Marketing Mix | The 4Ps

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Summary

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.


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Book: David A. Aaker - Strategic Marketing Management


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4P Implementation Steps. Order of Implementing the 4Ps?
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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5 comments
Add Image to Marketing Mix: 4P + I
The four P`s needs an additional I for Image. This is especially relevant for high-involvement products. (...)
13
 
4S Web Marketing Mix
Constantinides constructed a 4S Internet Marketing Mix. The 4S's stand for Site, Synergy, Scope and System. For example, (...)
12
 
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 prod (...)
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2 comments
Customer in Center of 4Ps
Why is the customer placed in the center of the 4ps? (...)
8
 
1 comments
The five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue, (...)
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The 5 Product Levels Model (Kotler)
PRODUCT
What is a Product really? It is anything that a firm offers to satisfy the needs or wants of the market. Th (...)
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4 comments
🔥 NEW Kotler's New 4C Marketing Mix for the Digital Economy
In the digital economy the conventional Marketing Mix with 4P's must evolve to accommodate more customer participation. (...)
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16 comments
New Marketing Mix Concept: SAVE
We are familiar with the concept of 4P of marketing, Product, Place, Price and Promotion.
We are finding that these (...)
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1 comments
The Role of Culture in Marketing Mix : C4P's ?
All I can say about Marketing Mix is that maybe also the Culture is also important. Maybe we could have called the 4P's (...)
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1 comments
Necessary Skills of Marketers
According to Kotler (1972), effective marketing consists of analysing, planning, organising and controlling marketing ef (...)
2
 
4Ps are Not Optional, but Key Issues that MUST be addressed
The concept of a Marketing Mix implies that these are not options. In practice the 4Ps represent the key questions or i (...)
1
 
How the Marketing Mix Influences Operations
Can anyone explain the relevance of the marketing plan to operations management in an organization with an example? (...)
1
 
1 comments
Marketing Mix Modelling
Hi all... What statistical techniques are used in marketing mix modelling?
How are they used? Please share your bes (...)
0
 
What are the Implications for 4Ps if the Exchange Rate Changes
What are the implications for international marketing in case the exchange rates change?
How do changes in exchange (...)
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The top-rated topics about the Marketing Mix | The 4Ps. Here you will find the most valuable ideas and practical suggestions.


Before using the Marketing Mix
Most marketers emphasize the marketing mix. In my opinion, The most important part of the marketing plan is knowing wha (...)
114
 
5 comments

Impact of Marketing Plan on Employees?
Does a marketing plan have any impact upon the employees? Which? (...)
54
 
2 comments

4th P includes Image and Reputation
Note that image and/or reputation are part of the P of Promotion. (...)
54
 
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 i (...)
53
 
Marketing Mix P's for Online Companies
I have a question, how will you prioritize the p's for an online company like for amazon.com? (...)
49
 
4 comments

Marketing of Services and Non Purely Physical Products?
Most of today's products are not purely physical. We are also offering intangible values like brand feelings and after- (...)
37
 
2 comments

Quotes on Marketing Mix
Do you know some deep, famous or funny Quotes on the Marketing Mix? Quotations? Proverbs? Please share them as a reactio (...)
34
 
Examples of Marketing Mix
I would like to see an example of the 4 ps of marketing with an example of air condition? (...)
26
 
Marketing = Marketing Mix + Customers = 4P's + C
My teacher said that Marketing is the 4Ps plus a C (Customers). And he didn't explain it, so I really don't understand i (...)
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3 comments

Marketing Mix Alternatives
Are there any credible alternatives to the marketing mix? (...)
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1 comments

Marketing Mix for Business Planning
Define the service, develop a benefit list, focus on what makes the business different from the competition, develop the (...)
16
 
2 comments

Promotion Mix | Marketing Communications Mix
The term Promotion Mix (PM), also called Marketing Communications Mix, must not be confused with the Marketing Mix (4 Ps (...)
14
 
11 comments

What About This Period
In the current situation of recession I think even the top marketing methods are not working. These days the customer lo (...)
14
 
4 comments

Why is Using the Marketing Mix Important?
What is the significance of an effective marketing mix? (...)
10
 
4 comments

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 Mana (...)
10
 
3 comments

Add a Living Element to the Marketing Mix
Ask any MBA student on the fundamentals of marketing and he will tell you about the 4Ps, Product, Price, Place and Promo (...)
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15 comments

What is the 5P's Marketing Mix?
I want to know the following about the 5P model:
Where exactly does it fit in marketing and marketing research? Tha (...)
5
 
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Expert Tips

Advanced insights about the Marketing Mix | The 4Ps. Here you will find professional advices by experts.


A Marketing Mix that Recognizes the Power of the Customer

Marketing, Strategy, Marketing Mix
Chekitan S. Dev and Don E. Schultz - like Lauterborn's 4C's -argue that today the customer has the power and can vote wi (...)

How to Determine the Right PRICING?

Steps to Strategic Pricing
One of the 4 P's is Pricing. To help managers find the right price for a product/service, Kim and Mauborgne have develop (...)

The Most Complete Marketing Mix

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The 'Total Marketing Mix' includes 4Ps, 4Cs,4As and 4Os: 4Ps: Product, Price, Promotion and Place 4Cs: Customer needs, (...)

The Renewed 4P Marketing Mix

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Arussy suggests in his article "Congratulations, You Are at Par: The New Four P's" that the traditional 4P's are no long (...)

Understanding your Customer's Needs

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In order to transform your customer’s experience and to better understand your customer’s needs, it is helpful to constr (...)

Are the variables really controllable?

Marketing Strategy
A key assumption of the 4PS model is that the 4 variables are controllable and can be 'mixed' by the marketer into an op (...)

Marketing Mix from the Customer Perspective

Marketing, Strategy, Marketing Mix
In contrast to the 4P's Marketing Mix by McCarthy, Robert Lauterborn suggests a 4C's Marketing Mix model in order to con (...)

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

E-Marketing, Strategy
Although the 4P's are not the critical factors in an online environment, they are still more or less important and neces (...)

The Goals of Marketing

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No matter your words combination, according to marketing consultant Don Debelak (Streetwise Marketing Plan, 2000) we hav (...)

Going Global: Adaptation of Marketing Mix Components

Marketing Strategy, Global Marketing, International Marketing, Marketing Mix, 4Ps
As we all know, companies that conduct business internationally are often adapting their products to the markets served. (...)

Don't Forget Internal Marketing

Involving your Employees, Internal Marketing Best Practices
Besides external marketing, dealing with the image, look and view how customers see or define your organization, interna (...)
Information Sources

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How Integrated Marketing Works

Marketing, Promotion, Branding, 4 Ps, 7 Ps
Integrated Marketing Communications (IMC) is designed to leverage the intrinsic strengths of each communication discipli (...)

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

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This presentation covers the topic of external environments and includes the following sections: 1. Environmental Scann (...)

Overview of Pricing and Pricing Strategies

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Product Packaging

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In-depth presentation about packaging and sustainable packaging. The presentation is very extensive and uses head sectio (...)

The 2 Worlds of Marketing and Sales

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Marketing Communications Mix

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Five major tools (i.e. Advertising, Personal Selling, Sales Promotion, Public Relations, and Direct Marketing) melded to (...)

Introduction and Summary of the 4P's

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Short, very basic introduction of the 4 Ps or the Marketing Mix, a business framework that helps marketers to consider 4 (...)

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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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