Please answer the question below considering only 'Place' out of the 4 Ps of the Marketing Mix.
Describe the key points of good or service as it applies to the piece of the marketing mix assigned to you (product, price, promotion, and place).
How will your good or service be affected by other 3 pieces of the marketing mix?
What could you do as a marketing team to expand the market potential of a product?
The response addresses the queries posted in 1428 words with references.
//Marketing Mix is a broader concept that involves 4p's of the marketing. As per the guideline, firstly, I am focusing on the aspect of place, which has a biggest role to play in determining success for any Organization. Below, I am providing the detailed explanation of 'place'.//
Marketing Mix: place
Marketing Mix is the sole vehicle for creating and delivering customer value. Marketing mix constitutes 4 P's of marketing-Product, price, place and promotion. All the activities and programs designed by a marketer carried out in his efforts at winning customers are related to one or the other of these four elements (Ramaswamy & Namakumari, 2005).
Among all these P's, place is very important. Place is also known as channel distribution or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Place constitutes two types of distributions (Marketing mix, 2005).
1. Physical distribution: Transportation, warehousing, inventory levels, order processing, etc.
2. Channel of distribution: Channel design, types of intermediaries, location of outlets, channel remuneration, dealer principal relation, etc. (Ramaswamy & Namakumari, 2005).
Services or goods are produced and consumed simultaneously, which implies that services are sold directly to the customers. Services like repair, medical care, legal consultation, etc. Do not have any intermediary or distribution channel. However, there are some other services also, which include public utilities (electricity, gas, ration, mass transport etc), financial securities, travel and entertainment. These services require a middleman to distribute them to the customers (Marketing Management, 2004).
The methods of service delivery depend on the nature of interaction between the customers and the service provider. There can be three types of interactions between these two parties:
A) The customers must visit the service provider for some special services like air travel, health and beauty care, fast food, public transport system, etc. This is because delivery of these services at the Customers doorstep is not possible at all.
B) For the delivery of some services, the service provider goes to the customer's location. For example, mason and plumber, mail delivery, courier services, baby ...
The four P`s of marketing are discussed. This response addresses the queries posed in 1292 Words, APA References.