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Marketing is the most important task for any organization to seek success in the highly competitive business environment. Marketing Mix presents the essential elements of the marketing strategies that are used by any business to fight the immense competition in the global business world. Traditionally, marketing mix uses to present the four Ps of marketing strategy that is price, product, place, and promotion (Håkansson & Waluszewski, 2005). The marketing mix helps to determine the appropriateness of a service or product for a particular market segment or targeted market. The paper presents the importance of marketing mix in the success of the business of Procter & Gamble. Along with that, it discusses the impact of misbalance of any of the Ps on the marketing success of the company.
Procter & Gamble (P&G) has significantly developed four P’s of marketing to make efficient market growth. Company’s broad marketing mix includes product, price, promotion and place that efficiently deliver the highest production and revenue.
Product: Mainly, P&G has manufactured goods in three categories such as Health and Well-Being Brands, Beauty and Grooming Brands and Household Care Brand (Constantinides, 2006). The different brands of products have effectively created product identity for the company to make overall product diversification in the marketplace. Innovative product packaging and designing have helped the diversified products to become so much popular in the global market. In this way, the corporation has utilized purchasers’ buying behavior in business growth.
Price: In the case of product pricing, since 1990 the company has developed value pricing strategy by eliminating the coupons, logistic fees, and production. In addition to that, the company has increased business efficiency and advertising marketing to support the brand image as well as brand identity. Within a decade or so, P&G’s pricing strategy has created a strong position in the market by developing a competitive advantage. Most of the company manufactured brands have gained the loyalty of the consumers through innovative pricing strategy (Kreutzer, 2008).
Promotion: In the case of product promotion, P&G has significantly utilized modern media advertising and online advertising to increase the product recognition. Meanwhile, company’s efficient promotional strategy has been supported by a huge budget that makes P&G world’s largest product advertiser.
Place: As far as product placement is concerned, P&G has simply ruled the global market through its huge target demographics. P&G distributes all manufacturing brand products to more than five billion worldwide consumers in 140 countries. In case product placement in the developed as well as emerging markets, the company has set up efficient networking and distributing channel to increase the product selling at the global platform.
If we look into the marketing figures of P&G, it can be seen that all of its Ps are essential to its marketing success. In the case of off-balancing of any of these Ps can have an immense effect on the outcome of the company’s marketing strategy. For example, if the company increases the price of its product, the demand in the market will fall, and it will result in a decrease in the sales figure. If the company decreases the price, the sale of the product will gradually increase that will make the company increase its production figures (Boulding & Lee, 2012). The company needs to produce diversified products to battle the steeped competition in the market. A narrow product range will provide its competitors to overrule the market. The promotion and placing strategy also plays a significant role in gaining a competitive advantage in the market. Hence, an off-balance in any of the Ps can have a tragic or positive impact on the marketing success of the company.
References
Boulding, W., & Lee, E. (2012). Differentiation via the marketing mix. Marketing Letters, 3(4), 343-356. http://dx.doi.org/10.1007/bf00993919
Constantinides, E. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal Of Marketing Management, 22(3-4), 407-438. http://dx.doi.org/10.1362/026725706776861190
Håkansson, H., & Waluszewski, A. (2005). Developing a new understanding of markets: reinterpreting the 4Ps. Jnl Of Bus & Indus Marketing, 20(3), 110-117. http://dx.doi.org/10.1108/08858620510592722
Kreutzer, R. (2008). Marketing‐Mix Standardisation: An Integrated Approach in Global Marketing.European Journal Of Marketing, 22(10), 19-30. http://dx.doi.org/10.1108/eum0000000005301
