Marketing Mix 4ps Tools

Marketing mix encompasses the four Ps of product strategies, place strategies, price strategies and promotion strategies. This assignment will discuss marketing mix and it crucial role in the process of marketing.

Marketing mix is very important for marketers because the strategies help customers become the target of marketing. In addition, marketing mix is central to the process of marketing, because it is a method for marketers to bring satisfaction to customers and encourage customers to buy their products.

The understanding of products is of primary importance in marketing mix. Product is a good or service that makes the success of a company. The product is sold or exchanged among different parties to gain income and profit, therefore, product is extremely important to a company and marketers specifically. Marketers must understand the product and the quality of the product to help marketers bring the advantages of the product to the customer without showing them the downsides. Not only do marketers bring the products to consumers’ attention, they also create brand names for products. For example, if a marketer has strong knowledge about a product, this marketer can ensure the customer has a good first impression. If the customers still choose to buy product again, this could indicate that the customers find the product acceptable, the advantages claimed by the marketers are relatively true, and they do not want to use alternatives, the product has become more popular. Understanding and having knowledge about their product can provide an edge for marketers. (Reed 2006) .IKEA Company designs many interior productions, these productions are very nice and cheap, the marketing team of IKEA understand these strengths and market it well in their annual catalogue.

Secondly, Promotion comprises of all the activities that are designed by marketers to inform consumers about their products and encourage prospective customers to purchase these products (McDonald and Keegan 2002).There are many different forms of promotion, such as advertising, sales force, exhibitions and sponsorship. For instance, IKEA is an interior design company. They provide a free delivery service with warranty for each customer when they spent over $ 677. Marketers spent much money on television advertising to show customers about advantage of this service. They develop tangible and intangible traits that meet customer needs. Promotion devises