Marketing Mix: 4Ps

Introduction

If you want to sell more of your product or service, you must carefully consider the four Ps and strategically use them in your marketing strategy. What you sell, where you sell it, how you promote it, and how much you charge are the four Ps of marketing. The marketing mix consists of the “four Ps,” commonly called. What consumers desire, how well the product or service delivers on that demand, how the public receives it, how it stands out from the crowd, and how the firm behind it interacts with its buyers are all part of the marketing mix. For Place, this involves carefully selecting which retailers will carry a product and arranging for optimal product placement within those stores.

1^st article

Jeanpert and Paché (2018) did a literature review to develop the multi-channel strategy’s conceptual framework. Increasingly, businesses across the globe are juggling many distribution channels to meet the needs of their clients for the various goods and services they provide. It can be time-consuming and costly to manage multiple routes of distribution. More people and money are needed to address several marketing platforms efficiently for businesses. It was the goal of Jeanpert and Paché’s (2018) conceptual framework to facilitate the integration of marketing and logistics concerns into a coherent multi-channel strategy. The difficulties associated with managing many channels make it extremely difficult to coordinate the allocation of marketing and logistical resources among the media. According to Jeanpert and Paché (2016), companies with numerous marketing and distribution channels need to ensure that their marketing and supply chain divisions work closely together to solve the issues that come with operating a variety of distribution channels. Cooperation is essential to the successful functioning of a multi-channel approach.

2^nd article

Adesoga and James (2019) examined how firms’ promoting execution is influenced by channel techniques through an inquiry about extend in Lagos State, Nigeria. Within the context of the 4Ps that make up the marketing mix architecture, channel strategy is utilized to manage the location component effectively. According to the researchers’ findings, channel strategy can be affected by various elements, including transportation systems, storage facilities, levels of security, and government legislation. If businesses want to guarantee that they make the best decisions about their marketing channel strategy, they must consider the many elements carefully. Adesoga and James (2019) unruffled and examined data from 592 sales and marketing experts working in firms within the state of Lagos to decide the impact that channel procedure has on showcasing execution. As a result, the sample reflected the characteristics of the population accurately. After studying the data acquired, it was discovered that channel procedure majorly affected promoting execution. Certain tactics had a favorable impact on marketing performance, while other techniques harmed the same. The study’s findings support the conclusion that the place component of the 4Ps marketing mix is essential for successful marketing. Businesses need to prioritize selecting the appropriate channel strategies to maximize the benefits available to them due to such strategies.

3^rd article

Al Badi, K. S. (2018) dedicated a good part of his journal to shed light on the Place as one of the 4ps using small and medium-sized enterprises as a case study. Al Badi, K. S. (2018) states that realizing marketing goals depends on more than just production, pricing, and advertising. The availability objective of having the product accessible at the correct time and Put can as it was be accomplished with a well-oiled dissemination framework. Al Buraimi’s little and medium-sized ventures utilize conveyance channels to urge their products and messages before clients helpfully. Move things from the point of generation to the request ranges, educating clients approximately items and administrations, and advancing items and administrations are as it were many of the numerous benefits of dispersion channels, as expressed by Al Badi, K. S. (2018)

Wrap-up

Place in the 4Ps refers to making goods and services available in locations from which customers can conveniently access such goods and services. The place component requires the use of various marketing platforms. Utilizing a marketing channel strategy helps to ensure that products and services are distributed to the market in a manner that is both efficient and effective. Both articles that looked at Place emphasize the significance of marketing channel strategy in achieving good market performance. Companies are responsible for considering all of the elements that influence distribution channels. In addition, businesses need to use marketing channels that are likely to ensure their success in the market. The problematic issue at hand is managing various marketing challenges simultaneously. To ensure that a multi-channel strategy will be effective, businesses must maintain close communication across their marketing, distribution, and supply chain departments.

References

Adesoga, A. D., & James, A. A. (2019). Channel Strategy and Marketing Performance of Selected Consumer Goods Firms in Lagos State, Nigeria. Academy of Marketing Studies Journal, 23(1), 1-18.

Al Badi, K. S. (2018). The Impact of Marketing Mix on the Competitive Advantage of the SME Sector in the Al Buraimi Governorate in Oman. SAGE Open, 8(3), 215824401880083. SagePub. https://doi.org/10.1177/2158244018800838

Jeanpert, S., & Paché, G. (2018). Successful multi-channel strategy: mixing marketing and logistical issues. Journal Of Business Strategy, 37(2), 12-19