Busi745DB3

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School

Southern New Hampshire University *

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770

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Marketing

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Feb 20, 2024

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docx

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Uploaded by fmalik89

Marketing Mix 4Ps: Place The 4Ps of Marketing Mix (product, price, place, and promotion) are key elements that must be considered and implemented by organizations looking to market a product or service. Place refers to the consideration an organization must make in terms of where the product or service should be available or displayed, such as in a physical store or only online, to gain the most competitive advantage. Marketing Channel Strategy Marketing channel strategies are used by organizations to determine which avenues can be used best reach their customers, both potential and existing. Bellin describes the need for organizations to combine the elements of the 4Ps in a manner that allows for consistent product placement for target markets and competitive advantages (Bellin, 2016). The design of marketing channels and their respective strategies also play an integral role in how customers view a business, such as selecting the right distribution channels and intensity of distribution, are also discussed along with the potential ramifications of conflicts that arise within a marketing channel such as end-user confusion or negative impact to brand image. Bellin then provides guidelines for marketing channel strategies that including the proper positioning of items, citing example of customers not driving across town for a soda or designer handbags being sold at corner stores. Distribution In a study performed by Thabit and Raewf, researchers sought to understand the influence of marketing mix on increasing the effectiveness of product promotion. In doing so, researchers studied middle eastern medical equipmentmen retailers and, with the use of a questionnaire, measured the impact of promotion on the marketing of products, from both the employee and customer perspective. From their research, it was found that the proper distribution of products can positively impact customer satisfaction, with an emphasis on placement of products. “Goods are produced to be sold to customers; they have to be made ready to the customers at a suitable place where can handily make deal. So, it is important that the product is ready at markets in the city,” (Thabit & Raewf, p. 104, 2018). Retailers Zhao et al. discuss how advance selling can be utilized by retailers to introduce flexibility and increase profits, but also has the potential to negatively impact businesses and their supply chain. With advance selling becoming more common across varying markets, it can provide additional benefits of better demand forecasting and reducing issues related to lead times and delivery. The researchers highlighted two key scenarios in their study; a retailer who has the ability to utilize advance selling and a retailer who does not. While retailers who do not have the ability to utilize advance selling are limited to spot selling regardless of profitability, those who do utilize advance selling have the potential to negatively impact their supply chain, potentially increasing inefficiencies within a decentralized supply chain (Zhao et al, XXX). The researchers concluded that impacts of impact of advance selling is varied dependent on a variety of reasons. This can

include the placement of the products sold, where certain areas allow for advance selling such as electronic retailers but not in others such as food or services. Internet In a study performed by Vynogradova and Drokina, researchers sought to understand how digital marketing models utilize traditional strategies such as the 4Ps. They describe the marketing mix as a collection of elements that are grouped together to simplify activities for marketing and sought to explore if it is valid in a digital context looking specifically if the product is sold online, the content, design, and usability of the website, and associated elements such assortment goods (Vynogradova & Drokina, 2020). In terms of place, researchers referred to it as a point of sale, interaction, and/or decision-making and emphasize the need for a singular point of communication with target audiences. This provides a more convenient experience, which is needed in today’s competitive market. The researchers conclude that although the 4Ps of marketing are helpful, additional approaches such as the 5Ws or 6Cs, may provide more benefit. Supply Chain In a study performed by Shakouhi et al., researchers sought to better understand the relationships that exist between supply chain, product life cycles, and marketing mix. Focusing on pharmaceutical supply chains, researchers describe a constant cycle of introduction, growth, and decline for pharmaceuticals and the stiff competition that exists within the market (Shakouhi et al., 2021). In their research, Shakouhi et al. found that the marketing mix model can be utilized as a powerful tool that has significant impact on customers, profits, etc. However, aspects of the marketing mix including place, must be varied dependent on which stage of the product life cycle the pharmaceutical currently exists. “The results of the level of price, quality, availability, promotion, demand, and profit for each supply chain were obtained given the different games in line with the stage of the lifecycle of their products,” (Shakouhi et al., p.24, 2021). Conclusion The elements of the marketing mix (product, price, place, and promotion) impact areas of business well beyond marketing. Impacts on marketing channel strategies, distribution of products, retailers, digital sales, and supply chains can all be either positively or negatively impacted by any of the 4Ps, including place. This highlights the potential significance all elements of the 4Ps have on an organization References Bellin, H. (2016). Branding and marketing channel strategies: Some effects on channel partners. Journal of Marketing Channels , 23 (4), 255-257. Shakouhi, F., Tavakkoli-Moghaddam, R., Baboli, A., & Bozorgi-Amiri, A. (2021). A competitive pharmaceutical supply chain under the marketing mix strategies and product life cycle with a fuzzy stochastic demand. Annals of Operations Research , 1-29. Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies , 4 (4).

Vynogradova, O., & Drokina, N. (2020). The structure of an integrated internet marketing complex, based on the marketing-mix concept. Acta Scientiarum Polonorum. Oeconomia , 19 (3), 117-126. Zhao, X., Pang, Z., & Stecke, K. E. (2016). When does a retailer's advance selling capability benefit manufacturer, retailer, or both?. Production and Operations Management , 25 (6), 1073- 1087.

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