Marketing Essay Sample: Customer Perception on 4P Marketing Mix

According to Singh (2012), a marketing mix comprises of a controllable set of variables that allows a firm to influence their customers' responses. However, while these set of variables essentially equip the marketing manager with tools that help him or her to make better decisions, these items have an immense effect on customers' perception on the product and purchasing behavior. Primarily, these set of tools are grouped into four elements, that is, product, price, promotion and price, also known as the marketing mix 4P's.

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Product

Fundamentally, product is the key element of any marketing mix and it refers to the tangible goods such as cars, mobile phones and others with the same tangible attributes. Additionally, product may also include intangible services that a client is ready to pay for in order to satisfy his or her wants (Dang 2014). To achieve a successful marketing strategy, the manager must ensure that the product bundle, which include, brand name, appearance quality, warranties and packaging, adequately addresses the customers' needs (Ehmke,2005). This emphasizes the importance of these product attributes to the customers.

Price

According to Isoraite (2016), price is one of the crucial items of marketing mix because, not only does it affect the profit margin, but also, it dictates the size of market share the firm will dominate. Basically, the price refers to the value of exchange that allows the customers to acquire the product or service. At the core, the price of a product depends on the cost of the product which includes advertising cost, distribution expenses among others, therefore assisting the customer to measure the value of this product. Imperative to note is that the aforementioned variables are subject to market changes hence the price should vary accordingly.

Promotion

Primarily, promotion refers to the advertising and selling part of the marketing. It gives the customers an opportunity to various aspects of the product including its use and why they should actually purchase it (Ehmke,2005). As a principal promotional activity, advertising precisely develops a consistent product image that helps in maintaining a competitive edge in a dynamic product market. This, therefore, renders the promotion of a critical element in the marketing mix (Singh, 2012).

Place

The last element of marketing mix, place, also known as distribution, refers to the methods and process through which the products and services are availed to the customer (Martin,2014 as cited in Isoraite, 2016). The movement of the product till it reaches the target customer can be through a combination of intermediaries which may include wholesalers, retailers and distributors or internet which has now become a marketplace all which depend on the production flow and traits of the product ("Marketing Mix | Place in Four P's", 2018). At disposal of these distribution methods, however, the marketing manager is supposed to carefully choose a suitable distribution because of it ultimately the profitability of the product (Singh,2012).

References

Dang, T. (2014). The success of applying marketing mix 4Ps in Vietnamese dairy industry: Vinamilk-a typical case.

Ehmke, C., Fulton, J., & Lusk, J. (2005). Marketing's four P's: first steps for new entrepreneurs. Purdue University, Purdue Extension.

Isoraite, M (2016). MARKETING MIX THEORETICAL ASPECTS.

Marketing Mix | Place in Four P's. (2018). Retrieved from https://www.cleverism.com/place-four-ps-marketing-mix/

Singh, M. (2012). Marketing mix of 4P's for competitive advantage. IOSR Journal of Business and Management, 3(6), 40-45.