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The Four P's Of The Marketing Mix

1554 words - 7 pages

Marketing MixDetermining the proper marketing tactics for a product or service is a process that requires many steps to accomplish successfully. There must be an appropriate 'mix' of ingredients to meet the objective. The four main elements are product, place, promotion, and price. Different businesses and industries require a different mix, depending on the objective for the company. Each product, item or service needs to have the appropriate mix, or sales and revenues will not equal the desired levels. The other factor is the life cycle of the product. The mix has to change and vary depending on where in the life cycle a product currently resides. "The four Ps represent the sellers' view ...view middle of the document...

(Armstrong, Chapter 21). The introduction cycle is the most important, where customers need to be influenced, and leaders and partners found. As Garrett states in his article, 11 steps to successful market planning, "The first step is to create demand by differentiating the product through a description of its features and benefits. Demand and differentiation happen in the awareness and education phase of the adoption cycle. "(Garrett, 2002). The marketing mix includes place, which is placement of the product in the market, and how to get it there. The life cycle blends with place, starting at the introduction with the building of distribution channels and using select distribution as the product heads into growth. As the product fades from mature phase to declining, gradual movement toward intensive distribution is the norm. Promotion also varies depending on what point of the life cycle a product is in. During an intro, the marketing will vary depending on weather or not it is a new product in a new industry or a new product in an established industry. The main theme is building demand for the brand or product, and pioneering the product in the marketplace. As the movement into growth, maturity and decline continues, promotion will ramp up to selective demand growth, and a cycle of informing and persuading customers. In the maturity and decline phases, this is sometimes quite competitive with other like products. Finally, there is price. During an introduction, prices may be lowered to 'skim' business from competition and build the brand. Similar to promotion, there is blend in the growth, maturity and decline phases. In markets controlled by a few firms, price matching is likely, whereas in a widely scattered market, price dealing and cutting may be necessary. (Armstrong, Chapter 21).Real World ExampleA start-up company in an intensely competitive landscape offers many great examples of how the 4 P's are implemented. The company is a medical device start-up, funded by private investment in two disbursements totaling 14 million dollars. The product is a niche product for the gastroenterology, urology and gynecological markets. Gastroenterology represents a small percentage of overall medical device sales, however with the increasing awareness of colon cancer, and the ease of colon cancer screening, along with the baby-boomers aging and reaching screening age now, the opportunity existed for a product that would make screening easier for the physician, patient and facility. Product is the first thing; is it needed in the market? The research showed that it is. For the product launch last November of 2006, the key was getting the product in the hands of key luminaries in the field. As part of the FDA approval process, the company sought out partners for an IRB (institutional review board) on the new product. University and teaching hospitals have internal departments that manage this type of research, and it was important to get the product in...

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