Writing a marketing assignment is not an easy task. And when you have to include an additional component called ‘analysis of the 4Ps of marketing’, the task becomes more complex than it already is. Are you also one of those students who get irritated when you have to analyse the 4Ps marketing strategies used by the companies?
Then come in quick, I was just about to explain it all and tell others how to write such assignments. Meanwhile, you can grab a chair.
Okay, class. Before we begin, it is important that you all know what marketing is.
Marketing, in simple words, is when we pitch the right product, at the right place, at the right price, at the right time.
Easy enough? All you have to do to sell a product is to give it to the right people at the right time for the right price. But, had this been that easy, the companies would not be investing millions of dollars into market research and hiring a team of marketing professionals, right? Else, you would not have been doing assignments related to marketing.
Professor, I don’t see why it is such a hefty task.
Well, if that were the reason, I would not have been taking this class. You think that it is not a big deal but actually it is. See, if even one element of these 4 is off the track, a well-designed product that would have been a hit in the market can fail. It can fail miserably.
A company invests thousands of dollars in developing a product. Then they invest thousands of dollars in marketing the product, creating hype among the people. But what will happen if I do not release the product when it is actually needed? What will I do by keeping guns in a warehouse during a war?
Professor, what are the 4Ps of the marketing mix?
The marketing mix is a way through which a company makes sure that the right product is sold at the right place for the right price at the right time. It is a tool which allows us to understand what product can we offer to the people and how a successful offering campaign can be prepared for that.
The marketing mix is executed through the 4Ps of marketing. They are Price, Product, Promotion and Place.
Professor, can you please tell more about these 4Ps?
Of course, here you go.
Anything that is a tangible good or intangible service that fulfil a specific need of the customer is called a product. Every product in the market follows a logical cycle that starts at the identification of need and ends at the service.
When you are writing your assignment, it is essential that you understand all the stages and address the challenges they bring along.
Price is what the customer is paying for the product. A product’s sale is always dependent on the price of the product. For example, if you keep the price of a product too high, it is obvious that the customers are going to prefer cheaper alternatives. Also, if you are settling for a too low price, then the customers are going to prefer better-quality alternatives.
Promotion includes marketing communication strategies and market communication techniques. Promotion of the product may include advertisement, sales promotion, some special offers, public relation for the product, etc.
Whatever may be the channel you are using, it should be ideal and best suitable for the product you are marketing. Also, the channel should be the best one for the price of the product and the audience it is targeting.
The place is the part that decided how the product is going to be available to the customers. You can decide to sell the product on online stores, on offline retail outlets, door to door sale or any other.
Distribution is a key element of place. When you have an assignment, make sure that you analyse if the selected distribution channel is suitable for the product or not. For example, you cannot sell cars by knocking the doors of every house in a neighbourhood. That is not a suitable distribution channel for selling cars.
Professor, what should I do if I want to learn more?
An inquisitive mind is what I love and I love it even more when these minds bother me with their queries. Do you also want to bother me with your countless questions? Well, come on then. Hit me up here!
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