The Concept of Marketing and the 4Ps
In today’s marketplace, companies must have some kind of product or service involved or being offered in order for a business to take place. In order for buyers to become aware of and purchase these items and services, they must be presented to the market (Thabit and Raewf, 2018). To ensure that a product or service is well accepted and has the greatest possible competition in the industry, marketing is one of the procedures that takes place. While several small firms mistakenly associate marketing with advertising, the term really encompasses a considerably larger range of activities. The whole process of providing a product or service to a consumer fall under the purview of marketing, which includes everything from deciding which things to sell or where to sell them to figuring out how to price and advertise them properly (Išorait?, 2016).
As a part of this study, the following section discusses the concept of marketing and the 4Ps of the marketing mix, as well as how the 4Ps are applied to a specific product or service in order to draw a conclusion. The discussion has been made in reference to the Nike.
The goal of marketing is to stimulate the attention of potential customers in your goods as well as services. Research, sales, promotion, and distribution are all part of marketing. In marketing, any activity taken by a corporation to draw attention to its products or services by means of compelling message is considered to be a form of marketing. Through content marketing, companies are seeking long-term success by proving the worth of their products, fostering customer loyalty, and eventually increasing sales (Lahtinen et.al, 2020).
Research in this field looks at how firms can better understand their consumers in order to better understand their requirements and wishes so that they may better attract and keep customers. Successful marketing strategies may be developed and implemented by marketing businesses. Marketing research is frequently the first step in creating an ideal consumer profile, backed up by demographic research to determine what is working and what is not in the present marketing strategy. An instance of this is a company that has just launched a new product. As an example, the firm may use direct marketing to interact directly with its customers about the things they provide. Another option may be free samples, in which case consumers are provided a sample of a company's newest offerings so that they can learn more about them. These actions raise customer awareness of the company's product or service, which leads to an increase in sales. As a company's marketing strategy evolves, it has the option of utilising a variety of marketing tools, such as social media platforms like Facebook and Twitter; site analytics; blogging; tweeting; and more. This helps the businesses to lead the organization to a whole new level (Pomering, 2017).
Using a marketing method that integrates numerous aspects in order to enhance and solidify a product's brand and help in sales is what is indicated by the phrase "marketing mix." Developing a marketing mix is among the methods that product-based organizations employ to advertise their products. Businesses need to utilize this model of the marketing mix to analyze their competitors' strategies and devise their own, such as promotions and price, in order to get a foothold in the market. In addition, the model is essential for differentiating oneself from the competition by examining the marketing mix used by the latter (Jackson and Ahuja, 2016). This forces one to look at the business marketing mix from a new perspective, allowing them to succeed in the marketplace.
Content Marketing and Long-Term Success
Product or service promotion and sales are accomplished using a collection of marketing tools or methods known as the Marketing Mix. It is based upon figuring out where, when, and at what price to put a product within the market. The product will later be provided with regard to the marketing plan. Product, Place, Price, and Promotion are the 4Ps of the marketing mix. The 4Ps are all taken into consideration with respect to developing a marketing strategy in the corporate world (Alqahtani, 2020).
Customers' demands and requirements must be taken into consideration when a product or service is being developed. Customers might not want to spend the time and money on something they do not need, therefore having a product that do not provide value is a huge waste of money. Customers will only purchase items that meet their immediate wants; thus, the corporation must come up with a product or service that generates profits for the business. A product or service's value is based on how well it has been packaged. Customers are more likely to purchase things that are well-packaged and visually appealing than others. To assess whether or not a customer would utilize an item or service, customers take into account its warranty; the length of the product's useful life is also taken into account. Having items that are well-packaged, branded and of high quality is therefore vital to ensure client pleasure (Gregory, 2017). A company's liquidity and profitability depend on its marketing mix (4Ps) in the sports footwear, clothing, and equipment industry. Marketers use a variety of techniques and tactics to put their marketing strategy into action, and the term "marketing mix" refers to the combination of these methods (the 4Ps). Nike's marketing strategy includes products for athletes. Shoe models specifically tailored to the demands of professional basketball and football players come from this manufacturer; for example, as a result of the specificity of Nike's business goal and vision statements, these items are advertised to a global audience of athletes and non-athletes alike. With a long history in the sports goods business, the 4Ps of this company have evolved through time (Chaston,2015). That development is crucial as it allows the firm to apply its marketing mix in response of market trends as well as changes which further impacts local, regional and worldwide market demand for its products.
This element of the marketing mix provides for the products and services that a company may provide to its target audience. The product mix construes to the combination of these outcomes. Nike Inc.'s expansion is tied to a shift in the company's product line-up. This includes the company's investment in research as well as development to manufacture new items and upgraded versions of its present products (Mujiyanti et.al, 2019). The firm began as a wholesaler of shoes, but has since expanded to provide a wide range of footwear, clothing, as well as equipment for a variety of sports. With its generic approach and intense growth methods, Nike Inc. incorporates innovative technology into its product lines in order to boost consumer pleasure and product efficacy. Nike's product mix is broken down into the following categories: Nike Inc.'s most famous products are shoes. More products are being added to this category on a regular basis by the company. For instance, the company currently produces footwear for a range of sports, comprising cricket, including tennis, jogging, and other types of athletics. Nike offers clothing, including jerseys and shorts too. Golf clubs are only one example of the company's wide range of products. Air Jordan, Hurley, as well as Converse are some of the companies that carry these items. By utilising this component of the marketing mix, Nike is able to better serve its target customers and market segments by expanding the range of products it offers (Minculete and Olar, 2018).
The Importance of Marketing Research
Prices denotes the amount which the company charges for its products or services, here are those that the firm uses to optimize earnings while also attracting the targeted proportion of the global market. Due to this, Nike's technical investments, their items will be priced higher than the competition. The corporation does, however, take the present state of the market into account when determining its pricing points and categories. All Nike items are sold at premium and value-based prices. A company's pricing decisions are said to be "value-based" if they take into account the current market price while determining their product prices. When pricing products, they take into account the general response of customers and see if any of them are prepared to pay for it. Using this price technique, Nike is able to make more money over the period of time. As an alternative, premium pricing refers to pricing items that are superior than Nike's rival offerings. The sales earnings and sales will rise as the cost of its premium items rises (Minculete and Olar, 2018).
Some of Nike's advertising includes renowned personalities, who can be connected with its premium brand, as component of Nike's marketing mix are the "Easter sales" on Nike's website and with its physical shops are two examples of this. New and old clients alike can benefit from this technique. As a result of Nike's technological advancements, their items have a premium price. But the corporation still takes current market conditions into account when setting the prices and ranges of its products (Nosalska and Mazurek, 2019).
A company's products are sold, or disseminated in a variety of ways through this component of the company's marketing mix. All of Nike Inc.'s sporting goods are available in a variety of locations throughout the world. Many of these things may be found at big retail outlets, for example. Nike items are sold primarily at retail stores, which are conveniently positioned and accessible in a wide range of markets across the world. In addition to Walmart, these retailers include smaller regional and local outlets (see Walmart's Marketing Mix, or 4P) (Bolton et.al, 2019). In addition, this 4P feature illustrates that Nike clients may acquire their sports shoes, gear, and equipment from the company's online site. Furthermore, the company owns and runs Niketown retail stores. A company's own channels provide access to business and industry data which helps in the formulation of marketing plans and techniques for current, new, and developing items. With this marketing mix component, Nike Inc. manages the distribution, production and sale of its products, particularly with the company's online shop or Niketown retail locations. Distribution and sales of the company's products via other retail channels are out of the company's control, nonetheless (Kachouie et.al, 2018).
Nike's marketing communications mix is also referred to as the marketing mix, and it focuses on how the company communicates with its customers. A positive public perception of the company's products is very important to the company's long-term success. The corporation deploys promotional strategies to interact with and influence its target clients to buy its items. Attracting new clients is a major part of Nike's business model. Advertisements, specifically those involving high-profile celebrity endorsers like professional athletes and sports teams, are highly crucial to the company's marketing strategy (Nosalska and Mazurek, 2019). Marketing mix elements that involve personal selling are part of the company's marketing strategy, as are sales staff who convince customers to buy their items. Such persuasion may be seen in Niketown stores, where employees are trained to utilize it. Direct marketing initiatives of the corporation involve direct communication with educational institutions, community sports teams, and other groups of a similar nature. Direct marketing in the reference to the 4Ps denotes to direct interaction with organizations to promote items to its members. In addition, Nike gives discounts and promotions from time to time in order to entice more customers and boost sales. They are part of the company's strategy for promoting its products. Further, to market its sports shoes, gear, and equipment, the corporation sponsors as well as financially supports other groups, such as community-based networks. Based on these marketing strategies, the company relies on its relationships with well-known brand ambassadors to successfully promote its business and products on the global athletic goods market (Bolton et.al, 2019).
For a company to be successful, it must be able to recognize its customers' requirements via marketing. Products, place, pricing, and promotion are all critical components of any effective marketing plan. Rather than working on its own, each of these marketing elements relies on the others. For this reason, businesses should think about utilizing all aspects of the marketing mix in order to come up with more effective marketing plans. This ensure success of the firm in the market such as Nike has also been able to gain a competitive position in the market through inculcating these marketing tactics.
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