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Assignment 3 The Significance of Place in the 4 Ps of International Marketing Every management student and marketing aspirant is familiar with the 4 P’s of international marketing Place, Promotion. Product and Price. These four concepts are essential to make any item sell profitably…
These three concepts form the backbone of many successful marketing strategies. But, the fourth P-Place is often overlooked by most of the marketing experts and business men. Every product should actually be produced, priced and promoted according to the place it is distributed. The company should decide whether to implement large-scale distribution in the area or selective distribution, based on the economic, social and cultural influences of the place chosen. A company can choose to distribute a product in a place intestivley, selectively or exclusively. The pricing and promotional budget should be determined based on which type of distribution is selected for a particular place. The marketing concept changed phase from "make-and-sell" to "sense-and-respond" way back in the past century (Kotler, 2008). Only companies producing exclusive products catering to the needs of people living in certain places thrive. They distribute the products only where there is ample need. For example, consider the ‘Voltas all weather AC’ designed and marketed for people living in deserts exclusively. The AC keeps the room cool during the scorching mid-days and heats the rooms automatically during the biting cold nights. They are much affordable than the room heaters used in the western countries and is portable. They can be used even in tents. ...
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