Question

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Write a 350- 500 word essay reflecting on the topic 4 marketing p's in business.

-You can describe the four marketing P's ( price,product , etc).

-You could also describe a marketing plan example that you know of.

-You could also describe what a market offering is and how could you choose your market offering for a business.

( You can use one ,two or all three of these concepts in the reflective essay)

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Answer 1

The four P’s of marketing are also know as market mix and it’s the base of any marketing plan. These are the factors which are required to market a product or service to the target customers. The four P’s of marketing is knows as Product, Price, Place and Promotion. The combination and well management of these four factors are very necessary to make a product successful in market. Its well know that a right product on right plane in right time makes success and promotion is the tool used to make peoples aware about this product, so it’s a combination of four which is required to make a product success.

1. Product: it’s the good or services a company offer to its customers or clients. A product is created to fulfill a particular demand of market. Product is the main thing for which all the other P’s are planned
2. Price: It is the factor which affects the products demand in market. A price survey is conducted to match our products price with its competitors.
3. Place: This is also a very important factor and a right place is the guarantee of product success. Market survey and demand analysis can be done for particular area to find out right place to launch new product.
4. Promotion: it’s the factor responsible for make product available and acceptance among its target customers. Different promotion activities can be planned like advertisement before product launch.

For example if we want of launch a new product in the market first of all we have to determine the target market and it’s potential. After selecting target market we have to analyze our competitors and there market offerings as well as price and quality of product. Now we have to make a strategy to make our product available in market and we can set our goals with these steps. For making product available we have to make a budget and prepare a team and then we can start our plan. This is a marketing plan which is applied by most of the companies in today’s scenario.

For example if we have to make a market plan for new product launching for a pharmaceutical company then we can follow following process:

1. First of all we have to choose an area where we can launch our product so we have to do a market research on some areas and then have to choose the one where there is need for our product.
2. Now we have to analyze the market share of our competitors and services and offerings they are providing in the market.
3. In third step we have to make a marketing strategy for launching our product and also have to ad market offerings with the products.
4. After this we have to prepare a budget and timeline for entering in the market and then have to give it a start.

Product offering is the technique to increase satisfaction among target customers by giving those options, offer and choices except the original product. The market offering can be different for every product .place and target customers. This is a marketing tool to bring more customers in favor of product and giving additional value to customers. We can choose a good market offering by analyzing the needs and expectations of our customers. Market offering improve customer service and keep them connected with the product for long time.