Marketing Continued…

The first P of marketing is for the Product aspect. This involves the specifications of the product or service, and how this relates to the consumer's needs and desires. The second P of marketing refers to the pricing element. In any exchange of goods and services, payment should be expected. Knowing how much to properly charge for a given product or service, often driven by economic factors like supply and demand, is key to an organization's success. It is this sole reason why the pricing aspect of marketing is of great importance. The third P of marketing refers to Promotion of the product or service. This means advertising and promoting the brand, service, or product, insuring that the potential consumer is targeted and made aware. The final P of marketing stands for the place or distribution of how the product is moved from organization to consumer. This is the most technically involved P of marketing because it generally employs the most external factors, such as retail outlets or shipping servicing companies.

The Marketing Plan

Once an organization determines its four P's, a marketing plan can be developed. Marketing plans are essential if organizations expect to grow or maintain their competitive advantages in the marketplace. They are especially useful when trying to determine whether new markets should be entered, or how to fix problems in current market conditions.

In most cases, the marketing plan is a heavily researched, heavily detailed document, written in the most professional manner possible by member of a marketing department or an outside consultancy. Organizations normally make these plans public information after production and internal distribution. It is for this reason that it is essential for marketing employees to understand their competitors, their customers, and where they are trying to go as an organization in the future through marketing concepts. Marketing plans are a good means to getting marketing departments on the same page so as to better market a firm's product and services.

Finally, having a marketing plan means having a marketing strategy. Firms that plan for the future are generally in a better position than firms that do not. In addition, firms that concentrate on marketing can dominate a market over the competition. Through the proper planning and understanding of marketing concepts, profits can be generated in no time.

By Jamie Ward