Marketing is considered to be the lifeline of the business; it is the phenomenon of putting the right product in the right place, at the right place, at the right time. For the success of business, it is important to create a product that the consumers want regularly at a price that is in congruence with the value perceived by the consumers. The function of marketing of choosing the right product for the right place at the right price and making it available at the right time is known as “marketing mix” of the company (Hu, 2011). This term is used for a particular reason; all the four components are equally important for the success of business. None of the components is less important. It is the right integration of all these components that makes the process successful. All the four P’s that are the product, place, price and promotion work in integration with each other (Huanqiu, 2012). If even one is not chosen correctly, the company suffers eventually.
Creating a product for the consumers when they need and want it is very critical; but more important is the placement of the product. If the product is not offered at the right time to the consumers, the high demand does not even matter. And if the price of the product is more than the value perceived of the product, the consumers are not willing to purchase it. And most importantly, when all three P’s have been rightfully met but the right kind of promotion is not done, all the rest fail. For the retail business, identifying the choice of the consumers, making it available on the right shelves at the right price is very important (Hu, 2011). But business is only successful when the availability of these three P’s is promoted rightly to the consumers. But yet, only one component seems to be more important than the rest that is price. Usually people would ignore all the rest if the price is in their range and go for the product; and if the price is more than their perception, then normally they would leave the product that otherwise they would never think of losing (Huanqiu, 2012).
References
Hu, Y. (2011). HOW BRAND EQUITY, MARKETING MIX STRATEGY AND SERVICE QUALITY AFFECT CUSTOMER LOYALTY: THE CASE OF RETAIL CHAIN STORES IN TAIWAN. International Journal of Organizational Innovation, 4(1).
Huanqiu, G. (2012). ‘There can be little doubt that price is the most essential element in marketing mix’. Discuss, with reference to appropriate business examples. Publications Oboulo. Com.
