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.
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Product
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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.
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| 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 -
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4P Implementation Steps
"I would like to know what steps one takes in a 4P implementation. Is there any particular order? Please inform me." |
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Marketing Mix in Recession
"In view of the recession, how have the marketers adjusted their marketing strategies in terms of the 4P's in marketing in order to cater for the needs of the bottom of the pyramid consumers?" |
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What About This Period
"In the current situation of recession I think even the top marketing methods are not working. These days the customer looks at the mandatory requirements rather than going in to schemes and advertisem..." |
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Marketing Mix for Business Planning
"Define the service, develop a benefit list, focus on what makes the business different from the competition, develop the positioning of the service provided, calculate financial benefits for the advan..." |
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Use Customer Perspective. 4 C's
"The concept of 4p's is mainly dependent on the delivering value to customers' profitably, so for fulfilling above objective the company should think from buyers' point of view rather than selle..." |
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What is the Total Marketing Mix? Definition
"The total marketing mix includes 4Ps, 4Cs,4As and 4Os:
4Ps: Product, Price, Promotion and Place
4Cs: Customer needs, Cost to user, Communication, Convenience
4As: Acceptability, Afforda..." |
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C4Ps - Culture in Marketing Mix
"All I can say about Marketing Mix is that may be also the Culture is also important. Maybe we could have called it c4pcs, believe me before analysing the product you must take note of the cultu..." |
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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 requirements. Firstly, you must drill down to your tar..." |
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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". S..." |
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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 favor..." |
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Marketing Mix | The 4Ps Special Interest Group
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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
Return to Management Hub: Communication & Skills | Marketing
| Strategy |
Supply Chain & Quality
More Management Methods, Models and Theory
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