Marketing Mix | The 4Ps

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Generating the optimal response in the market. Explanation of the 4Ps of E. Jerome McCarthy.

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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 | The 4Ps Forum
  Necessary Skills of Marketers
According to Kotler (1972), effective marketing co...
     
 
  New Marketing Mix Concept: SAVE
We are familiar with the concept of 4P of marketin...
     
 
  Add a Living Element to the Marketing Mix
Ask any MBA student on the fundamentals of marketi...
     
 
  How the Marketing Mix Influences Operations
Can anyone explain the relevance of the marketing ...
     
 
  What are the Implications for 4Ps if the Exchange Rate Changes
What are the implications for international market...
     
 
  Marketing Mix Modelling
Hi all... What statistical techniques are used in ...
     
 
  What is the 5P's Marketing Mix?
I want to know the following about the 5P model:
     
 
  4P Implementation Steps. Order of Implementing the 4Ps?
I would like to know what steps one takes in a 4P ...
     
 
  4th P includes Image and Reputation
Note that image and/or reputation are part of the ...
     
 
  Impact of Marketing Plan on Employees?
Does a marketing plan have any impact upon the emp...
     
 
  Marketing Mix P's for Online Companies
I have a question, how will you prioritize the p's...
     
 
  Marketing Mix in Recession
In view of the recession, how have the marketers a...
     
 
  What About This Period
In the current situation of recession I think even...
     
 
  Marketing Mix Alternatives
Are there any credible alternatives to the marketi...
     
 
  Marketing Mix for Business Planning
Define the service, develop a benefit list, focus ...
     
 
  Add Image to Marketing Mix: 4P + I
The four P`s needs an additional I for Image. This...
     
 
  Examples of Marketing Mix
I would like to see an example of the 4 ps of mark...
     
 
  The five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue,...
     
 
  Marketing = Marketing Mix + Customers = 4P's + C
My teacher said that Marketing is the 4Ps plus ...
     
 

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Best Practices - Marketing Mix | The 4Ps Premium
  Promotion Mix | Marketing Communications Mix
The term Promotion Mix (PM), also called
     
 
  Before using the Marketing Mix
Most marketers emphasize the marketing mix. In my ...
     
 

Expert Tips - Marketing Mix | The 4Ps Premium
 

A Marketing Mix that Recognizes the Power of the Customer

Chekitan S. Dev and Don E. Schultz - like L...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

How to Determine the Right PRICING?

One of the 4 P's is Pricing. To help managers find...
Usage (application): Steps to Strategic Pricing
 
 
 

The Most Complete Marketing Mix

The 'Total Marketing Mix' includes 4Ps, 4Cs...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

The Renewed 4P Marketing Mix

Arussy suggests in his article "Congratulat...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

Understanding your Customer's Needs

In order to transform your customer’s experience a...
Usage (application): Customer Targeting and Strategy
 
 
 

Are the variables really controllable?

A key assumption of the 4PS model is that the 4...
Usage (application): Marketing Strategy
 
 
 

Marketing Mix from the Customer Perspective

In contrast to the 4P's Marketing Mix by McCarthy,...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

The Role of the 4P's in an Online Enviroment

Although the 4P's are not the critical factors in ...
Usage (application): E-Marketing, Strategy
 
 
 

The Goals of Marketing

No matter your words combination, according to mar...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

Going Global: Adaptation of Marketing Mix Components

As we all know, companies that conduct business in...
Usage (application): Marketing Strategy, Global Marketing, International Marketing, Marketing Mix, 4Ps
 
 
 

Don't Forget Internal Marketing

Besides external marketing, dealing with th...
Usage (application): Involving your Employees, Internal Marketing Best Practices
 
 

Resources - Marketing Mix | The 4Ps Premium

How Integrated Marketing Works

Integrated Marketing Communications (IMC) is desig...
Usage (application): Marketing, Promotion, Branding, 4 Ps, 7 Ps
 

External Environment In-depth: Sub-types and How to Manage Them

This presentation covers the topic of external env...
Usage (application): External Environment, Environmental Scanning, Environmental Management, Competitive Environment
 

Overview of Pricing and Pricing Strategies

This presentation contains an overview of various ...
Usage (application): Pricing
 

Product Packaging

In-depth presentation about packaging and sustaina...
Usage (application): Marketing, Sustainable Business, Environmental Sustainability, Packaging
 

The Importance of Noncustomers

Even the biggest enterprises (other than a governm...
Usage (application): Market Research, Customer Strategy, Innovation Strategy, Customer Survey Pitfalls
 

The 2 Worlds of Marketing and Sales

Funny explanation of Marketing versus Sales by con...
Usage (application): Making Sales and Marketing Work Together, Understanding the Differences
 

What is Integrated Marketing?

In short, Integrated Marketing Communication (IMC)...
Usage (application): Integrated Marketing, Communication, Promotion, Branding, IMC
 

Funny Intro to Marketing Concepts in 2 Minutes

Funny explanation of direct marketing, advertising...
Usage (application): Initial Understanding of Marketing Terms, Marketing Intro, Marketing Fun, Trainings, Workshops
 

Introduction and Summary of the 4P's

Short, very basic introduction of the 4 Ps or the ...
Usage (application): Initial Understanding of the 4P's, Trainings, Workshops
 
 

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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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