Marketing Mix | The 4Ps

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Generating the optimal response in the market. Explanation of the 4Ps 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 -


Special Interest Group - Marketing Mix | The 4Ps


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  4th P includes Image and Reputation
Note that image and/or reputation are part of the P of Promo...
 
 
 
 
  Impact of Marketing Plan on Employees? (2 reactions)
Does a marketing plan have any impact upon the employees? Wh...
 
 
 
 
  Marketing Mix in Recession
In view of the recession, how have the marketers adjusted th...
 
 
 
 
  Marketing of Services and Non Purely Physical Products? (2 reactions)
Most of today's products are not purely physical. We are al...
 
 
 
 
  Quotes on Marketing Mix
Do you know some deep, famous or funny Quotes on the Mark...
 
 
 
 
  Examples of Marketing Mix
I would like to see an example of the 4 ps of marketing with...
 
 
 
 
  Marketing Mix Alternatives (1 reactions)
Are there any credible alternatives to the marketing mix?...
 
 
 
 
  Marketing Mix for Business Planning (2 reactions)
Define the service, develop a benefit list, focus on what ma...
 
 
 
 
  Add Image to Marketing Mix: 4P + I
The four P`s needs an additional I for Image. This is especi...
 
 
 
 
  4S Web Marketing Mix
Constantinides constructed a 4S . The 4S's stand for ...
 
 
 
 
  Why is Using the Marketing Mix Important? (4 reactions)
What is the significance of an effective marketing mix?...
 
 
 
 
  Customers' Value Bundle (2 reactions)
I think I saw the term(s) in P. Kotler's book. the word "Pr...
 
 
 
 
  Customer in Center of 4Ps (1 reactions)
Why is the customer placed in the center of the 4ps?...
 
 
 
 
  The five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue,...
 
 
 
 
  Add a Living Element to the Marketing Mix (15 reactions)
Ask any MBA student on the fundamentals of marketing and he ...
 
 
 
 
  What is the 5P's Marketing Mix? (3 reactions)
I want to know the following about the 5P model: Where exac...
 
 
 
 
  New Marketing Mix Concept: SAVE (1 reactions)
We are familiar with the concept of 4P of marketing, Product...
 
 
 
 
  Necessary Skills of Marketers
According to Kotler (1972), effective marketing consists of ...
 
 
 
 
  The Role of Culture in Marketing Mix : C4P's ? (1 reactions)
All I can say about Marketing Mix is that maybe also the ...
 
 
 
 
  4Ps are Not Optional, but Key Issues that MUST be addressed
The concept of a Marketing Mix implies that these are not op...
 
 
 
 
  How the Marketing Mix Influences Operations (1 reactions)
Can anyone explain the relevance of the marketing plan to op...
 
 
 
 
  Marketing Mix Modelling
Hi all... What statistical techniques are used in marketing ...
 
 
 
 
  What are the Implications for 4Ps if the Exchange Rate Changes
What are the implications for international marketing in cas...
 
 
 
 

Best Practices - Marketing Mix | The 4Ps

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  Before using the Marketing Mix (5 reactions)
Most marketers emphasize the marketing mix. In my opinion, T...
 
 
 
 
  4P Implementation Steps. Order of Implementing the 4Ps? (3 reactions)
I would like to know what steps one takes in a 4P implementa...
 
 
 
 
  Marketing Mix P's for Online Companies (4 reactions)
I have a question, how will you prioritize the p's for an on...
 
 
 
 
  Marketing = Marketing Mix + Customers = 4P's + C (3 reactions)
My teacher said that Marketing is the 4Ps plus a C (Custo...
 
 
 
 
  What About This Period (4 reactions)
In the current situation of recession I think even the top m...
 
 
 
 
  Promotion Mix | Marketing Communications Mix (9 reactions)
The term Promotion Mix (PM), also called Marketing...
 
 
 
 
  4Ps renamed: the SIVA model (3 reactions)
An interesting customer-focused variant of the 4Ps was sugge...
 
 
 
 

Expert Tips - Marketing Mix | The 4Ps

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A Marketing Mix that Recognizes the Power of the Customer

Marketing, Strategy, Marketing Mix...
 
 
 

How to Determine the Right PRICING?

Steps to Strategic Pricing...
 
 
 

The Most Complete Marketing Mix

Marketing, Strategy, Marketing Mix...
 
 
 

The Renewed 4P Marketing Mix

Marketing, Strategy, Marketing Mix...
 
 
 

Understanding your Customer's Needs

Customer Targeting and Strategy...
 
 
 

Are the variables really controllable?

Marketing Strategy...
 
 
 

Marketing Mix from the Customer Perspective

Marketing, Strategy, Marketing Mix...
 
 
 

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

E-Marketing, Strategy...
 
 
 

The Goals of Marketing

Marketing, Strategy, Marketing Mix...
 
 
 

Going Global: Adaptation of Marketing Mix Components

Marketing Strategy, Global Marketing, International Marketing, Marketing Mix, 4Ps...
 
 
 

Don't Forget Internal Marketing

Involving your Employees, Internal Marketing Best Practices...
 
 

Resources - Marketing Mix | The 4Ps

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How Integrated Marketing Works

Marketing, Promotion, Branding, 4 Ps, 7 Ps...
 

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

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Overview of Pricing and Pricing Strategies

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Product Packaging

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The 2 Worlds of Marketing and Sales

Making Sales and Marketing Work Together, Understanding the Differences...
 

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Integrated Marketing, Communication, Promotion, Branding, IMC...
 

Funny Intro to Marketing Concepts in 2 Minutes

Initial Understanding of Marketing Terms, Marketing Intro, Marketing Fun, Trainings, Workshops...
 

Introduction and Summary of the 4P's

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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