The 4Ps of marketing
The 4Ps of marketing, Pioneered by E. Jerome McCarthy, have for long been formed framework upon which the marketers and business lay their strategies and position their products competitively in the market. Each P in the mix includes an element that plays a significant role in influencing the consumer’s decision-making process about the company’s products and services. The 4 P’s are product, price, place and promotion. For this discussion, lets look at how McDonald’s Corporation applies the 4P’s in its products like Hamburgers. McDonald’s Cooperation has an effective marketing mix that is guided by its corporate standards for products that are implemented in the management of each and every company-owned and franchised location (Pauline, 2018). The first P, which is a product, the company is known for burgers. Through creativity, the company has diversified into various types of burgers to attract more customers and remain competitive. It has also diversified the product mix to include other products like salads, chicken, snacks, Desserts, and Shakes. On the P of Price, the company uses strategic pricing strategies like bundle pricing that incorporates discounts and psychological pricing strategies to appeal to more customers and remain competitive (Constantinides, 2006). The P for Place for McDonald’s include the kiosks, restaurants, Mobile apps, and postmates websites, among others. This is the revenue location where it sells its burgers among other products. On its Promotion, the company uses different promotion strategies like direct marketing, public relations, sales promotions, and advertising.
The implementation of the 4P’s of marketing help in the positioning. This is the process of creating and maintaining an image or an identity of a product. Positioning helps in building a perception about a product. This is done through the definition of the product, pricing, availing the product to the consumers, and promote the product to create awareness and convince consumers about its value.
Constantinides, E. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management, 22(3–4), 407–438.
Pauline, M. (2018, September 4). McDonald’s Marketing Mix (4Ps) Analysis. Retrieved from http://panmore.com/mcdonalds-marketing-mix-4ps-analysis