Concept of the Marketing Mix- 4Ps

Marketing may be defined as placing the product in the right place, at the proper price, and at the appropriate time. This may sound like a very easy plan. However, it should be borne in mind that considerable investment and effort are required to ensure that the organization fulfills this objective. A promising product or service can fail totally and lead to substantial losses when one of the elements is off the mark.

Using a marketing mix offers an excellent way to ensure the right product is in the right place. The marketing mix is a very important tool that helps businesses understand what the product or service can provide and how successful marketing of the product can be anchored. This mix is generally implemented through the 4Ps of marketing, namely Price, Product, Promotion, and Place.

THE ORIGIN OF MARKETING MIX JARGON AND CONCEPT

In 1964, Neil Borden published an article titled “The Concept of the Marketing Mix”, from which the concept started gaining popularity. In the 1940s, James Culliton portrayed the marketing manager as a mixer of ingredients. Borden explained how he was inspired to start using Culliton’s term. Borden outlined these ingredients in his article as product, distribution, planning, price, branding, advertising, packaging, promotions, display, and personal selling. E. Jerome McCarthy later grouped these multiple items into 4 top-level categories currently referred to as the marketing mix 4Ps. A combination of these four classes helps create marketing strategies and tactics.

THE OBJECTIVE OF THE MARKETING MIX

Over the years, the experts formalized and developed the 4Ps to guarantee the development and execution of an effective marketing strategy. The effort is made to satisfy the customer as well as the seller through the use of this tool. This mix has been proven as a major factor in the success of a product once it is well-understood and used.

THE MAJOR FEATURES OF THE MARKETING MIX

Mutually dependent variables: The marketing mix comprises four distinctive variables, which are interdependent and need to be planned in combination. This ensures that action plans within the four are both complimentary and aligned.

Assist in the attainment of marketing targets: By making use of this set of variables, a business may achieve its marketing targets, including sales, profits, as well as customer satisfaction and retention.

Flexible Concept: The marketing mix concept is both fluid and flexible. Given the unique marketing conditions and customer requirements, the focus on any one variable can be increased or decreased.

Continuous Monitoring: It is necessary to look out for varying trends and requirements both within the company and in the market to ensure that the marketing elements remain relevant and efficient.

The Function of the Marketing Manager: The helm of the marketing mix requires a mature, intelligent, and innovative marketing manager. This crucial position means that the manager is responsible for attaining desired results through skillful manipulation of these variables.

The Customer as the Central Focus: An important aspect of the marketing mix is that the customer is the main point of the activity. Customer perceptions determine the product’s value; hence the objective is to achieve a satisfied and loyal customer.

See: Marketing Mix 4Cs

EXAMINING THE MARKETING MIX 4PS

Product

When it comes to the product, it is either a tangible good or an intangible service that meets a particular customer’s need or demand. There is a logical product life cycle that all products should follow. As such, it is crucial for marketers to understand and plan for different stages and their specific challenges. Understanding the problems that the product is trying to solve is very important. This calls for a study of all the product’s features, distinctive selling propositions, and benefits. Besides, the product’s prospective buyers need to be recognized and understood.

Price

Price refers to the real amount the end user is expected to pay for the product. The price of a product affects how it performs on the market. This is related to the product’s perceived value to the customer as c opposed to the product cost. A product with a higher or a lower price tag than its perceived value will not sell. Understanding how a customer perceives what you are selling is extremely important. It is possible for a product to be priced higher than its true monetary value and still sell if it enjoys a positive customer value. On the other hand, a product may need to be underpriced for it to sell if the customer considers it of little value. Factors such as distribution plans, value chain costs, markups, and how competitors price a rival product may also affect the price.

Promotion

The promotion plan comprises marketing communication strategies and techniques. These may entail advertising, sales promotions, special offers, and public relations. Regardless of the channel used, the promotion should be appropriate for the product, the price, and the targeted end user. Distinguishing between marketing and promotion is vital. It should be borne in mind that promotion is merely the whole marketing function’s communication aspect.

Place

How the product will be provided to the customer determines the place or its placement. Thus, a product’s distribution is a major element in determining a product’s placement. The placement strategy can be helpful when it comes to assessing the most suitable channel of distribution to be used.

Over the years, marketing managers have had this feeling that the conventional marketing mix has its limits in the manner in which it is structured. Several key elements have been clustered within four larger categories. However, marketing mix- 4Ps seem to offer the right solutions to the marketing problem.

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