Are the four Ps of international marketing of equal importance to all firms? What factors might cause some to be more or less important than others?
- The Four P's.
- Factors which cause differences.
- The market.
- The segmentation.
- The targeting.
- The product.
- The product life cycle.
The term ?Marketing Mix? became popular when Neil H. Borden published his article ?The concept of the Marketing Mix?, in 1964. Today, this expression is one of the most employed in international marketing. The Marketing Mix is also called ?The Four P's?.
According to Kotler and Dubois, the Four P's are the tools which permit a firm to achieve theirs objectives of the target-market. The Fours P's are Product, Price, Place and Promotion. The concept of ?Marketing Mix? is easier to understand if we compare it with a cake. All the cakes are composed with flour, eggs, sugar and milk. We can modify the result obtained changing the quantity of each element. More sugar lead to a cake more sweetened. It's the same for the Marketing Mix: the offer to a customer can be modified by changing the content of the Four P's. For example, to have an image of quality, we have to concentrate efforts on the communication (Promotion). As a result, this will reduce the importance according to the price by the customer.
[...] It is the promise done by the firm to satisfy one or several needs (psychological or physiologic) of the market at some point. The product can be: - One product (shampoo). - One service (hairdresser). At the most of it characteristics, the product have one symbolic dimension and give imaginary. So it can satisfy several needs (tangible and intangible). The Product Life Cycle: The product presents analogies with a living being. We can observe four stages in the life of one product: the introduction, the growth, the maturity and the decline. [...]
[...] For example, the market of motor industry could be segmented by age of the conductor, importance of the engine, car's models, costs More often than not, the segmentation is done with those elements: - Geography (where the product is sold in the world ) - Psychographic (way of life, beliefs ) - Socio-cultural (social-classes ) - Demography (sex, age ) The firm has to evaluate each segment and its probabilities of success. For one segment, opportunities will depend of: - Growth potential - Competition - Potentials profits - Size of the segment The targeting: The firm will choose one or several segments within the market. [...]