HCS/472 v1 Marketing Strategy Name Institution Affiliation Course Date Copyright© 2019 by University of Phoenix. All rights reserved. Selecting a Marketing Strategy HCS/472 v1 Page 2 of 5 Marketing Strategy Part 1: The 4Ps of Marketing The four pies of marketing are also known as the marketing mix. These four-piece are price, product, promotion, and place. Product is the good or service in the market to fulfill consumer needs; it can either be tangible or intangible. To be competitive in the market, one has to make its product unique, attractive to the customers for the business to beat competitors and be successful in the market. Price is the second of this strategy; after the product is designed and gets ready to be presented in the market, the price decision-making process starts. The price is determined to have profit margins and be in the supply and demand marketing strategy (Kumar, & Singh, 2019). Promotion is the way of making the product well known to consumers. The relevant information is given to the consumer, and mostly differentiation of a particular good or service is done to attract customers because the product is new. The place is the last element of the strategy, and this is where the selling of the products occurs. This puts the product in the right place at the right time (Hadiwidjojo & Bernardus, 2016). A strategy is generally formed around one of the 4Ps. As you complete this assignment, consider examples of strategies formulated around each of the ...
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