4Ps Practice Question
1) The marketing mix consists of 4P’s. Explain how each part of the mix can be used to stimulate a response from the chosen target market.
The 4P’s, price, product, place, and promotion that make up the marketing mix play a vital part in stimulating a response from the chose target market. These will ultimately be the deciding factors as to whether the target market will purchase the product or not. Although there are 4P’s, most companies will look a bit further to the 7P’s in order to stimulate a response from their chosen target market: price, product, place, promotion, physical evidence, people, and process.
As a company, for example, Marks and Spencer, the marketing department would have to take each individual part of the marketing mix in order to try and appeal to their market. Marks and Spencer aim to focus on a ‘pre middle-aged, middle class’ market. This in itself will have many implications on the 7P’s. The price will not be too high otherwise it will cut off a large part of their target market. They are not the upper class looking for luxury, top of the range designer clothes; they will want high quality goods but not goods that are unaffordable. Not only does the price have to be mid range in order to maintain the middle class, it can’t be too low otherwise it will open the availability of the products to the lower class, pushing away some of the middle class as they may feel that everyone and anyone can wear what they wear. The products themselves at M&S have to be high quality. The target market want designer brands, but not at the designer brand prices, therefore M&S cater for the target market by providing their own ‘sub-brands’ such as Per Una. A company will have to take a look at what the target market requires, if they’re aiming at the lower class, the product will be of a lower quality, vice versa for the upper class.
The promotion for a company plays a vital part in its success in the market. If they cannot promote to the required target
The 4P’s, price, product, place, and promotion that make up the marketing mix play a vital part in stimulating a response from the chose target market. These will ultimately be the deciding factors as to whether the target market will purchase the product or not. Although there are 4P’s, most companies will look a bit further to the 7P’s in order to stimulate a response from their chosen target market: price, product, place, promotion, physical evidence, people, and process.
As a company, for example, Marks and Spencer, the marketing department would have to take each individual part of the marketing mix in order to try and appeal to their market. Marks and Spencer aim to focus on a ‘pre middle-aged, middle class’ market. This in itself will have many implications on the 7P’s. The price will not be too high otherwise it will cut off a large part of their target market. They are not the upper class looking for luxury, top of the range designer clothes; they will want high quality goods but not goods that are unaffordable. Not only does the price have to be mid range in order to maintain the middle class, it can’t be too low otherwise it will open the availability of the products to the lower class, pushing away some of the middle class as they may feel that everyone and anyone can wear what they wear. The products themselves at M&S have to be high quality. The target market want designer brands, but not at the designer brand prices, therefore M&S cater for the target market by providing their own ‘sub-brands’ such as Per Una. A company will have to take a look at what the target market requires, if they’re aiming at the lower class, the product will be of a lower quality, vice versa for the upper class.
The promotion for a company plays a vital part in its success in the market. If they cannot promote to the required target