Marketing Assignment

Marketing Assignment

Introduction

Marketing is defined as a social process by which organisations and individuals acquire their needs and requirements through building and trading value with others.

Discussion

Describe the 7 Ps of marketing and provide examples with which you are familiar?

Successful marketing depends upon focusing on a number of primary issues like what an organisation has planned to produce; how much it has aimed to charge; how it has planned to deliver its services or products to the customer and how it has planned to tell its customers about its products and services.

Previously, these considerations were recognized as the 4 Ps; the Product, Price, Place and Promotion but as marketing developed into a more sophisticated discipline, another P was included; People. And lately two more Ps were included primarily for service industries; Process and Physical evidence. At present, these considerations are now defined as the 7 Ps of marketing, occasionally referred to as the marketing mix.

Here McDonald's has been used as an example to show the functioning of 7 Ps of marketing in a business.

Product:

There is definitely no point in developing a service or product that nobody wishes to buy, however several businesses choose what to offer first and then look forward to discover its market. In contrast, successful organisations first search for the needs and requirements of the customer and then develop the appropriate product with the precise level of quality to accommodate those requirements in present and future as well.

Therefore if we consider McDonald's as an example here, we will come to know that it emphasises on developing a menu which its customers crave for. And this is established with a proper market research. However, customers change their requirements overtime and to meet these changes, McDonald's keep on introducing new stuff while phasing out the old ones which are no more in demand.

Price:

The worth of a product depends upon what customers are geared up to pay for it. The price is required to be competitive but this doesn't inevitably mean the cheapest. Any small business can compete with bigger rivals by including some extra details or services that provides the customers a better value for their money. It is also necessary that your pricing is providing a profit as this is the only component of the marketing mix that brings about revenue while all others represents the cost.

Talking about McDonald's, it introduces different categories of burgers to meet the affordability of the customer. Therefore, consumers with different price perceptions can enjoy the food accordingly.

Place:

It is necessarily important that the place where customers come to buy a product and the resources of delivering the product to that particular place are convenient and befitting for the customer. It is also essential that the product is available in the right place, at the right time, in the right quantity while also keeping the distribution, inventory and storage expenses to an adequate level.

We can see McDonald's outlets evenly spread throughout the cities which make them absolutely accessible and those drive through options also make ...