Marketing Principles Essay

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Marketing Principles Formative Assessment Topic: How useful is the 4Ps model to marketing managers today? Introduction The Marketing Mix, also known as the 4Ps of marketing, is an important topic in the world of marketing. The 4P model is a marketing framework used to think, plan, organize and resource a product or service in order to bring the largest success to the company. The 4Ps represent “Product”, “Price”, “Place”, and “Promotion”. The 4Ps is a useful tool in determining a product or service that your customers will want, the suitable price they will be willing to pay for, the best place to promote the product, and the method to attract people the company is targeting. The Marketing Mix is useful to the marketing managers as a start in planning a new product or service, and can also avoid mistakes like creating a wrong product with a wrong value at the wrong time and in the wrong place. Use of Marketing Mix The Model can also be used to test marketing strategies the managers have, for example, when deciding whether or not to do an offer. By going through the 4Ps, the managers can then challenge the offer by asking questions from the customers’ perspectives. They can adjust the marketing mix according to the answers until they are satisfied with the plan. It can also be used to adapt to a new or changing marketing environments. Therefore the Marketing Mix Model helps the marketing managers to define the correct positions for the market offer in terms of the product, price, place and promotion (Mind Tools 2013). 4Cs On the other hand, the 4Ps of marketing are a producer-oriented model, which can also undercut marketing managers. According to a research published in the Harvard Business Review, Ciotti (2013) mentioned that marketing teams often focus too much on the quality of

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