4P's of Marketing (Coursework Sample)
The paper was a reflcection from a chapter in the book. The paper is a reflection about the 4P's of Marketing, summarizing what was taught in the reading. It was a requirement to add personal views about the 4p's and why they are important to consider when developing a marketing plan for an organization.source..
Unit Five Assignment 2
The 4Ps of marketing are the bedrock of any organization as it tries to penetrate to any market. The 4Ps, - promotion, place, price and product – can be interlinked to produce optimum results b any firm. Primarily known as the Product Mix, this is a valuable tool that facilitates sufficient evaluation of the products offered to the customers. The Envirotruck can benefit through the integration of the Ps in different dimensions and extent.
The product may be tangible or intangible. When tangible, it exists as a physical object for instance kettles, cars, and clothes. When intangible, the product is considered a service includes such things as tourism and catering. For Envirotruck, this P would act as a boost to the already existing marketing improving the power for its 4-wheel drive and all-wheel-drive trucks would ensure it attracts more customers than the competitors.
Second in the order is the P for the price. For a product to succeed in any market, the firm should sell it at a price affordable to the customers and which is aligned with what they are willing to pay. However, the seller should not offer a price that is so low as to incur a loss in the process. Nevertheless, despite the firm having a part to play in the determination of the price, the elasticity of the product (effects of altering prices to the demand) must be considered too. For Envirotruck, the price would work in its favor if it offered better and more satisfying products than its competitors at equal or lower price as they do.
The 3rd P – place – is the market where an organization sells its products. According to Business Fundas (n.d), an organization or sellers should make available markets whereby the buyers can easily access the market. To enhance this P, Envirotruck should ensure they have the distribution networks properly instituted to maximize its outlets. Moreover, it would entail making a close association with their primary major industrial customers.
Finally, the 4P in the product mix is the promotion. Promotion encompasses various communication channels utilized the marketers to give out the information related to the product on offer. The various methods of directing the information related to the product to the customers are inclusive yet not limited to using word of mouth to create publicity, personal selling, and advertisement. By using suitable communication channels, Envirotruck may benefit significantly by imprinting useful features of products to the customers' minds. Various methods which may
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