Marketing 4Ps - 1874 Words

In today’s multi-faceted business environment, it is generally agreed that a strong customer-driven marketing strategy can give one an edge over his competition. Designing it, however, did not prove to be so straightforward. It is therefore this reflection paper’s aim to ponder over the various aspects that I have found intriguing and glean insights from them. Firstly is the â€Å"Marketing Mix† aspect, specifically the 4 P’s framework – Product, Pricing, Placing Promotion. The 4 P’s is one of the best known frameworks for a marketing plan, of which the aim is ultimately to fulfil a basic marketing purpose – Putting the right product in the right place, at the right price, and at the right time. Getting all aspects of this framework is†¦show more content†¦As for the Placing aspect, the dilemma existed whereby in order to position ourselves as a high street fashion brand, a retail store had to be open at a prime location such as Ion. The rental for such locations, however, would strain our budget even further. To put it in perspective, the rental costs for an Ion level 1 space is $29 per square feet whereas the rental costs for Ang Mo Kio Hub is a mere $19 per square feet. That adds up to almost $40k difference per year for a store of 330 square feet, which is an extremely large sum for a start- up company. We eventually decided that it was worth the risk, but had to make careful budget adjustments to manage our finances. Next issue of interest is the importance of an action plan. Why is an action plan so important? Without an action plan, all we have is a broad strategic plan. Think of it like making a resolution for a new year – you may state that you plan on losing weight, however you do not add in specific details as to how you are going to do it . A concrete action plan ensures that one stays focused and has a clear idea of what to do and when to do it by. The group that did the project â€Å"Fitting Reality† had an impressive action plan which was both detailed and tailored to account for contingencies. That way, should anything go wrong, there would still be plans to fall back onto instead of the whole project being thrown into disarray. AnotherShow MoreRelated4ps of Marketing4239 Words   |  17 PagesPolitical Marketing in India By Prof. Gurinder Singh Ahluwalia GJIMT, Mohali. Abstract Political Marketing has already become a subject of serious study and research in the US and the West but not quite so in India in particular. Political parties prefer to rely on the experts from within the party to design its campaign strategy though advertising is outsourced to the professional advertisers. India’s oldest politicalRead More4ps Marketing8709 Words   |  35 Pages each company and offering must represent a distinctive ________ in the mind of the target market. a. promotion b. cell c. big idea d. ad e. organizational concept Answer: c Page: 309 Level of difficulty: Medium 2. All marketing strategy is built on STP—segmentation, targeting, and ________. a. positioning b. product c. planning d. promotion e. performance Answer: a Page: 310 Level of difficulty: Medium 3. ________ is the act of designing the company’sRead MoreThe 4p Classification of the Marketing Mix Revisited1201 Words   |  5 PagesThe 4P s Classification of the Marketing Mix Revisited This article, addresses the prime classifications scheme in marketing, the 4P configuration of the marketing mix. The marketing discipline needs a strong classification of the marketing mix, not only to stimulate conceptual integration and purification of the discipline, but also for meaningful measurement of marketing mix efforts and their effects. Also, managers need a clear classification of all instruments at their disposal in orderRead MoreMarketing Mix - 4Ps of Marketing Mix1219 Words   |  5 PagesMarketing 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 1960; he proposed a four-P classification which was popularized. (wikipedia.com) The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational an d consumer or targetRead More How Useful Are the 4Ps to Marketing Managers Today ?804 Words   |  4 PagesMarketing managers use marketing mix as a business tool in marketing. Marketing mix synonymous with the 4Ps which were amended and listed by Eugene McCarthy as Product, Place , Price and Promotion. First of all, Product refers to the product should fit the task the target consumers want it for, it should work , and it should be what the consumers expected to get. For instance, its packaging, labeling and offering. Therefore, this always remind marketing managers need to do careful research on howRead MoreMarketing 4p Plan- Club Med1487 Words   |  6 PagesI. Implementation of marketing mix (4P’s mix) Product: 1) Product Level: The Customer Value Hierarchy Core Benefit: Club Med is an innovative all-inclusive holidays for traveler/family to relax and enjoys carefree getaway and unique experiences with their loved ones. Given travelers/ customers the environment of freedom and happiness, rejuvenate spirits and feel brand new once more. Basic Product: Club Med’s services: When arrive in the airport, Club Med’s G.Os will be waiting thereRead More4P Marketing Mix final Essay1708 Words   |  7 Pagesï » ¿MARKETING MIX – CITROËN DS3 Comparison France – China Grà ©goire Duffour - 20140202930 Marketing Mix of the Citroen DS3 in France and China Citroà «n is a French automobile manufacturer. Andrà © Citroà «n founded the company in 1919. The brand has always been known for its cutting-edge technology and, on several occasions, it revolutionized the automotive industry. Citroà «n notably created the â€Å"Traction Avant† in 1934, the utility H, the 2CV, DS, GS, BX, SM, CX or, XM which are all avant-gardeRead MoreThe Expanded Marketing Mix: IKEA - highlights the 4Ps and expanded 7Ps marketing mix1636 Words   |  7 PagesThe Expanded Marketing Mix: IKEA Introduction At any successful company, marketing seeks to connect with customers, serve their needs, and accomplish the stated mission of the organization. A successful marketing process creates value through consumer satisfaction from brand building before the sale to post-sales service and support (Kotler et al, 2001). The marketing strategy process has four primary segments: product, price placement, promotion and people (Kotler et al, 2001). Companies withRead More4ps of Marketing Essay992 Words   |  4 PagesExercise 1: a) Identify any product and explain the 4P’s in the SAVE perspective b) For the product chosen take any two competing brands and compare the net customer delivered value for both of them from your perspective. c) Find a colleague at work, or a friend or family member, and for the same product or any other product that the person is comfortable with (maybe something they want to purchase), help evaluate two competing brands from a net customer delivered value perspective. Read MoreMarketing Strategy 4p on Kotex3887 Words   |  16 Pagesbrands are sold in more than 150 countries. Every day, 1.3 billion people trust Kimberly-Clark products and the solutions they provide to make their lives better. Kotex’s success was more than just a great product, but the result of a clever marketing program as well. At the time, most drug stores carried every item behind the counter, and these drug stores were virtually 100% staffed by men. Most women of the time found it very embarrassing to ask for feminine hygiene products from the men