4 Ps of Marketing Term Paper Example | Topics and Well Written Essays - 2250 words

4 Ps of Marketing - Term Paper Example The reason behind the success of business includes a long process where the achievement of success depends on marketing. The success associated with the marketing process depends upon various marketing strategies and these marketing strategies deal with 4 Ps of marketing. Thus, the implementation of marketing strategies in an appropriate manner is very important in order to achieve success by an organization. In other words, the marketing mix is the combination of all the marketing plans made by an organization (Belohlavek, 2008). Each of these four P’s is very important factors for an organization in order to create such a marketing mix which will easily attract customers towards the organization. It helps in determining the profit potential of an organization. Product means the goods/services which are offered to the customers by an organization. Apart from the offering of the physical product, there are various other elements associated with the product which helps in attra cting the customers. It can be the packaging of the product, any additional feature in the product etc. In the case of service product, it is the quality of services, the facilities provided to the customers, etc which help to attract the customers towards the organization. ...In a similar way, basic products which are used regularly should be positioned targeting the price conscious customers. Some of the important aspects associated with the products are design, warranties, brand name, product range, etc. Customer research is one of the key elements while creating an effective marketing mix. The organization’s knowledge about the needs and demands of the target market as well as about the competitors will help it to offer the product that will be appealing to the customers and will avoid various mistakes. Addition of a new product in the business always includes an acceptable amount of risk/return exchange. For example- If the company is very good, with a high brand name, t hen providing services on time is the most important part of the product bundle.