Though many of today's marketing practices have evolved due to increased technology, the marketing environment still centers around the 4 P's of marketing. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organizational objectives.
Reflecting on my recent 2005 Chevy Tahoe SUV purchase, the 4P's played a significant role in the product I selected. Below are a synopsis of each and the correlation of each of the 4P's and the role it played in my purchasing decision.
A product refers to the 'total concept' that is sold. The total product consists of both tangible (e.g. raw materials, features, accessories) and intangible (e.g. brand name, product line, customer service) parts. In general terms, product also refers to the needs satisfying offering by a business to consumers. It is therefore more than the physical product of service offered by the business.
During my selection process it was important to purchase a vehicle that was cost effective and met my budget. In addition, it was also imperative that the vendor had a reliable history as proven over time. Chevy has made an impact with it's marketing campaigns and connecting with customers. I searched several web sites but found quite comfortable at http://www.chevrolet.com/ which was easy to navigate and very informative.
Price refers to the final cost of the product that is paid by the consumer. It represents the intrinsic value of a product or service to consumers. A business may implement a variety of pricing policies dependent on revenue goals.
Value for money was essential for my product selection. Purchasing a product that met my personal objectives as well as meeting financial state was probably the single most important of my purchasing...