Marketing mix and 4p s

Article Review

By B.srinivasan 1021912

which matches the value they feel they get out of it.g. e. and price it at a level. and identifying where they do their shopping. markets where products may sell and the means of communication with the consumer for the sale of the product. It is simple! Given a product. deciding about the product or products.The concept of marketing mix helps us to avoid these kinds of mistake. "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. at the right price. price of the product. and was first expressed in 1960 by E J McCarthy .The Marketing Mix and 4 Ps Introduction: The basic task of marketing is the delivery of product(s) to consumers so that their needs are fulfilled and organizational objectives are also achieved. This involves Several important decisions. However. at the right time. However. it can spell disaster. a lot of hard work needs to go into finding out what customers want. put it on sale at a place that those same group of people visit regularly. that a particular group of people want. All these decisions form part of marketing-mix. if you get just one element wrong. The 4 Ps is one way of defining the marketing mix. The concept of marketing mix & 4p¶s is about positioning a product in the market at the right place. The 4Ps are: y y y y Product (or Service) Place Price Promotion . which should be offered for sale. Then we need to figure out how to produce the item at a price that represents value to them.

and so on. via a catalogue? How can you access the right distribution channels? Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? What do you competitors do. colour(s). or both? Or online? Or direct. what kind? A specialist boutique or in a supermarket. will a small increase be indiscernible. and how can you learn from that and/or differentiate? Price y y y What is the value of the product or service to the buyer? Are there established price points for products or services in this area? Is the customer price sensitive? Will a small decrease in price gain you extra market share? On the other hand. and so gain you extra profit margin?   .Product/S rvice y y y y y y y y What does the customer want from the product/service? What needs does it satisf ? What features does it have to meet these needs? y Are there any features you have missed out? y Are you including costly features that the customer will not actually use? How and where will the customer use it? What does it look like? How will customers experience it? What si e(s). should it be? What is it to be called? How is it differentiated versus your competitors? What is the most it can cost to provide. and still be sold sufficiently profitably? ¡ Pl ce y y y y y Where do buyers look for your product or service? If they look in a store.

y y What discounts should be offered to trade customers. perspective. which include the first 4 Ps. or on TV. or the timing of subse uent promotions? How do your competitors do their promotions? In addition. or to other s pecific segments of your market? How will your price compare with your competitors? Promotion y y y y Where and when can you get across your marketing messages to your target market? Will you reach your audience by advertising in the press. £ Characteristics of Marketing Mix (i) Marketing-mix is the crux of marketing process: Marketing mix involves many crucial decisions relating to each element of the mix. The impact of the mix would be the best when proper weightage is assigned to each element and they are integrated so that the combined effect leads to the best re sults. o r on billboards? On the Internet? When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch. or radio. Amongst the other marketing mix models have been developed over the years is Boom and Bitner's 7Ps. plus people. processes and physical layout decisions. rather than the seller's. It is made up of Customer needs and wants (the e uivalent of product). It can also be used to test your existing marketing strategy. Convenience (place) and Communication (promotion) The marketing mix model can be used to help you decide how to take a new offer to market. Cost (price). Whether you are considering a new or existing offer. sometimes called the extended marketing mix. which presents the elements of the marketing mix from the buyer's. Another marketing mix approach is Lauterborn's 4Cs. (ii) Marketing mix has to be reviewed constantly in order to meet the changing requirements: . how does that influence your choice of promotional activity? ¢ The 4Ps model is just one of many marketing mix lists that have been developed over the years.

Such changes call for correspondent changes in the marketing mix.Marketing mix according to changes in the conditions and complexion of the market. (iv) Changes taking place within the firm too neces sitate changes in marketing mix: Changes within the firm may take place due to technological changes.The marketing manager is re uired to constantly review the mix and conditions of the market. (iii) Changes in external environment necessitate alterations in the mix: Changes keep on taking place in the external environment. as the 4Ps. For many industries. and make necessary changes in the Marketing Mix . or changes in the product line. customer is the most fluctuating variable of environment. Customers¶ tastes and preferences change very fast. market conditions and changing needs of ¤ .Marketing mix used by a particular firm will vary according to its resources. participants and process Physical evidence Relationship marketing Service Lack of connection/integration between variables Static nature of 4Ps Conclusion Marketing mix management paradigm has dominated marketing since 1940s and McCarthy (1964) further developed this idea and refined the principle to what is generally known today. The marketing manager has to carry out market analysis constantly to make necessary changes in the marketing mix. or changes in the size and scale of operation. especially for introductory marketing Parsimony Useful conceptual framework Ability to adapt to various problems Weakness y y y y y y y Too simple. not broad enough Lacking people. trengths and weakness of the 4Ps trengths y y y y y y Simplicity and ease of understanding Easy to memorise Good pedagogic tool.

Despite its limitations and perhaps because of its simplicity. the 4Ps remain a staple of the marketing mix. As McCarthy (1960) pointed out that. . some have attempted to extend its usefulness by proposing a fifth P. The importance of some elements within the marketing mix will vary at any one point in time. Marketing mix was particularly useful in the early days of the marketing concept when physical products represented a larger portion of the economy. people and process. ³the number of possible strategies of the marketing mix is infinite. such as packaging. the marketing mix most commonly remains based on the 4 P¶s.Clients. Today however. Today. In spite of its deficiencies. the use of this framework remains strong. with marketing more integrated into organisations and with a wider variety of products and markets. Decisions cannot be made on one element of the marketing mix without considering its impact on other elements.

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