13-12-2014, 08:55 PM
Respected sir/madam,
I am a student of Indian Institute Of Management and Commerce pursuing b.com (honors) final year. I am working on a project of MARKETING MIX of Hindustan Unilever. So kindly help me in giving information about the 4p's that your organisation is using.
Thank you.
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The 'marketing mix' (also known as the four Ps) is a foundation concept in marketing. The marketing mix has been defined as the "set of marketing tools that the company uses to pursue its marketing objectives in the target market." Therefore, the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion and place. Marketing practice has been taking place for millennia, but marketing theory emerged in the early 20th century.
The 4Ps are:
• Product or service).
• Price.
• Promotion.
• Place
• Product - The first of the four Ps marketing is the product. A product can be a tangible good or an intangible service that satisfies a need or lack of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it is imperative that you have a clear understanding of what your product is exactly and what makes it unique before you can market it successfully.
• Price - Once a concrete understanding of the product offer has been established, we can begin to make some pricing decisions. Price determinations will affect profit margins, supply, demand, and marketing strategy. Similar products and brands (in concept) may need to be positioned differently depending on the different prices, while price elasticity considerations may influence the next two Ps.
• Promotion - We have a product and a price now is the time to promote it. The promotion examines the many ways in which marketing agencies disseminate relevant information about products to consumers and differentiate a particular product or service. The promotion includes elements such as: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each point of contact must be supported by a well-positioned brand to truly maximize the return on investment.
• Place - You will often listen to marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It is critical then, to evaluate what are the ideal locations to turn potential customers into actual customers. Today, even in situations where the actual transaction does not occur on the web, initial leads are contracted and converted online.