Jmeratonal Jounal of Eno eprenewrial Research 3) 8-12 International Journal of Entrepreneurial Research . (JER) Online ISSN: 2663-7588. Print ISSN: 2663-757X ss readrsiigin ne ner Influence of 4P Strategy on Organisation’s Performance: A Case on Bangladesh RMG Sector Rashed Al Karim’', Wardha Habiba? " Sencol of usiness, East Deta Universty, Bangladesh * Goweaponding author rahe sbsrmayshoo com Abstract Teena EN Received: ey pee Peres Firms can attain their organizational and marketing goals in the respective target markets by proceeding with fan appropiate 4P stralsgy Effecuel and competent employment of rescurces can be achieved by the Proper implementation of the appropiate 4P strategy, which in turn facitales the avaladity of the appropiate product, at an appropiate price and in tne appropiate place. The research ams al investigating ‘tho impact of 4P stratogios on organization performance in tne Garments industry of Banaladesh based on CCEPZ (Chitisgona Export Processing Zone). McCarthy's (1864) 4 Ps (such as product. price, place and Promotion) ae considered as the elements of 4Ps inthis study. Data was collected through a survey where a structured questionnarre, containng 25 closec-ended questions, was used. A total of 180 respondents Were selected conveniently for ths survey. The dats was analysed using SPSS 240 version. From the findings of the study, it was found that produc, place, price and promotional sirateges signficanty and Dosiively influenced the orgenzaton’s performance. The findings suggest that by focusing on the 4P Strategy, fms may achieve superior functioning proficincies, compared to thei vals. Eventualy, ow eeretCy recommendations were effered forthe garment industry. Keywords: Product Priva romotion, Ready-Made Garments Industy INTRODUCTION Firms are facing a tough time in performing business fanetions in this epoch of heightened competitiveness. Tn order to fonction smoothly, firms are making relentless attempts to broaden up their product categories, masket premium goods, decline expenses and sieet the needs of the respective customers. Accordant to Muchist (2016), in order to atain a high degree of competency, itis essential to make efficacious use of the components of the marketing mix, Therefore to atain the anticipated company productivity, a firm can conitive its financial fiamework by blending the appropiate components of a maisketing mix strategy. Moreover, proper marketing ‘mix strategy helps an organization to aecomplish its marketing objectives inthe competitive markets and it helps an organization to atiaia the goals of the fam, Efectwal and competent employment of resources can be achieved by the proper implementation of the appropriate AP strategy, which in tm facilitates the availability ofthe aprcpnate prod, faa appropriate price aad! in the appropiate place From another point of view, the significance of the garments industry in Bangladesh has been found to be quite evident in the period of the last 30 years. The garments sector of the country has given rise to employment opportunities, more specifically in favour of {he inexperienced aud uncoached women: thus coatibuting toa stable evelopment of the economy. This sector commenced its journey in the period between the end of the year 1970, and the begining ofthe following year. At the present day, this sector is playing a massive ‘and prise role in the economic advancement ofthe country and earns ‘profits in several milli, AL the end of the 1970"s, this sector was ound to positively impact the expost of Bangladesh by 0.001%, Gm ‘whereas, duting 2007 this figute rose up to 79.3% (Haider, 2007). As pperthe statistics published by the Dhaka Tribune (2018), the industry dnas subsidized 83.49% inthe export of Bangladesh, accounting for up to a figure of 36.66 billion dollars as of today. It has also facilitated ‘employment opportunities for about forty million people, most of who fare acconnted to be women. In line with the Export Promotion ‘Bureau (EPB), inthe last financial year, the expending of the industry in the RMG sector depicted a tise of 8.76% with a figure of 30.61 billion dollars. Moveover it was also found thatthe rate inevemented to 1.51% higher than the anticipated objective forthe financial year 2015, which was 30.16 million dollars. ‘Even though the economale performance of the garments sector is growing but to sustain in this competitive market the garments sector needs to have a proper 4P strategy. Because currently, several ‘companies are facing problem to retain their buyers as they failed to fulfill the buyer's requirements, Particularly they are facing challenges regarding the product type. a proper distribution system ‘and pricing siategies in tems of Satisfying the buyer's cequiremeat regarding order placement. In addition, the buyers have so many ‘options from other companies from other couaties where they oi ‘easily switch and eventually the organization's financial performance ‘will be affected. Accordingly, it is essential to have a proper 4P strategy for the organization to satisfy its buyerreustomer. Thus, this [proposed investizntion aspires to explore the effectiveness of 4P strategies on company performance and how effective is the 4P strategies for the companies of the readymade garment sector to perform better. To do so, the study will only examine the effects of 4P strategies on the company performance based on the Chittagong Export Processing Zone (CEPZ). Copsigt © 2020 Aub, Ths an open aces ance dnd ude he Cie: Commas Abuion Lieve, wich yemie used i, ‘Sniaien aa procaine posed the cipal eek pope edJmeratonal Jounal of Eno eprenewrial Research 3) 8-12 LITERATURE REVIEW Elements of Marketing Mix According to Constantinides (2006), the mix has its origins inte '60s and Neil Borden (1964) first identified twelve controllable marketing flements and if those twelve marketing elements are propedly managed, it would result in a “profitable business operation”, After that, McCarthy (1964) reduced Borden's twelve marketing elements toa simple four-element framework: ‘McCarthy's (1964 Simple Four Element Framework Product a tangible objector intangible service that is produced or manufictured and offered to consumers in the smacket the amount a consumer pays forthe privet cr service, ‘normally an economic cos. represents the location where a product or service can be purchased and can offen be refewed 10 as the slstubution channel, This caa include physical sto as well as virtual outlets oaline. sepcesents the communications that marketers use in the marketplace including advertising, public relations. personal selling and sales promotion Source: Gordon, 2032) Price Place Promotion ‘And later MeCarihy’s (1964) these four marketing elements have bbeceme the widespread and essential element of marketing theory and ‘operational marketing management (Constantinides, 2006). Accordant to Grénroos (1904), the mujority of marketing practitioners believe thatthe instmumect set of transaction marketing and prototype for the planning of operational marketing is a combination ofthe components of the marketing mix. Besides, many kinds of research performed by Sriram and Sapienza (1991), Romano and Ratnatunga (1995), and Coviello etal, (2000) state thatthe marketing mix is a credible source {or practitioners while dealing with contemporary aspects of surketing A study by Alsem et al. (1996) covers $50 Dutch company’s executives, revealed that market leaders trust the formal ‘operational marketing planning based on the 4P paradigm much more than the market followers. Defining 4P's Kotler and Armstrong (2006) acknowledge price, product, place ‘promotion (advertising) as the 4P’s of marketing mix’ while Sereikiené-Abomaityte (2013) describes marketing mix as interelated actions and solutions to meet consumer needs and to achieve the company’s marketing goals, a whole, Likewise, on the ‘word of Rad (2014), by the compound, or mis. or a combination itis ‘meant that the McCarthy's four P'S (produ, price, promotion and place) showld have an established and coordinated systematic approach in order to have an effective induence on persuading the customers. More precisely, Rad (2014) outlines the marketing mix as the ight product at affordable prices is accompanied by better distribution and the use of appropriate comnication techniques and they act together in customers’ views (Rad, 2014), Pruskus (2013) noted the marketing mix as the combination of important considesations and drivers that facilitate in meeting customer needs and company objectives. Peter ané Doanelly (2007) believe thatthe basic aim of a marketing mix is that it impacts the decision making of the consumer and aids in making lucrative transactions. Most of the studies stated that marketing mix series of marketing tools that work together to influence the market place to achieve specifi goals ofthe company (Prusku, 2015; Sereikiené-Abromaityte, 2013, Kotler & Keller, 2012; Chelliah & Chin, 2011; Go, 2009; Suleiman et al, 2017), Prooucr ‘According to Singh (2012), the product can be defined as a physical product or service to the consumer for Which he or she is ea ‘willing to pay, which may be tangible (furniture, clothing and grocery items) or intangible (serviee). Kotler and Armstrong (2006) define a product a5 anything that can be offered fo @ market for attention, ‘acquisition, use, or consumption that might satisfy a want or need. In ‘ther words, the product can be referring as about quality, design, features, brand name, sizes, logo and packaging various products (Pushpavathani & Kumaradeepan, 2013; Borden, 1984; Jooste, et al. 2010), Besides that, Mobammadian, and Habibi (2012) mention that [prodcts can be defined generally to include physical abject, persons, places, events, organizations, ideas of mixes ofthese entities The efforts invested in devising the marketing strategy of the product impacts the fin's performance and the positioning of the product in the minds of customers as to What they hear about the ‘product from others and their own experience with it Saif and Aimin (2016) noted that the imperatives of an effectual marketing strategy ‘constitute designing and delivering a product or service in a mamet that completely fulfils the needs and wants of the customer: inrespective of whatever the form of prodct it may be. In order to create brand loyalty, consumers’ experiences with the produet must atleast, meet, if not actually exceed, their expectations. As specified by Keller (2003), the image of the product is paramount to Winning ‘customers in international markets because product image is one of the most powerful points of differentiation for consumers. The product also a primary decision that can influence to fulfil customer ‘demands. I is acknowledged by Meldrum and McDonald (2007) that ‘fim aust question whether the attibutes and features that their [prodicts offer are significant with the current need of the customer, Price: Woraité (2016) realized that it is the price that mainly impact the profitability and market share ofa firm as itis an essential element of the marketing mix and is very erucial to the market, Kotler (2007) defines price as the cost of producing, delivering and promoting the product charged by the organization. Along with Simon and Fassnacht (2009), the price of a product ora service isthe number of ‘monetary units that the buyer has to pay for a unit of tae produet or service, Zeithaml (1988) determined thatthe perception of a customer {in regard to a produet’s Value is greatly impacted by the price or incurted expence. In conformity with Campbell (2009), thee are two different perspectives of the price which include both from the ‘manager and customer's point of view. Firstly, managers deem price ‘as what the customer expends in setum for the buach of features that ‘the product can offer and is also the source by which a fim: can attain its necessary resousces i order to functiog, Contrastingly. the ‘customers believe that price is that which depicts what a customer trades off in order to attain the value a product has promised to offer “Thus, price is an important element in marketing with areat potential forthe organization (Sulaiman, Mat, & Ghani, 2018). Experts affirm ‘that, although the pricing may be suitable yet it will be incapable of covering up for any faulty execution of the other elements in the ‘marketing mix that include a promotion, distribution and product development (Palmer, 2011). Considerations that impact the setting of prices are often affected by the cost ofthe product, is distribution and ‘advertisement, marketing stiategy and price fluetvations inthe mauket (Singh,2012). An inverse relationship is exhibited between price and sales such thatthe higher the price the higher the sales falls as pricing is found ro be dependeat on the volume of marketed production. This thas also been supported by the work of many earlier researchers such ‘as Colpan (2006), Doole et al. (2006), and Owomoyela, Oveniyi, aud ‘Ola (2013). Saleability is hugely affected by the prices that ae set In fa way that agrees with Johnson, Scholes, and Whittington (2008), pricing for products or services with high levels of availability is quite ‘elastic in uature such that uait sales will fluctuate responsively as a ‘comeback to any changes made inthe price, Pisce Martin (2014) denoted place or distribution asthe technique and ‘manner by which produets of services ate extended to customers Copsigt © 2020 Aub, Ths an open aces ance dnd ude he Cie: Commas Abuion Lieve, wich yemie used i, ‘Sniien aa reproucion nn team proided the ciel eek optedJmeratonal Jounal of Eno eprenewrial Research 3) 8-12 Armstrong (2006) affirmed that distibution in terms of the ‘company’s product isthe implementation of actions to assure proper identification and execution. Distribution of the product helps customers and users to find and keep pusehace those products from those manufacturers‘providers with them at the time of need. Besides, distribution as an element of the marketing mix includes decisions ‘and actions selated to the movement of goods from the producer to the consumer (Ketle, 2003). With the ald of distabution suategy. [products and services are delivered to the customers in a direct ot Indirect manner by the assistance of various channels and network such a5 agents, wholesalers, distributors or retailers, in a way tha it leads to supesior customer value and yields customer satisfaction (Palmer, 2011). The place is a medium by which commodities are transferred fiom the manufseturer of the product to the user of the product as it comprises of distribution channels, warehousing facilities, mode of wansportation and iaventory coatrol mauagemteut For instance, in the case of a business commodity, the team of the business is in charge of the proper accessibility of the product by communicating With the ead customers. A proficlent and effective cutline of the supply chain and logistics activities of a firm is a requirement chat needs to be fulfilled as disuibution greatly impacts the profitability of a firm (Singh, 2012). Thus, the distribution may become a functioning complex system where producers, brokers andl independent trade and the interests of consumers wholly compatible ‘with each other ina certain eavicoument and a cetaia time, Whettoa O11) pointed out that A proper distribution channel aids an organization to understand to comprehend with an advanced ‘knowledge about the channels of sales, ensure appropsiate segmentation of distribution medivms within these channels, fsthom the key functioning of the intermediaties on the sales process and the sources that may impact these channels, and realizing where the fam stands in relation to the sales channel Proworion Promotion stategy isa major component of the muacketing mix strategy. I helps firms to communicate oa thei producto S2vices 9 the customers. Zeithaml, Bery, & Parasuraman (1983) denote the concept of promotion a2 an endeavour to motivate customers such that they say positive things about the firm's products aud services. Tsolate (2016) further expressed that promotion is 0 tool in the masketing mix to help in disseminating infomation while encouraging the purchase and affect the buying decision proces. Persoual seling, Sales promotion, adverising, putlic relations and direct omacksting are the clements that comprise a promotional suaregy. According to Lehtinen (2011) these components of the strategy boost the sales by impacting the network between an crganzaton and is customers positively. Kincade, Woodard, Pak fand Haesun (2002) noted that a healthy buyersller network is essential for successful promotional leverage in the gnrmens indus. Moreover, monetary support was found to be the mest eseatial source of promotional sppert. Furthermore, the conelation between the items that are believed to be essential and their frequencies of offerings was found to be postive and significant. Zavranik and Mumel (2007) affirmed that in the apparel sector of Slovenia, acverising is cousiered a5 ooe of the most essential tools of the tmavketing communications mix. Simultaneously, the authors emphasized that personal selling sales promotion and publi relations axe also important tactics under promotion. Promotion is a complete combination of advertising, personal selling sales promotion, public relations and direct marketing tools and is consideced essential i the product macketing mix by compenies who ulize iin a way that aids them in achieving their advertising and marketing. goals (Sor, 2007) Relationship between 4P Strategies & Organisation's Performance ‘The marketing mix is comprised of a prolonged and proactive ‘couse of actos that aid firms to achieve competencies better than ea ‘their rivals Baron (2010) acknowledges that competitive advantage or ‘competencies as such are more likely to last as long as the rivals are incapable of simulating ot mimicking it, Performance has been believed by many researchers and found to be noted in their studies, as a multifaceted aspect and that it is impacted by various ‘considerations which in tum shape the industry. As identified by ‘Muehist (2016), the implementation of the marketing mix strategies hnas led 0 more practical marketing practices. Improvements have been observed in many performance metrics such asthe sales growth in volume, increased goodwill and higher remus on investment: by the effectual implantation of the marketing mix strategies. Therefore, ‘Muehist (2016) noted that the market share is increased and that a ‘move susiainable competitive advaatage can be achieved over the rivals by an efficacious implementation of marketing mix strategies. “Alongside, Kurtz and Boone (2011) have found that the performance ‘ofa fim is impacted by the implementation ofthe suategies, and tis, in tm, is affected by the level of productivity of these suategies. It ‘vas also found by them that, one of the greatest difficulties that racketers face today is due to thelr ineapabiity of depicting the rit levels of productivity of the marketing strategies, This results in ‘difficulty to forecast the changes that may take place in the market ‘and an assessment of it Hypotheses of the Study (On the basis ofthe literature review and the aims ofthis paper, the hypotheses that are proposed to test the relationship between 4P strategies and the organization performance are the following: LHI: There i a relationship between product strategy and organization performace HR: There is a relationship between distribution strategy and organization performance 1H: There isa selatiouship between pricing strategy and organization perfomance HA: There is a relationship between promotional strategy and organization pasformance RESEARCH METHODS For this study, the data was collected by conducting a survey ‘through a structured questionnaire. The questionnaire of this study ‘was consisting of 28 questions which were divided into six parts ‘where QU t0 QS demographic question, Q6 to Q20 mauketing mix questions and Q21 to Q25 Organization Performance-rlated ‘questions, All these items under independent and dependent variables ‘were scaled on a five-point Likert scale starting ftom strongly disagree 1 to strongly agree 5. A total of 100 questioamaires were ‘stibuted where the study respondents were selected through non probability convenience sampling. The details of data collection are below: Table 1. Response Rate of he Questonnsre nee FrequencyiRate No.of Questionnaire Dstibuted 20 No. of Questionnare Returned 165 No. of Questionnaire Returned in Useble Concition 150 No.of Questionnaire Returned in Non-Usable 6 Goncition ‘Quastionnavra Not Returned 5 Response Rete 91.66% \Vabd Response Rate 53.53% The sumber of questionnaires distributed to the respondent was 100, From these 100 questiounaies, the respondent retuned 92 ‘questionnaires. However, fom these 92 questionnaires, only $4 {questionnaires were usable. Of the remaining § questionnaires, the respondents did not complete the whole questionnaire and they ‘missed orton some key points. Copsigt © 2020 Aub, Ths an open aces ance dnd ude he Cie: Commas Abuion Lieve, wich yemie used i, ‘Sniien aa reproucion nn team proided the ciel eek optedJmeratonal Jounal of Eno eprenewrial Research 3) 8-12 Reliability Test To check the internal reliability of the items of the study variables, this research has conducted the Cronbach's Alpha test of reliability, “Moreover, the value of Cronbach’s alpha should be 0.700 or above in line with Nunnaly (1978), although according to Gerrard, Cunningham, and Devlin (2006) a value 0,600 is considered to be satisfactory. In this study, the value of Crogbach’s alpta is 0.873 ‘which is cansidered to be more reliable asthe value is more than 0.80, “Therefore, as It is evident the items used for measurement in this study have been fotnd to be credible and truswoethy. Table 2. Relbiity Test Variables Cronbach's alpha items Product 0758 5 Prose 0.661 3 Pree 0.690 3 Promotion 0.745 4 Oigansations Perfomance 0779 5 Average 07% FINDINGS OF THE STUDY ‘The following tables are presenting the SPSS (wession 20) output revealed from the multiple regression analysis ‘Table 3. Model Summary is evident ffom table-3, thatthe value of R is 0.871. Therefere, this value (0.671) for the complete 4P strategy dimensions namely (promotion, product, price, and place) depicts that tie independent variables of the study have had a strong impact on the dependeat ‘vafiable wileh is ofganisational performance. Moreover, table-2 illustrates that value of R-square (R2) which denotes the coefficient of determination, is 0.480 and that it corresponds to a 48.0% of variation fof the dependent variable (organisation's performance) which is caused by the independent variables (such as product, price, place and promotion); this, i turn, accounts for the sang explanatory power of regression Table 4, ANOVAY From the table-,it is identified thatthe value of F-stat is 29.659 an is significant as the P-value is less than 0.05 (Le. p= 0.05) at S06 Jevel of significance. Consequenty, it is now evident thatthe model is f reasonable to fit and the relationship between 4P strategies and ‘organizations’ performance was found to be statistically profound, This leads to the conclusion that the hypotheses of the study are accepted and thatthe effect ofthe 4P strategies on the organizational performance is profound, Table 5. Cocficients* ‘The unstandardized coefficieuts in Table-s depict the variation of f dependent variable with respect to the independent variables provided that all other iadependest variables remain unchanged. The degree to which the 4P strategies such as product, price, place, and prometion impact the organizational performance has been identitied by the beta coefficients. It has become evident that, product (B 0.227, t = 2.978, p = 0.003<.08) and place (B = .297, t= 3.638, p 0000.05) have had the greatest impact on the performance of the organization. Whereas, price (B = 0.186, t= 2.007, p = 0470.08), promotion (8 - 0.169, t = 2278 p - 0.024< 005) have a comparatively lesser effect on the organization's performance. In ‘addition, multicollinearty tet has also been pecforated to check the inter-correlation of the independent variables, that is, whether the extent of multicollinearity among independent variables is high. to Hair et al. (2010), ifthe comelation coefficient is 0.90, and above, the issue of multicollinesrty is deemed to be problematic. Besides, Hair et al. (2010) noted that the instances that depict Increased levels of multicolliuearity are tolerance value of 0.10 or ea below and variance inflation fictor (VIF) value of 10 or abowe. The ‘extent of muticolinearty among independent variables isnot high as from the table-4, i is depicted that tolerance value of al independent ‘variables (ie. Price, Place, Product, Promotion) is higher than 0.10, as ‘well as, the variance inflation factors (VIF) value is lower than 10. ‘Moreover, t was also found from the table-4 that all the hypotheses ie. Hi, H2, H3, and H4 were accepted as the p-value of these ‘vanbles are less than 0.05 with 95% conficence level. that 1s. ‘product, place, price and promotion strtegies are significantly related {othe ergaaizacion performance. CONCLUSION, LIMITATIONS AND RECOMMENDATIONS ‘A AP strategy isa significant tool for ereating the right marketing strategy as well as helps in determining which marketing stategy is right Tor your organisation. It is the frst step of your business or ‘marketing plan because 4P strategy decisions have impacts on matket positioning, targeting. and segmentation decisions. 4P strategies belp in achieving the company goals and meeting the customer's o& buyers needs. The results presented here suggest that the ‘orgenization’s 4P strategies lave influential effects on organization ‘performance. From MeCarhy’s 4 p's, this study found that product, place, pricing and promotional strategies have a significant and positive relationship with organization performance while [promotional strtegies do not have any significant impact on ‘organization performance, Based on the findings, the study ‘accomplished that the 4P strategy is an important aspect 0 achieve better organization performauce. 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Consumer Perceptions of Price, Quality and Value: A ‘Meana-nd Model and Sytiews of Evidence. Jounal of Marketing, 2- Zeithaml, VA, Bey, LL, & Prasuraman, A (1993) The Neture & ‘Determinants of Customer Expectations of Seraee JAMS, 21(1), 1 2 we dbaatrbune com busines/201807 05 ima-exports-save8-76-groth- Tas seal eae Model RSquare—AGLR ‘Std. Error of Change Statistics Square the Estimate Square = FChange ===? Sig. F Change change i ar" 480 435 51738 450 201650 a 145 000) 2. Predictors (Constant), Promotion Product, Pros, Place Table 4. ANOVA® Model Sum of Squares oF Mean Square F Sig, 7 Regression 31757 4 7938 25.659 000 Residual pears as 268 Total 70572 149 Dependant Vanabie OP b. Predicts: (Constant), Promotion, Product, Prive, Paco Table &. Cooflcients* ‘Model “Unsiandardized Coefficients Standardized t Sig ‘Callinearity Statistics Coefficients B Std. Error Beta Tolerance UF T (Constant) 312 342 912 363 Product 236 079 2978 003651 L386 Place 32 ‘oss 3638 000568 1750 Price 136 093 2007 odd 1.602 Promotion 179 079 2278 on4___686 Lass ‘a Dependent Variable: OP ea Copsigt © 2020 Aub, Ths an open aces ance dnd ude he Cie: Commas Abuion Lieve, wich yemie used i, ‘Sniien aa reproucion nn team proided the ciel eek opted