4ps of the Marketing Mix and their Uses
The most well-known marketing term is undoubtedly “marketing mix.” Its components are the fundamental, tactical parts of a marketing strategy.
The four p’s of the marketing mix: product, price, location, and promotion.
The term “marketing mix” refers to a key idea in contemporary marketing that encompasses almost everything a marketing firm may do to positively affect consumer perception of its goods or services and achieve organizational and consumer goals.
A methodology for developing and putting into practice marketing strategy is the marketing mix.
The marketing mix is the same in this regard. You can change the offer you present to your consumer by changing the mix’s component parts.
Increase the emphasis on promotion and lessen the weight placed on price for a high-profile brand.
Making use of the analogy of an artist’s palette is another method to consider the marketing mix.
Some analysts will expand the marketing mix to include the Five Ps, which include Some people will add seven P’s to the mix.
Price
A product may be priced in a variety of ways. Let’s have a look at a few of them and attempt to determine the best course of action in various circumstances.
Customers often directly associate quality and price, especially when it comes to ego- or technology-intensive products.
Being a corporation that places a premium on product quality, Sony frequently sells its products for prices ranging from moderately high to expensive, depending on the intended application and the target market.
Place is another component in marketing mix. Channel, distribution, and intermediary are additional names for place.
It is the method by which products and/or services are transferred from the producer or provider to the customer.
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Place
Do not assume that “location” exclusively refers to the store or outlet where the goods is offered to consumers. Place includes, as well:
- The production area, or factory floor
- The storage facilities or warehouses
- The distribution channels
- The support channels or channels for redistribution
The marketing mix must consider the following factors for each site or channel:
- Product reliability: The products shouldn’t be harmed during production, storage, or transport in order for them to be of the highest quality when they reach the consumer.
- Product exposure: This holds true for the channels of distribution. Do they make sure that the product is easily visible to and usable by the targeted segments?
- Product horizon: The distribution of the offered goods should take place through means that not only make them visible but also put a good number of qualified purchasers in front of them. The marketing mix fails if a retail establishment agrees to put a product in its primary display window (making it visible), yet the store seldom sees any foot traffic.
Companies may opt to offer their goods to customers directly, indirectly through a network of wholesalers and retailers, or exclusively through vetted agents or distribution partners. There are countless alternatives.
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