The marketing mix and the 4 Ps of marketing are synonyms for each other.Understanding marketing mix is crucial because marketing mix make organizations meet the needs and demands of the customers.This means the goods should be taken to the places where consumers can find them easily, the goods should be promoted in correct way and they should have the correct prices.
"Marketing mix" is used to describe the different kinds of choices an organization have to make in process of bringing a product or service to a particular market. The 4 Ps is one of the way consider as the best way of defining the marketing mix, and it was first conveyed in 1960 by E J McCarthy.
The 4Ps are
- Product (or Service)
- Place
- Price
- Promotion
So it means that the goods
- Should move to the correct places
- Good promotion should be there so that product and services offered can be known.
- Goods and services must satisfy the customer needs and they should have correct prices tag.
According to me best way of understanding the 4 Ps is by the way asking questions that you need to ask to define your marketing mix.Some of the questions that will help you understand and define each of the four elements are as follows
Product/Service
- What customer wants from the product/service? What kind of needs consumer wants to satisfy?
- What kind of features a product must have to meet the needs?
- Is there any feature you've missed out?
- Why are you including features that the customer won't actually use?
- How and where will the customer use it?
- How your product will look like? How will customers experience it?
- In what color(s),size(s) products will be available ?
- What is it to be called?
- How product will be branded?
- How much different your products will be from your competitors products?
Place
- Where buyers can find your product or service?
- In what kind of store they should look your product ? In a supermarket, or a clumsy market or both Or online ???
- How are you going to access the distribution channels?
- What do you competitors do, and how you can learn from that or differentiate?
Price
- What will be the value of the product or service to the buyer?
- Is the customer price is sensitive or not ?If there is small decrease in price ,can it help you to gain you extra market share? Or if there is a small increase in price,can it help you to gain extra profit margin?
- How much and what kind of discounts should be offered to customers?
- Price comparision with your competitors
Promotion
- How you will reach to your audience??? options can be taken in mind are as follow advertising on TV or radio or on billboards or by using direct marketing or by the help of Internet
- When will be the best time for promotion of your products or services?
- How your competitors are doing their promotions? And how much influence they can have over your choice of promotional activity?
The 4Ps model is just one of the many marketing mix lists that have been formulated over the years. However the questions i have listed above can be taken as a key to optimize your marketing mix.
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