the product and supply of demands. With the help of pricing, we differentiate the image of a product. And it entirely depends on the production cost and rate of supply and demand. By considering these entire factors, one can determine the price of a product. While pricing the outcome, we must make sure to identify the target of the consumer and fix the cost of a product. In this way, we can create a better relationship between the seller and the buyer. When we increase the price of a product, we must make sure that it does not have the negative impact on the immediate outcome.
Promotion means advertising the product, press reports, commissions and awards for the product. By doing all these activities, we can promote the product or services to the user and traders. The other events can be consumer schemes, direct marketing, contests and prizes. By doing all these activities only then, people will come to know about the product. The activities can be done in many different ways. Promotion is the leading marketing tools to sell the product, and this can happen only with good idea and techniques.
It is where you sell the product at a particular point or area. Every business mantras are to get a spot where they can make the consumer buy their product. The retailers will pay for the location. So the company makes sure that place is right. If the product is said to be marketed online then the correct idea to publish must be given.
With these 4 P’s of marketing assignment, they have the necessary guideline to run any firm. If marketing mix factors are dependent on each other, then it will help the organisation to elaborate the business plan. If we are using 4 P’s of marketing assignment, we must question our product first. We must compare our products with our competitors and interact with clients regularly. And The key challenges are Lack of focus on services; there must be physical evidence to prove that function was performed, the one who delivers the products are the people, and the processes are the methods in which service is executed, with these extra 3 P’S we can concentrate on the services. The next key challenge is lack of real customer focus, even by following customer desires there can be some danger. So Robert F.Lauterborn introduced four C for customer-centric in 1990. By following these four “C”, we can make the focus on the customer side, and they are Product to Customer Solution, Price to Customer Cost, Promotion to Customer Communication and place to Customer Convenience. So by following all these strategies, we can make the product successful in the markets.
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