Factor affecting the marketing of products of organisation X.
The factors affecting the marketing of products of organisation X are related to the concept of 4 Ps. The idea of the marketing mix as well as the concept of four Ps draws their origin from Neil Borden that is widely known for their popularisation in the 1950s. In his article, “The Concept of Marketing Mix,” he was able to demonstrate various ways that companies can adopt in advertising and engaging the consumers of their products. Over several years these ideas were refined further. Particularly, Jerome McCarthy encapsulated them and reduced them to the concept of 4 Ps. Initially, the 4 Ps constituted of product, price, place, and promotion. However, these Ps have been expanded to include people, process and physical evidence.
Product
The first P, Product describes goods and services in which a particular company deals. In the case of organisation X, the products comprise alcoholic beverages. The products that a specific company deals in ought to fulfil the demands of the consumer and/or compel the consumer to believe that they ought to have them. Thus, it is of great essence that marketers have an in-depth understanding of the life cycle of the products of the company. It is also essential for the managerial team to have a plan regarding dealing with products at various stages of their life cycle. The price of the product, its place, and the type of promotion to be employed are dependent on the nature of the product.
Price
Price describes the cost that consumers incur when paying for a product. Thus, the marketers have the obligation of linking the price of a product to its real as well as perceived value. In so doing, they must also put into considerations the price of competitors, seasonal discounts, and supply costs. The managerial may decide to raise the price in order to make the product seem like a luxury or lower the price to make it accessible to an increased number of customers. The marketers are also mandated with determining when and whether it is appropriate to discount on the product. In some cases, discounting goes a long way in drawing in more customers. Besides, it also has the potential of giving an impression that the product is less luxurious or less exclusive as compared to when its price is high. Thus, the 4 Ps are essential to a business in identifying critical factors including the expectations of consumers from the business, the ability of the products and/or services of the business to meet or fail to meet their expectations, the perception of the products and/or services of the business across the world, the uniqueness of their products from those of competitors, and the interaction between the business and their customers.
Place
Place decisions regard the locations that a company intends to sell/sells its products and/or services and the means of delivery of products to the market. The objective of the management team should be to avail their products and/or services to the consumers that are likely to buy. This may include placing the products in stores at strategic locations. However, it may also refer to placing products on the display of stores. It may also imply placing a product on the web pages, films, and TV shows among other platforms with the intention of garnering attention for the product. In this case, the placement overlaps with promotion.
Promotion
Promotion refers to such activities as advertising and public relations. It also includes a promotional strategy. The promotion aspect ties into the rest of the Ps of the marketing mix since product promotion reveals to consumers the reason for accessing and paying a specific price for the product. Further, marketers also have a tendency of tying placement and promotion aspects together with the primary objective of reaching their core audiences. For instance, presently (in the digital era), the factors of promotion and placement are as much online as offline