Four P's Of Marketing Strategies

Marketing Strategy

6.1. What is Retail Marketing Strategy?

Retail marketing strategy is defined as a process of determining and satisfying the customers’ needs and wants of the targeted group of consumers’ chosen in order to create for competitive advantage edge to sustainable growth and making a profit in a longer term for the organization. It involves all the functions or activities that include purchasing of goods and services for sale, storing, displaying, pricing, advertising, selling, financing, servicing, and other activities to complete the sale with the customers.

The fundamental of marketing typically identifies the four P’s of the marketing mix as follows:

Product

A tangible product is referring to product that is mass manufacture

For example, similar products usages like cars, watches, and fashion wear, where high-income group of customers’ expectation are looking for premium quality brands products, such as Bentley, BMW, and Mercedes global desired brands vehicles while middle-low income group of customers are looking for price, and value for money products, such as Proton, and Perodua local brands vehicles, in Malaysia.

Price

The price is the amount a customer willing to pay for the product. It is determine by a number of factors such as competition, market share, cost of material, customer’s perceived value of the product, and product identity.

The success of the business will determine based on the cost of the product to the specific targeted group of customers. For example, oranges are offering at $2.00 for 8’s (pieces) will receive overwhelmingly response from middle-low income group of customers but not from the high-income group of customers. On the other hand, the high-income group of customers are more on quality service expectation and pricing is secondary important to

The effectiveness of internet marketing which can be developed with the right marketing mix by offering the product or service with the combination of new four P’s as follows:

Personalization

Internet marketing, E-marketing, or online marketing segmentation strategy can be developed through personalized marketing or one-to-one marketing to specific targeted group of consumers.

Customization of products and services can be achieved by using internet. With the advanced algorithms and emerging of social media, personalization service can be achieved by connecting consumer to a product or brand through internet. For example, the internet of things (IoT) can provide a personalized and unique way for each one of us to buy the products. Customers can receive information through wearable devices about a promotion at a supermarket or departmental store to suggest a product to buy when customers are walking into the stores. This is how IoT will make the e-commerce further growth in the future.

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