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What are the measurement criteria for each of the 4Ps in the implementation and evaluation of a marketing plan?
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The 1773 word solution is an excellent and thorough response to criteria of the 4P's of marketing.
MARKTING - THE 4Ps
Marketing objectives of any organization should lead to sales. They should be clear, measurable and have a stated time frame for achievement. If there are multiple objectives, they should be consistent and not conflict with each other. The remaining components of the marketing plan should support the marketing objectives. A few of the remaining components are - the marketing strategy, budget, action programs, controls and measures.
THE 4 Ps.
The 4Ps of marketing are as follows:
• Product. A product can be a physical item, service or an idea. This includes features, accessories, installation, instructions, service, warranty, packaging and brand names.
• Price. List the price of your products. Set a price that serves the customers well and maximize profits. This includes price flexibility, level pricing, introductory pricing, discounts, allowances and geographic terms.
• Promotion. A promotion plan describes the tools or tactics used to accomplish your marketing objectives. Here is where you communicate with the customer through personal selling, mass selling, sales promotions, and advertising.
• Placement. This relates to Sales and Distribution and should describe how your products and customers come together through sales and distribution.
A marketing plan should take understand and characterize the market, the customer and the environment in which you are doing business. There are controllable and uncontrollable factors to consider. Uncontrollable factors relates to the current economic environment and includes elements such as consumer confidence, unemployment, and new technologies that threaten to displace the organization's product, competitors and government regulations. Controllable factors depend upon 'givens' such as the budget, personnel, and creativity of the personnel of the organization.
Products may be described in terms of their features and benefits. Features are product characteristics such as size, color, horsepower, functionality, design, fabric content, etc. Benefits answer the customer's question: what's in it for me. Product features are usually easy to detect and describe but product benefits are intangible. The most compelling benefits are those that provide emotional or financial rewards. To identify the product's benefits, the customer's viewpoint must be considered. A company differentiates its products when it sets them apart from the competitors' products in the minds of the customer.
This is the most important business decision to be made. Products should be offered for a price that the target market is willing to pay and one that produces a profit for the company. There is a difference between price and cost. Cost is the total of the fixed and variable expenses to manufacture or offer the product or service. Price is the selling price per unit the customer pays for the product or service. Before a fair price ...
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