Marketing 4Ps
In today’s multi-faceted business environment, it is generally agreed that a strong customer-driven marketing strategy can give one an edge over his competition. Designing it, however, did not prove to be so straightforward. It is therefore this reflection paper’s aim to ponder over the various aspects that I have found intriguing and glean insights from them.
Firstly is the “Marketing Mix” aspect, specifically the 4 P’s framework – Product, Pricing, Placing & Promotion. The 4 P’s is one of the best known frameworks for a marketing plan, of which the aim is ultimately to fulfil a basic marketing purpose – Putting the right product in the right place, at the right price, and at the right time. Getting all aspects of this framework is of paramount importance. Miscalculating one could result in disastrous consequences, for example you could be promoting a revolutionary diet plan in a country hit by famine or publishing a textbook after school term has started.
In the process of brainstorming for a product, some innovative ideas were eliminated due to the fact that they were deemed unsuitable for the Singapore market. One such example is the ostrich pillow1, a nifty headgear for people to catch a comfy nap anytime, anywhere. Due to its odd shape and Singapore’s conservative culture, we decided that the market might not open up to the idea. The Product itself was good, but the Promotional strategy would encounter difficulties.
One of the other teams did their project on space-saving furniture. The end result was that one convertible table/couch would cost upwards of $2000. This is a potential mismatch between Product and Pricing strategies, as the average consumer who could afford such prices would unlikely be living in a house that requires space-saving technology.
The Pricing aspect by itself also proved to be extremely interesting, as everyone’s project seemed to unanimously adopt a value-based pricing strategy. So then, what of cost-based pricing? Is it
Firstly is the “Marketing Mix” aspect, specifically the 4 P’s framework – Product, Pricing, Placing & Promotion. The 4 P’s is one of the best known frameworks for a marketing plan, of which the aim is ultimately to fulfil a basic marketing purpose – Putting the right product in the right place, at the right price, and at the right time. Getting all aspects of this framework is of paramount importance. Miscalculating one could result in disastrous consequences, for example you could be promoting a revolutionary diet plan in a country hit by famine or publishing a textbook after school term has started.
In the process of brainstorming for a product, some innovative ideas were eliminated due to the fact that they were deemed unsuitable for the Singapore market. One such example is the ostrich pillow1, a nifty headgear for people to catch a comfy nap anytime, anywhere. Due to its odd shape and Singapore’s conservative culture, we decided that the market might not open up to the idea. The Product itself was good, but the Promotional strategy would encounter difficulties.
One of the other teams did their project on space-saving furniture. The end result was that one convertible table/couch would cost upwards of $2000. This is a potential mismatch between Product and Pricing strategies, as the average consumer who could afford such prices would unlikely be living in a house that requires space-saving technology.
The Pricing aspect by itself also proved to be extremely interesting, as everyone’s project seemed to unanimously adopt a value-based pricing strategy. So then, what of cost-based pricing? Is it
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