Marketing What Is the Best Term Paper

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Remember, price is the one 'P' that generates revenue, while the other three 'P's incur costs. [This is why] Effective pricing is important to the success of your business" (Ehmke, Fulton, & Lusk, 2007). Pricing also includes how the customer pays, whether by installments or upfront, as methods of payment can affect the long-term solvency of the business.

Place" refers to the distribution channels used to get a product to customers. "What your product is will greatly influence how you distribute it...Businesses that create or assemble a product will have two options: selling directly to consumers or selling to a vendor," and even exclusively B2B enterprises must select what type of vendor, whether small or large (Ehmke, Fulton, & Lusk, 2007). Promotion refers to the advertising and selling part of marketing, to individual consumers or businesses. "To be effective, your promotional efforts should contain a clear message targeted to a specific audience reached via an appropriate channel. Your target audience will be the people who use or influence the purchase of your product" and ideally advertise its quality to other buyers (Ehmke, Fulton, & Lusk, 2007). Promotional strategies also must determine whether an intensive promotion campaign, targeted at wide range of buyers is appropriate, or selective or exclusive campaigns targeted at specific clientele are more likely to draw the right buyers, willing to pay extra money for a unique or luxury product that suits their specific needs.

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An important promotional question today is always, what is best medium in which to purvey the product? Through one-to-one consumer interaction via personal sellers, like pharmaceutical companies use to sell drugs to doctors? Or over the Internet? Are channels that specifically target certain industries or types of consumers the best, like specific websites, or should the promotional locations have a more general character? For commercially-based goods, special promotional offers can range from everything from contests to rebates, and for selling to businesses, promotions can include 2 for 1 sale, or other value-based strategies. Promotional placement refers to how the product is 'placed' within the current market, in other words are the promotional strategies value-based, like a 2-for-1 sale, or do they offer extra amenities and exclusive offers in a luxury promotion, like upgrades to first class for consumers using a frequent flier program. There is no single 4 P. strategy that is correct all of the time; rather an effective strategy is determined by the needs of the business, the product and the marketing situation of the industry and company.

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