The paper "How Companies Decide on Product, Pricing, Promotion, and Distribution Policies" is an outstanding example of an essay on marketing. Theoretically, a good marketing strategy tells us to develop our products based on the selected few P’ s that have been mentioned in the paper. However, it should be kept in mind that one should not only limit themselves to just a few actors. As competition and constraints increase, producers look for new and better ways of attracting consumers. The need for higher profits leads to increasing innovation. Innovation not only in products and processes but also in strategies.
The importance of the four P’ s will remain but they are not sufficient in themselves. As time passes by, more and more P’ s will have to come up to defeat rivals. Thus, as far as the theory is concerned, you can follow it to an extent but in the real world, you need to understand the market environment and need of the time before making a decision. Flexibility is essentially the key. When deciding how to market a product, there are four things that need to be taken into consideration.
These elements are needed to be discussed at a greater length before a product can actually be launched into the market for consumption. These four elements are: Product Price Place/distribution Promotion The marketing mix refers to the combination of all four elements. The term became popular after Neil H. Borden published his article in 1964. The name of the article was “ The concept of the Marketing Mix” . Before that James Culliton had described it as a “ mixer of ingredients” . The ingredients included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, fact-finding, and analysis.
Later, these ingredients were grouped together and generalized under the four above mentioned classifications. A marketing mix is a tool needed to assist the managers in defining the marketing strategy. With the help of this, marketers, try to generate the optimal response in the target market by blending a few above-mentioned variables in the best possible way. It needs to be adjusted frequently, taking the changing world into account. The four parameters that the marketing manager needs to control, given the internal and external marketing constraints. Products: It mainly refers to both goods and services that are being produced by the companies.
Managers have to decide on the brand name for their products, functionality that the product will serve, it's styling, quality, safety standards needed for its manufacture, packaging of the product, repair and after-sale service. Warranty and other accessories that come along with it, also need to be considered. This is perhaps one of the most important P’ s that are looked at before marketing a product. The product should be good enough to be sold in the market.
Today, there are so many products in the market, not all are a success. Some even have to be pulled out of the market if they don’ t manage to cash in on enough business.