Discuss the 4Ps of the Marketing Mix Which do you consider t

Discuss the 4Ps of the Marketing Mix. Which do you consider to be most important?

Solution

Product

The product is either a tangible good or an intangible service that is considered to meet a specific customer need or demand. All products follow a logical product life cycle and it is very important for marketers to understand the product and its plan for the various stages and their unique challenges. It is key to understand those problems that the product is attempting to solve. The benefits and features of the product are to be understood for unique selling proposition. Also we need to identify who are the prospective and potential buyers of the product.

Price

Price covers the actual amount that consumer is expected to pay for a product. How a product is priced will directly affect how it sells. Price of the product is always linked to what the perceived value of the product to the customer rather than an objective costing of the product. If a product is priced higher or lower than its perceived value, then it will not sell in the market. This is why it is imperative to understand how a customer sees what you are selling. If there is a positive customer value, than a product may be successfully priced higher than its objective monetary value. If a product has little value in the eyes of the consumer, then it may need to be underpriced to sell. Price may also be affected by distribution channel or plans, value chain costs and markups and how competitors price a rival product.

Promotion

The promotion of product happens through marketing communication strategies and techniques include advertising, sales promotions, special offers and public relations. Irrespective of the promotion plan, promotion channel should be identified is to be suitable for the product, the price and the end user it is being marketed to. Promotion is a communication aspect of the entire marketing function.

Place

Place or placement deals with how the product will be provided to the customer. Distribution is a key element of placement. The placement strategy will help assess what channel is the most suited to a product. How a product is accessed by the end user also needs to compliment the rest of the product strategy.

Out of all the four P’s in the marketing mix, Product is the most important as without product the other three P’s will serve the need.