Marketing Mix
(4Ps)

Generating the optimal response in the market. Explanation of Marketing Mix of E. Jerome McCarthy.

What is the Marketing Mix? Description

The Marketing Mix model (also known as the 4 P's) can be used by marketers as a tool to assist in defining the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the Marketing Mix principles are controllable variables. The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.

 

Product

 Historically, the thinking was: a good product will sell itself. However there are no bad products anymore in today's highly competitive markets. Plus there are many laws giving customers the right to send back products that he perceives as bad. Therefore the question on product has become: does the organization create what its intended customers want? Define the characteristics of your product or service that meets the needs of your customers. Functionality; Quality; Appearance; Packaging; Brand; Service; Support; Warranty.
Price How much are the intended customers willing to pay? Here we decide on a pricing strategy - do not let it just happen! Even if you decide not to ask (enough) money for a product or service, you must realize that this is a conscious decision and forms part of the pricing strategy. Although competing on price is as old as mankind, the consumer is often still sensitive for price discounts and special offers. Price has also an irrational side: something that is expensive must be good. Permanently competing on price is for many companies not a very sensible approach. List Price; Discounts; Financing; Leasing Options; Allowances.
Place Available at the right place, at the right time, in the right quantities? Some of the recent major changes in business have come about by changing Place. Think of the Internet and mobile telephones. Locations; Logistics; Channel members; Channel Motivation; Market Coverage; Service Levels; Internet; Mobile.
Promotion (How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Direct Marketing, Public Relations, etc. While the other three P's have lost much of their meanings in today's markets, Promotion has become the most important P to focus on. Advertising; Public Relations; Message; Direct Sales; Sales; Media; Budget.

 

The function of the Marketing Mix is to help develop a package (mix) that will not only satisfy the needs of the customers within the target markets, but simultaneously to maximize the performance of the organization. There have been many attempts to increase the number of P's from 4 to 5P's in the Marketing Mix model. The most frequently mentioned one being People or Personnel. Booms and Bitner have suggested a 7-Ps approach for services-oriented companies.

 

Book: Nirmalya Kumar - Marketing As Strategy: Understanding the CEO's Agenda.. -

Book: David A. Aaker - Strategic Marketing Management -

 

Marketing Mix Special Interest Group


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Marketing Mix Forum

Recent User Comments
rehab - Egypt The five V's for Marketing Mix "Value, Viability, Volume, Variety, Virtue,"    1
Nhi - Viet Nam 4P "My teacher said that Marketing is the 4Ps plus a C (customers). And he didn't explain it, so I really don't understand it too much. Can you help me explain it? Thanks."    4
 - China Difference between Theory and Practice "Despite all the marketers know the 4PS or 4CS, actually most of them don't execute according these theory due to a lots of practical problems. We just try our best to make good decisions and to do the right things."    -3
Pam Rose - US 4P's for E(mail) Marketing "I read an article by Stefan Eyramon on the 4P's for e(mail)-marketing that I thought was pretty good.
- PERMISSION (explicit permission to send an email to a recipient)
- PRIVACY (clear, concise and easy-to-read Privacy Policy)
- PROFILING (asking recipients about their preferences so that marketers can provide them with relevant information and offers)
- PERSONALIZATION (you can now cost-effectively leverage customer information with appropriate content that has the right message and the right offer to the right person at the right time. (Source: e-bc.ca/pages/resources/email-marketing.php) "		    3
Mou - Kolkata Why Marketing Mix? "What is the significance of an effective marketing mix?"    1
Best User Comments
Aung Chit Khin - Myanmar the 7Ps Mix "Most of today's products are not purely physical. We are also offering intangible values like brand feelings and after-sale services in additional to the physical benefits. So, I think, only the 7Ps mix is complete for both products and services."    33
Editor - NL Quotes on Marketing Mix "Do you know some deep, famous or funny quotes on the Marketing Mix? Quotations? Proverbs? Please share them as a reaction to this posting and mention the author. To get started, here's my favorite: 'Half the money I spend on advertising is wasted, and the problem is I do not know which half.' - Lord Leverhulme 1851-1925, British industrialist and philantropist"    28
Thitiwut Sri - Thailand Before using the Marketing Mix "Most marketers emphasize the marketing mix. In my opinion, The most important part of the marketing plan is knowing what are the customer's requirements. Firstly, you must drill down to your target's behavior before analyzing the appropriate marketing mix. Your product or service may be suitable for selling to a niche market not for the mass market."    25
Aung Chit Khin - Myanmar Customers' Value Bundle "I think I saw the term(s) in P. Kotler's book. the word "Product" makes your thinking centered around the physical product only. So, i prefer using "market offering" or "Customers' value bundle". Sure, it's a mouthful. But, those terms make you think of th 7 Ps and customers simultaneously and integratively."    9
obed gbamire - ghana marketing mix "The 4ps have played an important role in the disemination of products."    9
Dan - US 4Ps renamed: the SIVA model "An interesting customer-focused variant of the 4Ps was suggested by Chekitan S. Dev and Don E. Schultz in Marketing Management v.14 n.1 January/February 2005. Their approach is known as the SIVA model (Product > Solution, Promotion > Information, Price > Value, Place > Access)."    9
FormulaOne - Canada The 5th P "As all things tend to evolve, the gap in this theory is failing to recognize the other key element in Marketing .......... People. The 5th P reflects demographics and the dynamics that occur when the other 4 P's are established and how people's behaviour and propensity to buy are influenced. Sales and Consumption can only be achieved through People responding and transacting which is where the 5th Element emerges."    9
Wellington - UK The 6th P "There is actually a 6th P which is PROCESSES as organisations are now competing more on processes and capabilities especially with the emergent of the network organisation"    5
Wouter - Netherlands 4S Web Marketing Mix "Constantinides constructed a 4S Web Marketing Mix Model which is better suited for use with Internet Marketing. The 4S's stand for Site, Synergy, Scope and System. For example, Place is not suited for the Internet, since a webshop is not the same as a fysical store. You find it via a link in the Compare to section below."    5
Maryam - Nigeria Information Services "How are the 4p's applied to information goods and services?"    4

Marketing Mix Education & Events



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Compare with the 4-Ps: Extended Marketing Mix (7-Ps)  |  4S Web Marketing Mix  |  3C's  |  Product/Market Grid  |  SERVQUAL  |  Competitive Advantage framework  |  BCG Matrix  |  Bass Diffusion Model  |  Positioning  |  Co-Creation  |  Disruptive Innovation  |  Relationship Marketing

 

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  ● Charity (South Africa) My view "I think the Marketing Mix is very crucial so as to equally accommodate both the needs of the producer and the consumer."
  ●  (Iran) Marketing Mix is Important "In my opinion, the marketing mix is the most important part of decision for every company that wants to act in the market more effective and more efficient. The appropriate 4p's can create competitive position for enterprises. If the enterprises ( both commercial and services type) are keen to stand in the bright and shining position of the market, they must design, formulate and implement such a good and comprehensive marketing strategies for 4p's."

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  ● Fawas (Sri Lanka) Extended Marketing Mix "Yes, also called Extended Marketing Mix. See also the text and the link in "Compare also:" below."

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  ● S K "Bal" Palekar (India) Positioning comes before the Mix "Marketing Mix is a mere format. The content to fill the format comes from Positioning which in turn depends not only what the customers want but also on what your competition is doing"
  ● Thitiwut Srimanop (Thailand) Customer requirement come first "How do you know what you are going to do if you don't know the customer requirement. you can't produce any products or make anything about the marketing. Including how to compete with the competitor. The bottom line of doing business is profit that came from selling and the customer bought it."

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  ● andreea (Romania) appealing "i want to read it"
  ● Jim (Pakistan) Marketing Business Mix ":O well I think this site is amazing I truly do..."

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  ● Mizba (Pakistan) 4 p's "Thats true! We should focus on 4 p's in order to improve the quality of our product."
  ● Emoruwa Monday Sola (Nigeria) 7ps "Because of the dynamism of product - most of which are intangible these days - I believe the 7ps mix must always be considered for sales of products and services."

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  ● GuyFeng (China) 4P "Attitude to clients or service: Professional, Prompt, Patient, Preconsidering!!"
  ● Thijs (Netherlands) more P's "Presentation Psychical Distribution"
  ● WHW (Singapore) 4Ps "People? Yes the modified 7Ps already include People as well as Process and Physical Layout"
  ● Alvin Chua (Malaysia) secret Ps'.. "Ps''s Ps' that is think out the Ps' secret..!"

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