Compiled and Written By TopManagementDegrees.com Staff
The world of marketing management is a vast one. Current trends based on the changing nature of business and technology has given us a plethora of philosophies to navigate through when considering the most important aspects of marketing. While it is important to stay current on trends in every avenue of business, there are still plenty of opportunities for the modern marketing manager to learn from time-tested and proven concepts. One such concept is known as the four Ps of marketing. These terms are helpful for the budding marketing professional, as she obtains a Master's in Marketing Management from any one of the nation's best business schools, as well as championed by the seasoned business professional in marketing.
The Element of Product in Marketing
The first, and most important, factor to understand in marketing is what product is being marketed to a specific target market. A target market may consist of a certain type of person living in a certain place with specific purchasing tendencies. The success of any product is often determined by how well a marketing firm can measure the chance of desirability from the specific segment of society it is trying to sell to. One such example of a logical connection of product to target market is Whirlpool's putting washers and dryers in over 50 schools across America as part of their Every Day, Care. Campaign. This campaign produced a 90% increase in school attendance for test markets and created a successful social marketing opportunity for Whirlpool.
The Element of Price in Marketing
Customers must feel they are receiving a value for their purchase if a brand is going to see a sustained profit for its products. There can be a bit of a tightrope to walk here, for if a product or service is priced too low, the brand runs the risk of not turning enough of a profit on each unit. This strategy can also create a dilemma for a company struggling to meet demand for its products. Demand may soon drive a company's need for increased production, facilities, and distribution beyond their financial capacity. On the flipside, a company making the decision to set a product's price too high makes it susceptible to competing products by other companies which can take more of the market.
The Element of Place in Marketing
The placement of a product is imperative. No matter how great a product or service is, if the potential customer has no idea it exists, they have no way of making the purchase. The most effective way to determine the best place to feature a product is to analyze the target market's tendencies. Where is a certain type of customer buying particular products? What type of advertising puts the product in front of the most potential customers? Answers to these questions also help marketing professional know the best way to deliver their products to the market; whether through mail-order, digital, or brick-and-mortar sales space.
The Element of Promotion in Marketing
Once a brand determines what it will sell, what price it will charge, and where its target market is, it must decide on the best way to promote its product or service. With the advent of modern technology, there have never been more ways to market a product. Effective promotion can take place through word of mouth, social media, print advertisement, television, and other mediums.
While technology and an ever-expanding global-market have proven to be game-changers in marketing, the four elements of marketing listed above will continue to be key factors in how a brand will market their products and services on all levels.