Researching the Market (400-600 words) APA format w/references

 

The four Ps of marketing are product, place, price, and promotion. These four elements are integrated into the business plan of all businesses. These elements are described as follows:

  • Product: This is something that you can touch and feel, or a service rendered. This is the “thing” that a business is trying to market to customers.
  • Price: If the price is too high, customers may look for a lower price and purchase from a competitor. If it is too low, the business may not make enough revenue to continue to grow.
  • Promotion: If a business does no promotion, the word does not get out about the products for customers to purchase.
  • Place: If the business does not choose the right place or manage its supply chain, the products will not get to the customers.

These four Ps of marketing have not changed over the years. The way a business manages its four Ps has to evolve with technologies. The Internet and smartphones have put the world of products in the customers’ hands to take with them wherever they go. There are Web sites, social media platforms, and information being disseminated constantly. It is important for businesses to adjust and integrate the four Ps of marketing in these platforms to meet the wants and needs of today’s tech-savvy consumers.

Read the following article to better understand the marketing mix in the digital marketing world: Digital Marketing Mix and the Four Ps: An Integrated Marketing Approach For Business Professionals

 

Using what you have learned, use the following questions to guide your response:

  • According to the article, “A marketer’s first task is to understand what the product has to offer or its unique selling position (USP). How does unique selling position (USP) relate to the Product when using the Marketing Mix in digital marketing?
  • When considering Place in the digital Marketing Mix, what are the biggest differences from traditional marketing practices when considering your marketing channels?
  • Which of these differences is the most important to you and why?
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