4P Marketing Essay

hese argon the rudimentary elements of the MARKETING PLAN for any(prenominal) business. PRODUCTThe business has to produce a harvest-time that people want to buy. They have to decide which market segment they atomic number 18 aiming at age, income, geographical location etc. They then have to fork their product so that it is slightly different from what is on offer at present so that people whoremaster be swingd to give them a try. PROMOTIONCustomers have to be made aware of the product. The two main considerations are target market and cost. A new business will non be able to afford to advertise on national television, for sheath and would not wish to beca drill its market will be local to rootage with. Leaflets, billboards, advertisements in local newspapers, Yel broken Pages and word of mouth would be more(prenominal) appropriate. PRICEThe price must be high enough to cover be and shape a profit but low enough to curl customers. There are a number of possible pricing strategies. The closely commonly used are PENETRATION PRICING charging a low price, possibly not quite covering costs, to gain a berth in the market.This is quite popular with new businesses trying to get a toehold. CREAMING the opposite to penetration pricing, this involves charging a deliberately high price to persuade people that the product is of high quality. Luxury car makers often use this strategy COST PLUS PRICING this is the most common unionise of pricing. Costs are totalled and a margin is added on for profit to make the total price. PLACEThe business must have a location that it can afford, and that is convenient and suitable for customers and any supplier. The Marketing mix is a cast of four decisions which need to be taken before launching any new product. These variables are also known as the 4 Ps of marketing. These four variables help the firm in making strategic decisions unavoidable for the smooth running of any product / organization.These variables are Pr oduct