Marketing Mix - H&R BlockMarketing MixAs we all know, marketing is a necessary part of our daily lives. We not only sell products and services, but we market ourselves as part of the day-to-day business. This week I spent time talking with a dear friend who is a Store Manager for H&R Block, discussing the 4 Ps and how they apply to his organization. It was very interesting to see how different industries market their products and services. Does the thought of receiving your tax return immediately catch your attention? Well, it has certainly helped H&R Block increase its ability to attract customers. It seems that instant gratification is a promotional marketing tool that many companies are using now. After briefly describing the 4 Ps of marketing, we'll look at how H&R Block uses all phases of its marketing mix. Definitions Product is/are the products or services you offer that are unique and different, higher quality and easier to use. In my opinion, the product or service is one of the most important aspects of a successful business. If you have an item that the customer really wants, they will go out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a popular local burger restaurant opened in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy burgers. If you had passed by and seen the long line you would have thought they were giving away something for free. The price is the price at which you sell your products. This is based on the cost and value of the product to potential customers. I believe price is important and you will definitely attract customers with the lure of cheap prices, especially during the Christmas season. How many people recently have woken up at 4 a.m. only to stand in line for several hours so they can get a great deal and save a few dollars? I believe it works to motivate certain customers, but there are still consumers out there who aren't interested in getting stamped at a cut-price sale. Promotion is the advertising to potential customers and the effort to create awareness of your business. It is reasonable to believe that without the ability to advertise a company would have difficulty generating new customers.