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4 P's/Word of Mouth Advertising and Competitive Advantage

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How does any one (or more) of the 4 P's provide your company (or another company) the ability to gain a competitive advantage?

How are companies incorporating social and other media "Word of Mouth" advertising into their marketing mix?

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Solution Preview

The four 'P's': product, price, place (distribution), and promotion are used by companies in one form or another to gain advantage. Apple uses their products as a competitive advantage with superior design, product placement in their own stores and others, and through advertising. Even though their products are not "cheap" they do offer reasonable value for the consumer through the many applications, which they can do (the phone computes, calls, is an alarm, weather station, text messenger, music station, game ...

Solution Summary

This detailed solution outlines have product, price, place (distribution) and promotion help a company gain competitive advantage. It also discusses how companies are incorporating social and other media "word of mouth" advertising into their marketing mix. It includes links and examples.