List and describe the four Ps of marketing (Price, product, place, promotion)
The marketing mix is a group convenient, planned tools that an organization uses to get the best response from its target market. It includes everything a company does to get the best demand of its goods. It is also a tool that helps in marketing execution and planning.
The four Ps of marketing are divided into four groups, namely, product, promotion, place or distribution and price (Klopper, 2008). The product refers to the services or goods offered to customers by a company. Place refers to activities that make the consumers access the product.
Price refers to the amount of cash the customers pay to get the product. Promotion entails activities used in advertising the features and benefit of the product to convince the customers to
buy their product.
The four Ps contribute to the marketing mix in different ways. For instance, the product depends on quality, variety, features, design, packaging, services and brand names. Place involves coverage, assortment, channels, logistics, transportation and inventory. Price deals, with discount, credit terms, list of price and location inventory (Rodenhauser, 2010). Lastly, promotion entails personal selling, public relations, advertising and sales promotion. The promotion is significant in any business for growth of sales; hence, it is advisable for business personnel to promote their products.
Marketing strategy combines the four market mix Ps to meet the marketing objective of the company by providing the customers with its value. The four Ps of marketing mix combine to form a position of the product in the target market. However, the four Ps have a number of weaknesses, for example, they fail to mention the services, although they can be grouped as products like service product. Other important marketing activities like packaging are not discussed in specific terms, but put in one of the four P groups. One of the major problems of the Ps is that they give attention to the sellers view instead of the buyer’s view that should be of main concern.
Describe product-oriented organization versus market-oriented organization
The difference between product-oriented marketing, also referred to as product orientation and market oriented marketing or market orientation deals with how the company makes its profit and what motivates the company to make new product and refine old ones. The product orientation focuses on creating product of high quality. The idea is that the consumer will always want the product as long as it is of good quality and perfect condition. In a health care, a hospital works to improve the quality of service care provided and to make that quality public.
Market orientation focuses on trying to meet the needs and wants of the customers. Company’s tries to create a product that meets the needs of the consumers. For example, a health care firm may create drugs like Viagra or pioneer the making of new plastic surgery that appeals to consumers who wish to have youthful looks (Lamb, 2012). The difference in the two is, actually, what drives the actions of the firm.
One of the disadvantages of marketing orientation is that it can impede the ability of one to keep up with the pace of companies that focus on new product and advanced technologies. Customers who focus heavily on product, a marketing orientation cannot work well with them. Production orientation has also its own limitation, one being it fails to give adequate credence to the desires of the customer.
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2012). Essentials of marketing. Mason, Ohio:
South-Western Cengage Learning.
Rodenhauser, P. (2000). Mental health care administration: A guide for practitioners. Ann
Arbor: University of Michigan Press.
Klopper, H. B. (2006). Marketing: Fresh perspectives. Cape Town: Pearson/Prentice Hall South