Marketing Mix 4Ps
Marketing Mix Strategies from 4PS
The marketing mix is all the marketing elements concerned with a product -Professor Neil H. Borden. The marketing mix describes the specific ombination of marketing elments used to achieve the objectives and satisfy the target market. The plan consists of four major factors which is commonly know as marketing mix 4ps , which are Product or service, Place, Promotion and Price
One of the most common way of presenting the marketing mix 4ps is by McCarthy’s Four P’s : Product, Promotion , Price and Place.
Product - is the quality of the product as perceived by the potential customer. This involves an assessment of the product’s suitability for its stated purpose, its aesthetic factors, its durability, brand factors, packaging, associated services, etc.
Promotion - concerns the advertisement of a product, its sales promotions, the company’s public relations effort, salesmanship.
Price – Prices to the ultimate customer, discount structures for the trade, promotion pricing, methods of purchase, alternatives to outright purchase.
Place – distribution channel decisions. location of outlets, position of warehouse, stock levels, delivery frequency, geographic market definition, sales territory organization.
Marketing mix strategies attempt to find a workable, preferable optimum, combination of controllable marketing factors. There is no such thing as a typical marketing mix because each company prescribes its own unique formula covering
1. The elements in the marketing mix 4ps
2. The relative importance attributed to each element.
3. The resources currently and potentially available to the company.
4. The specific corporate objectives towards which the mix is expected to contribute.
5. The accuracy and relevance of accesible information on the direction, magnitude and frequency of change of those factors which the company cannot exercise control.
6. The evaluation criteria used to decide the balance of the factors involved.
The marketing mix 4ps and marketing mix strategies are therefore processes of creating, reviewing, selecting and marketing the right product in the right place, to the right customer at the right time, while achieving the right price and relevance of the product life cycle.