The Four Ps Of Marketing

The Four Ps Of Marketing

The “4 Ps” of marketing, described in the business plan, are product, price, place, and promotion. Product refers to the goods or services offered to the target market. Secondly, price is the amount a product or service sells, considering the cost of production, competition, and the target market’s ability to pay. Third, the place is a channel through which the product or service is made available to the target market (Ngugi, Mcharo & Munge, 2020). Finally, promotion is a method used to communicate a product’s or service’s features and benefits to the target market, including promotion, sales advertising, public dealings, and individual retailing (Ngugi, Mcharo & Munge, 2020). Hire our assignment writing services in case your assignment is devastating you.

The value the organization delivers to its customers refers to the benefit or satisfaction that the customer receives from using the organization’s products or services. This value can be tangible or intangible and can be in the form of quality, reliability, convenience, affordability, or a combination of these factors. The value the organization delivers to its customers can be a key differentiator between its competitors and is an important aspect of the marketing mix (Weinstein & Johnson, 2020). Organizations must strive to understand the wants and needs of their aimed consumers and design their products and services to meet these needs in a way that provides more excellent value than their competitors offer. Finally, the value that the organization delivers to its customers can also be improved by delivering exceptional customer service, providing ongoing support and training, and continuously innovating to meet the evolving needs of its customers (Weinstein & Johnson, 2020). Also, by delivering value to its customers, an organization can create loyalty, foster long-term relationships, and ultimately drive success and growth.

References

Ngugi, D. G., Mcharo, M., & Munge, M. (2020). Application of the 4 Ps Marketing Mix by Micro and Small-Scale Traders in Kenya. Impact on Household Incomes. Journal of Applied Economic Sciences, 15(3).

Weinstein, A., & Johnson, W. C. (2020). They are designing and delivering superior customer value: concepts, cases, and applications. CRC press.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

---

Let’s talk all things Marketing… you will identify the Four Ps of marketing using a business plan from the Internet. There are numerous examples of business plans on the web, and websites such as Bplans link to an external site. Choose a business plan that would represent well the 4 Ps of marketing. Some plans have limited scope in describing the price of products/services. In such cases, benchmark (i.e., research similar businesses) and propose estimated prices.

In your response, address the following:

What are the four elements of the marketing mix described in the document?
What is the value that the organization delivers to its customers?