Buy Existing Paper - The four Ps

Description

The four Ps

General Information

The four Ps are the integral parts of a successful marketing strategy. They are; promotion, price, product as well as place.  These factors determine the consumers’ behaviors towards purchasing a particular good or service and are therefore central in the determination of the success of a business. First, products revolve around the goods as well as the services that are on offer by a business. Secondly, prices refer to the costs that are attached to the goods as well as the services. Thirdly, promotion revolves around the communication that is geared towards informing potential consumers of the traits or features about a particular good or service. This is imperative because it is one of the ways by which consumers are convinced to buy a particular good or service by telling them of the benefits associated with the goods or the services. Ultimately, place involves considering the area or a particular location where businesses should be located.The four Ps

Recommendations for the marketing Ps

Products-The four Ps

To begin with, the first P for recommendations is a product. One thing that is suggested as a marketing strategy revolving around products is ensuring that there is a variety of goods as well as the services(Elmaraghy, Schuh, Elmaraghy, and Piller, 2013). Product variety refers to a diversification of the goods or the services that are produced by a firm or a company. This is significant because having various goods or services enhances the customer’s value. To that end, a firm must ensure that product variety is managed throughout the whole life cycle of the products. To ensure the success of product variety, costs, value as well as the benefits associated with ensuring variety need to be considered. This is relevant because it is one of the avenues by which economic sustainability is achieved. To that end, one can suggest the adoption of product variety operations that can sustain the business economically.

Similarly, another recommendation to ensure that the products of a firm create an appeal to more consumers; one thing that the company should focus on is the packaging of the commodities (Choice of packaging for various commodities – general cargo ships guidelines, 2020). The recommendation for packaging of the products is that the commodities should have labels that demonstrate the price, the date of expiry of the product, place of origin, date of expiry as well as the barcodes.  Besides, the packaging should be done by adhering to all the hygiene standards. This applies to all the products sold either online or offline. By complying with the aforementioned rules, the products would be able to create a robust demand thereby leading to a surge in the number of sales by the firm.The four Ps

Equally, another recommendation to ensure that the products of a firm create an appeal to more consumers is to focus on better branding. This is crucial because it is one of the ways by which consumers are influenced in their purchasing decisions. Studies have demonstrated that one of the things that play a role in the customer’s judgment about whether to buy a particular product or not is the brand name (Hillenbrand et al., 2013). To that end, one recommendation is that the firm should strive hard to come up with a brand name that creates intrigue in the minds of the consumers. This is vital because it has a psychological effect on influencing the buying decisions of consumers.

Furthermore, another recommendation to ensure that the products of a firm create an appeal to the consumers is by focusing on retaining the consistency of the quality of the products. This should be achieved by ensuring that there is a developed product or service criteria. Inspection in the production process is crucial in ensuring that the products have been produced following the necessary procedures.The four Ps

Besides, another recommendation to ensure that the products of a firm create an appeal to the customers by satisfying their needs is by ensuring that they have features that meet the requirements of the clients (Ehmke, Fulton, and Lusk, 2020). This is significant because it is one of the ways by which the consumers will be attracted to the goods or services. To that end, high market demand would be fetched allowing the firm or the business to have a rise in its sales and therefore increase its revenues.  The features should be well-indicated as specifications for all the products. Ensuring that the goods or services meet the needs of a customer is important because it leads to the creation of customer loyalty which helps a firm or a business to fight off its competitors.

Furthermore, another recommendation to ensure that the products of a firm create an appeal to the customers by satisfying their needs is by focusing efforts in ensuring that there is after purchase-service. This includes providing the clients with free transport or free delivery for the product that they have purchased from the firm. This attribute is invaluable because it creates and builds confidence in customers because they have an understanding that once they buy the product, they will be given free transport which would allow them to cut down the costs.

Prices-The four Ps

The second marketing strategy revolves around price. One of the recommendations for the firm is that prices should be used as the weapons that enable the company to attain competitive advantage (Ehmke, Fulton, and Lusk, 2020). The firm can opt to cut down the price in the wholesale market as well as the internet market or even a combination of the two. This is imperative because it is one of the tools that would create a platform essential in capturing a larger market share.  The firm should also make it its responsibility to constantly monitor the prices of the competitors (Ehmke, Fulton, and Lusk, 2020).  This is vital because it is one of the avenues by which the company would attain cost leadership which refers to charging the lowest price within a particular industry. For instance, if the firm recognized that one of the competitors has decreased the price of one or more of their goods, this impacts the firm’s strategy. This is particularly because the reduction in the prices leads to an intensification of the competition. Besides, lowering the prices of a company negatively impacts the profits of the firm. To that end, the firm needs to have a proper understanding of how to decide on the reduction of the price. For example, to accomplish this, one thing that can be done is by cutting costs associated with materials, advertisement as well as retailer support.

Besides, another recommendation related to prices that the firm should employ is to combat the adverse effects associated with the potential of intensified rivalry is investing in the best practices training for its employees. This can be achieved by investing some amount of money on employee training that would positively impact their performance. To that end, worker productivity would be improved and this is important because it would help raise the overall profitability of the firm hence allowing it to remain competitive in the market place. Another investment that can be done is investing in upgrading the equipment that is available in the firm. This is vital because it is one of the avenues by which the firm would be able to offer higher quality products thereby allowing the company to offer higher quality products at the same price without adjusting the costs.

Similarly, another suggestion that one would put forward to ensure that the firm performs well in the market is by ensuring that the firm is giving discounts to its customers (The 5 most common pricing strategies, 2020). This is imperative because it is one of the motivating factors behind customers having the desire to buy products from the firm. The four Ps

Equally, the use of allowances is another recommendation that the firm should consider. Allowances are critical because they inspire customers to buy more products from the company. This should be coupled with developing clear terms on credit as well as stipulating the duration for the payments. This is imperative because it is one of the ways by which the attention of the customers is caught. By allowing the customers to pay within a stipulated time frame after they have bought the goods on credit might be the game-changer. This is because customers would be willing to buy the goods having the understanding that they have the option to pay in cash or on credit.

Promotions

Promotions revolve around communicating with potential clients about a particular product or service to convince them to buy the product or service (Pahwa, 2019). One of the recommendations related to promotions that one would put forward to a firm is that personal selling is one of the ways that can be used to create product awareness among the members of a particular community. This can be achieved by using community voices. One of the ways of promoting the use of community members as a marketing tool is by producing goods that meet the needs of society (Pahwa, 2019). To that end, the products would sell themselves by compelling individuals to speak about them in their societies.  This scenario will create a situation whereby demand for the products would be created allowing the firm to increase its sales.

Another recommendation to ensure that the products of a firm create an appeal to the customers is the use of sales promotion. This is a marketing strategy that entails the application of short-term attractive benefits to create demand for a particular product (Pahwa, 2019).  This method is used to ensure that the firm sells inventory that it is holding in stock, for the attraction of customers as well as lifting sales temporarily. To that end, the use of sales promotion as a marketing tool is vital in ensuring the stabilization of the sales volumes while at the same time ensuring that information regarding a particular brand is spreading to various customers.

Place-The four Ps

Place looks at the location of a business or a firm. One of the recommendations for a firm or any business entity is that the location of the business should be easily accessible. Accessibility is critical because it is one of the avenues that ensure that customers have access to the business entity enabling them to buy goods or services (Ehmke, Fulton, and Lusk, 2020).. Having the business in a place with poor infrastructure is associated with detrimental effects. This is because it would be impossible for clients to travel to the business center to buy goods and services.

Equally, another recommendation to ensure that the products of a firm create an appeal to the customers is that the location of a business should be in a place where the vast majority of the target market stays. To that end, the management of our company should ensure that the business is located in a place where the majority of the customers live. This is crucial because it ensures that it is convenient for the customers as it avoids long-distance traveling which may be hectic. Having a business near the residence of the target population is also one of the ways by which the firm can capture a larger market share.The four Ps

 

Total word count 1837

 

 

 

 

References

BDC. 2020. The 5 Most Common Pricing Strategies. [online] Available at: <https://www.bdc.ca/en/articles-tools/marketing-sales-export/marketing/pages/pricing-5-common-strategies.aspx> [Accessed 27 May 2020].

Ehmke, C., Fulton, J., and Lusk, J., 2020. [online] Extension.purdue.edu. Available at: <https://www.extension.purdue.edu/extmedia/ec/ec-730.pdf> [Accessed 27 May 2020].

Elmaraghy, H., Schuh, G., Elmaraghy, W., and Piller, F., 2013. Product variety management.

Generalcargoship.com. 2020. Choice Of Packaging For Various Commodities – General Cargo Ships Guidelines. [online] Available at: <http://generalcargoship.com/choice-of-packaging.html> [Accessed 27 May 2020].

Hillenbrand, P., Alcauter, S., Benito, G., Cervantes, J., and Barrios, F., 2013. Better branding: brand names can influence consumer choice. Journal of Product and Brand Management, [online] 22(4). Available at: <https://www.emerald.com/insight/content/doi/10> [Accessed 27 May 2020].

Pahwa, A., 2019. Sales Promotion – Definition, Strategies, & Examples | Feedough. [online] Feedough. Available at: <https://www.feedough.com/sales-promotion-definition-examples-types/> [Accessed 27 May 2020].

Sen, S., 1999. The Effects of Brand Name Suggestiveness and Decision Goal on the Development of Brand Knowledge. Journal of Consumer Psychology, [online] 8(4). Available at: <https://www.sciencedirect.com/science/article/abs/pii/S105774089970361X> [Accessed 27 May 2020].