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These four ideas contain the fundamentals of marketing, which are used in conjunction with market segmentation to define a target market to apply the ideas to. The four P's of marketing are merely a means to an end, which is to create a marketing plan that has the highest possibility of success within a target market.
A target market is the key to applying the four P's of marketing, because each target market will have their own tastes and preferences, and the four P's thus will change based upon which target market is being pursued.
The four P's seem like simple concepts when first viewed, however they each encompass more than meets the eye at first glance.
Product not only includes what is being sold, but also anything that adds value to the product, which would influence a customer to purchase the product variety, quality, design, packaging, etc.
Product — they will most likely prefer something that is not too technologically advanced, because there is a lower learning curve. Price — they will more than likely be paying with insurance, so the company must setup collaborations with insurance companies.
Promotion — most seniors watch television, and do not surf the web, so it would be better to advertise on television or go door-to-door selling.
Place — most seniors do not have reliable transportation, so home delivery would be the best option. If, however, the target market was for young disabled veterans, it is easy to see how the decision regarding product, price, promotion, and place would change, because they have different needs and preferences.
First, they would probably want something more technologically advanced that had more features productthey would probably use insurance as well, maybe even veterans benefits, so collaboration with the Veteran's Affairs office as well as insurance companies would be helpful pricethey would most likely surf the web and not be at home as much, so online emails and advertising would be best promotionand they, too, probably would prefer to have home delivery, because they probably cannot drive themselves place.
Related to the four P's is market segmentation.
Oct 21, · In the s, the American marketeer, E. Jerome McCarthy, provided a framework by means of the marketing mix: the 4 P’s. The 4P ‘s include Price, Promotion, Product and Place. The 4P ‘s include Price, Promotion, Product and leslutinsduphoenix.coms: 4. All marketing decisions ultimately reflect analysis regarding the four P’s of marketing, which are otherwise known as the marketing mix. The four P’s of marketing are product, price, place, and promotion. These factors are widely used by marketing managers to implement marketing decisions. Marketing mix can be describes as “the use and specification of the 4 Ps describing the strategic position of a product in the marketplace A prominent person to take centre stage was E. Jerome McCarthy in ; he proposed a four-P classification which was popularized.
Market segmentation is defined as dividing an overall market into segments that share common characteristics and needs. In order to discover particular segments that are common, market research techniques must be employed to find patterns of similarity among customers in a market.
Typically, a market is segmented on the basis of demographics age, sex, location, etc. Once a target market has been identified, the four P's can then be applied, and a marketing strategy can be created. As can be seen from the above, the four P's and market segmentation are very fundamental parts of a business' marketing tactics and plan.
Two businesses that employ the four P's are Walmart and Verizon Communications. Verizon segments it's overall market of communications into communications for residential customers, business customers, high- bandwidth needs users for example, gamersand low-bandwidth needs users for example, the elderly.
Verizon has products that are targeted to each of these groups in each of its product lines landlines, wireless communications, internet service provision, etc. Regarding Verizon's high-bandwidth users, the product is extremely high-speed internet service that gamers need in order to play games online with their friends.
The price is one of the highest in the market, because it is one of the best products available to this target market. The promotion and place is simply word of mouth of other gamers, and a website that can be browsed to in order to purchase the high-speed internet service.
In the case of Walmart, it segments its market into people who go to buy general products when needed, people who shop there for all their needs clothes, groceries, home improvement, automobile supplies, etc.
Regarding the shoppers who do all their shopping at Walmart, there is usually not that much of a brand selection compared to a normal grocery store, because these customers want to save money over going to a grocery store product and price. There are numerous locations around the world of Walmart stores, and each one is setup in a similar way, making it easy to find what customers are looking for place.
The ideas of the four P's product, price, place, and promotionmarket segmentation, and target markets all go hand-in-hand. When a business segments its market into groups of similarities, it can more easily apply tactics and strategies, through the four P's, that are directly in line with the preferences and needs of each target market it has segmented.4 Ps of Marketing.
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If you need a Marketing essay, especially something on 4Ps of Marketing Mix, here is a sample of our writing. Marketing strategy includes all activities aimed at the increase in sales and a sustainable competitive advantage based on the selected marketing mix that consists of 4 Ps or product, price, place, and promotion (McCarthy).
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Only at leslutinsduphoenix.com". Marketing mix can be describes as “the use and specification of the 4 Ps describing the strategic position of a product in the marketplace A prominent person to take centre stage was E. Jerome McCarthy in ; he proposed a four-P classification which was popularized.