In the contemporary era of competitiveness, it is more than relevant to draw the customer’s attention and to orient him/her to the necessary way. The four Ps, which include product, price, place, and promotion, play an integral role in this function of marketing. Furthermore, it can be observed on the exemplar of any purchase, and the one I have recently made in particularly.
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First of all, the concept of product comprises customer value: “the perceived benefits provided to meet needs and wants, quality of service received and the value for money delivered assessed against the competition” (Fyall, Garrod 2005). The wristwatch I have bought measures all these issues up; it is of high quality whereas the fact that it responds to the demands of the majority of the customers is obvious. Moreover, the management of the shop tried to do their best in choosing only this kind of assortment, and thus, to make their shop more commercially viable.
Price is one more key factor of each marketing mix. If the product is not affordable, a customer can not make his/her mind to buy it. If the price is lower than it was expected (as it was in case with the wristwatch), the product is more likely to be sold in a short period of time. Those marketers who take into consideration the tendencies of the price elasticity almost always lead a successful marketing policy. Low prices stimulate numerous customers to buy more whereas high ones lead to economy cuts or choosing cheaper shops.
Place includes convenience; as a rule, if the shop is easy to reach, it receives more customers than those which are not eye-catching. The shop where the wristwatch was bought is located on a convenient traffic route. The issue that the marketers decided to use that very place for their shop puts a positive impact on almost all customers.
The last of four Ps is promotion. In most cases, it means personal communication of the staff with the customers. Polite and friendly attendants, who are eager to provide all necessary data concerning the product, always attract customer’s attention. It is evident that I would not decide to buy my wristwatch if the staff was abrupt or did not give all technical information concerning the wristwatch.
In conclusion, it is indispensable to notify that the four Ps are inevitable for creating any marketing plan. Product, price, place, and promotion put a considerable impact on the decision of the customer, and in numerous cases, they are used as a powerful weapon of a successful product popularization as well as the persuasion and even manipulation of people.