4'ps Marketing Mix
What are the 4'ps Marketing Mix and how do they affect businesses.
There are 4 categories in this marketing mix and they are:
- Product
- Promotion
- Price
- Place
Product, this is what your selling or have to offer like a service and in marketing it covers everything to do with it like manufacturing what makes your product different or what makes it better than competitors.
Promotion is showing off your product or service with the intention of selling it or raising awareness for it.
promotion is used by all businesses as it comes in many forms like marketing, advertising and more. these have methods in themselves which attract customers.
Price this is the cost of the product or service your selling and can heavily impact your sales and success as competitors may have have a better deal for consumers.
Place is where you sell your product/service from somewhere like a physical shop or an online one.
Place can impact your business as if your shop is in a bad location where people don't walk past it you wont be able to sell as much.
Now I've talked a bit about them here's How the 4ps affect Samsung.
Samsung's product varies as they have a wide variety available from TVs and laptops to phones however the thing they all have in common is constant innovation. Samsung are constantly changing and improving their products to be better for us consumers.
Samsung use promotion online like targeted ads and sponsorships. this attracts even more customers and in the digital age is the best way to attract people to your business.
Price is a huge factor for most of Samsung's products as consumers will look at competitors prices like apple and see which product has more value.
Samsung have to consider things like supply costs and retail mark-up when pricing there products as these all play a role in whether someone will by the product another factor is luxury, Samsung is considered a luxury phone brand a most of there flagship phones cost over £1,000 so when comparing prices they need to look at other competitors that are in the luxury phone market.
Where Samsung sell there products like there websites or stores affects the likelihood they succeed for example most of Samsung's products are available online through there website or through websites like amazon. this is because people shop more online than in person so they only have a few physical stores.
Graphicmama.com. (2022). [online] Available at: https://i.graphicmama.com/blog/wp-content/uploads/2022/01/20104548/4-principles-of-marketing.jpg [Accessed 9 Nov. 2022].
Twin, A. (2022). Four Ps of Marketing: Know What They Are. [online] Investopedia. Available at: https://www.investopedia.com/terms/f/four-ps.asp.
Projects4MBA. (n.d.). Marketing Mix of Samsung - Samsung marketing mix (7Ps). [online] Available at: https://www.projects4mba.com/marketing-mix-of-samsung/1015/.
Hi Archie. I really liked your blog. I liked how you broke down each of the four P's and then related them to Samsung. It made it much easier to understand.
ReplyDeleteHi Archie! Loved your blog. I like the way, you describe each of the 4 Ps. Also liked the way you used Samsung as an example. And the pictures give a nice view of what you are writing about. Keep up the good work.
ReplyDeletegood job archie. great analysis of the 4'ps you went into great detail when describing how Samsung use promotion and really explained why it's important.
ReplyDeletei really like this blog Archie it is well structured with a range of informative writing and on your own take/opinion on how the marketing mix plays its part in organisational success.
ReplyDelete