The Application of 4 Ps in Marketing Strategy
Every business owner should know how to attain a larger market share in competitive markets by employing several marketing strategies. Market dynamics are ever-changing, and only the integration, development, and execution of relevant marketing strategies can help one be ahead of the others. In executing the marketing strategies, the 4 Ps of marketing are critical in achieving and attaining a larger market share, especially for a small new company (Samanian and Khosropanah, 2017). For a small new company to reach a significant market share, it should incorporate innovative ideas, employ talents, and change working staff as the market dynamics changes. For instance, changes in competitive market strategies will call for a change in the way the company carries out its activities, and hence it necessary to make some changes to the staff. The 4 Ps in marketing strategy includes; product, price, place, and promotion. The four Ps works conjointly regardless of the order in which they are applied in the marketing strategies
Product–business is set to solve people’s problems. For instance, the product or service set up by the company should be in line with the issue at hand. The product or the services provided by the company should offer a remedy to the problem. In the article, the bat makers provide a solution by manufacturing quality brands needed by sporting companies.
Price-refers to the amount of money the consumer pays for a product or service offered. Price is predetermined by factors such as competition in the market place, brand image, sales cycles, product life cycle, and demand and supply. For instance, when the competition is high, the individual company should lower the price to attract more customers and, in the process, gain a significant market share.
Place-for a company to attain business success, special consideration should be taken when selecting the place for setting up the firm. The place does imply not only the physical location of the firm but also the place where the products are stored and advertised. Currently, product advertisement has shifted to online platforms.
Promotion-this marketing strategy is directly linked to the other three marketing strategies. Here, the company provides customers with enough reasons why their products are better than others. The offers are there to entice customers to buy your products.
To sum up, as seen from the above discussion, the 4 Ps play a crucial role in attaining a larger market share, especially by the small and new companies that exist amidst large and extended companies.
References
http://www.news-press.com/article/20140322/SPORTS/303220026/Bat-makers-look-hit-home-runs-players
Samanian, M., & Khosropanah, A. (2017). A study of the application of marketing practices in the
provision of the information services based on 4Ps marketing mix model. Case study: academic libraries in North Khorasan Province. Qualitative and Quantitative Methods in Libraries, 5(4), 755-775. http://78.46.229.148/ojs/index.php/qqml/article/view/3