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Critical Literature Review (50%) - each student will choose a particular International Marketing topic from the syllabus (severa
Pages 11 (2761 words)
Marketing Mix for Products (4Ps)-Literature Review According to Kemmer and Boden (2012, p. 6), the success of any business depends on the satisfaction level of its customers. The business environment has become very competitive today. As such, every company is doing its best to attract new customers and ensure that customers it already has remain loyal.
The marketing mix commonly referred to as the 4Ps includes product, price, place, and promotion. It is noted that for a company to satisfy the needs of its customers, it must ensure that products of the right quality and quantity are developed, charged reasonable prices, found at the right place, as well as ensuring that the existence of the goods is made known to customers through promotion. This paper will discuss the marketing mix (4Ps) as well as the importance of the augmented product model with reference to the real world examples (Gitman and McDaniel 2008, p.13). Product The 4Ps of the marketing mix consist of the product, price, place, and promotion. The poduct is one of the most fundamental elements of the marketing mix that managers must take into consideration when making marketing decisions. The product in this case is the physical service or good that a company offers to customers. The basic elements of a product include function, packaging, appearance, and warranty among others. Therefore, the product that a company intends to deal with should satisfy the customer’s requirements in terms of quality, quantity, and appearance. ...
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