Influence of 4P Strategy on Organisation’s Performance: A Case on Bangladesh RMG Sector

Abstract

The right 4P strategy empowers organisations to pursue their marketing objectives in the target markets and therefore achieve the organisational objectives. Proper implementation of the right 4P strategy ensures provision of the right product, at the right price, in the right place thus, confirms that resources are efficiently and effectively utilized. This study aims to investigate the impact of 4P strategies on organisation performance in the garments industry of Bangladesh based on CEPZ (Chittagong Export Processing Zone). McCarthy’s (1964) 4 P’s (such as product, price, place, and promotion) are considered as the elements of 4Ps in this study. Data was collected through survey where a structured questionnaire, containing 25 closed-ended questions, was used. A total of 180 respondents were selected conveniently for this survey. The data was analysed using SPSS 24.0 version. From the findings of the study it was found that product, place, price and promotional strategies significantly and positively influenced the organisation's performance. The findings suggest that by focusing on 4P strategy, the organizations can make better performance than their competitors. Eventually, few recommendations were offered for the garment industry.

Analysis of Business Behavior in the Australian Market Under an Approach of Statistical Techniques and Economic Dimensions for Sustainable Business: A Case Study

“…The 4P's strategy allows companies to achieve their objectives, through the correct application of these, ensuring that the right product arrives, at the right price, in the right place and that the promotional strategies have a significant influence. Furthermore, with the statistical study and considering the current economic impacts, there will be a real perception of the customer and its final relationship between affordability and income [14,15] (Fig. 3).…”

Interrelationships Among Marketing Mix Strategies, Service Quality and Firms’ Business Performance in Readymade Garments Sector, Bangladesh

“…The marketing mix strategy, also known as the central concept in business discourse, is a crucial element in the discipline of marketing (Hanaysha et al, 2021;Al Karim & Habiba, 2020;Syapsan, 2019). The marketing mix elements consist of various activities that an organisation carries out to boost the demand for its products or services and generate profits (Hanaysha et al, 2021).…”

“…Moreover, in today's competitive market, companies encounter significant challenges in conducting their operations successfully. In order to achieve their goals, the company is striving to expand their range of services, offer premium products, reduce expenses, and cater to the demands of their customers (Al Karim & Habiba, 2020). The effective coordination and utilization of marketing mix elements and their corresponding activities are crucial in achieving success.…”

“…Business firms can ensure precise product availability, targeted pricing, optimal distribution channels, and efficient promotional activities by implementing effective marketing mix strategies. These quality services are made available to customers/buyers under the marketing mix strategy (Hanaysha et al 2021;Al Karim & Habiba, 2020;Muchiri, 2016). The significance of service quality lies in its ability to differentiate an organisation from its rivals, thereby facilitating the attainment of a durable competitive edge.…”

“…Therefore, it is essential for the organisation to have a well-designed marketing mix plan that can meet the needs of their customers and enhance their business performance. Furthermore, there is a scarcity of research that investigates the influence of a firm's marketing mix strategy and service quality on its business performance (Al Karim & Habiba, 2020;Hanaysha et al 2021;Khan et al, 2019). Thus, the objective of the study is to investigate how marketing mix strategies can enhance the business performance of the readymade garment sector by emphasising service quality.…”