Marketing mix: the 4ps of marketing for businesses

Marketing is simplistically defined as ‘putting the right hàng hóa in the right place, at the right price, at the right time.’ Though this sounds lượt thích an easy enough proposition, a lot of hard work và research needs khổng lồ go inkhổng lồ setting this simple definition up. And if even one element is off the mark, a promising product or service can fail completely and over up costing the company substantially.

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The use of a sale phối is an excellent way to lớn help ensure that ‘putting the right product in the right place,…’ will happen. The sale mix is a crucial tool to lớn help understvà what the hàng hóa or service can offer and how khổng lồ plan for a successful product offering. The sale mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and Place.

These have been extensively added khổng lồ and expanded through additional P’s and even a 4C concept. But the 4Ps serve sầu as a great place lớn start planning for the sản phẩm or even to lớn evaluate an existing sản phẩm offering.


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In this article, we will look at 1) the four P’s, 2) history of the marketing phối concept & terminology, 3) purpose of the sale mix, 4) key features of the kinh doanh mix, 5) developing a kinh doanh mix, 6) key challenges, and 7) sale phối example – Nivea.

THE FOUR P’S

Product

The hàng hóa is either a tangible good or an intangible service that is seem to lớn meet a specific customer need or demvà. All products follow a logical sản phẩm life cycle and it is vital for marketers lớn understvà and plan for the various stages and their chất lượng challenges. It is key lớn understand those problems that the sản phẩm is attempting to lớn solve sầu. The benefits offered by the product và all its features need to be understood và the chất lượng selling proposition of the product need khổng lồ be studied. In addition, the potential buyers of the sản phẩm need to be identified và understood.


Price

Price covers the actual amount the end user is expected to lớn pay for a sản phẩm. How a hàng hóa is priced will directly affect how it sells. This is linked lớn what the perceived value of the product is to lớn the customer rather than an objective sầu costing of the sản phẩm on offer. If a hàng hóa is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative to lớn understand how a customer sees what you are selling. If there is a positive sầu customer value, than a hàng hóa may be successfully priced higher than its objective sầu monetary value. Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpriced to sell. Price may also be affected by distribution plans, value chain costs and markups & how competitors price a rival sản phẩm.

Promotion

The kinh doanh communication strategies & techniques all fall under the promotion heading. These may include advertising, sales promotions, special offers và public relations. Whatever the channel used, it is necessary for it to lớn be suitable for the product, the price and the kết thúc user it is being marketed to. It is important lớn differentiate between kinh doanh & promotion. Promotion is just the communication aspect of the entire marketing function.

Place

Place or placement has to lớn bởi vì with how the product will be provided to the customer. Distribution is a key element of placement. The placement strategy will help assess what channel is the most suited to a hàng hóa. How a sản phẩm is accessed by the over user also needs to compliment the rest of the hàng hóa strategy.

The Marketing Mix

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HISTORY OF MARKETING MIX CONCEPT AND TERMINOLOGY

The sale set concept gained popularity following an article titled “The Concept of the Marketing Mix” by Neil Borden published in 1964. Borden explained how he started using the term inspired by James Culliton who in the 1940s described the kinh doanh manager as a ‘mixer of ingredients.’ Borden’s article detailed these ingredients as sản phẩm, planning, price, branding, distribution, display, packaging, advertising, promotions, personal selling aao ước many others. Eventually E. Jerome McCarthy clustered these multiple items inkhổng lồ four high level categories that we now know as the 4 P’s of marketing. “Its elements are the basic, tactical components of a sale plan”. Together, elements in these four categories help develop marketing strategies and tactics.

PURPOSE OF MARKETING MIX

The 4P’s were formalized & developed over the years by experts khổng lồ ensure the creation và execution of a successful marketing strategy. Through the use of this tool, the attempt is to lớn satisfy both the customer and the seller. When properly understood & utilized, this mix has proven to lớn a key factor in a product’s success.

KEY FEATURES OF MARKETING MIX

Interdependent variables

The sale phối is made up of four chất lượng variables. These four variables are interdependent & need khổng lồ be planned in conjunction with one another lớn ensure that the action plans within all four are complimentary & aligned.

Help Achieve sầu Marketing Targets

Through the use of this mix of variables, the company can achieve its sale targets such as sales, profits, & customer retention and satisfaction.

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Flexible Concept

The marketing mix is a fluid & flexible concept và the focus on any one variable may be increased or decreased given chất lượng sale conditions & customer requirements.

Constant Monitoring

It is vital lớn keep an eye on changing trends & requirements, within the company as well as in the market to lớn ensure that the elements in kinh doanh phối stays relevant và updated.

Role of Marketing Manager

A mature, intelligent and innovative sầu kinh doanh manager needs lớn be at the helm of the kinh doanh mix. This pivotal role means that this manager is responsible for achieving desired results through the skill manipulation of these variables.

Customer as a focal point

A vital feature of the kinh doanh mix is that the customer is the focal point of the activity. The value of the hàng hóa is determined by customer perceptions & the goal is khổng lồ achieve sầu a satisfied and loyal customer.

This Clip shows how you can create value by using the sale set.

DEVELOPING A MARKETING MIX

Intuition và creative sầu thinking are essential job requirements for a kinh doanh manager. But relying on just these can lead to inaccurate assumptions that may not end up delivering results. To ensure a marketing mix that is based in research and combines facts with innovation, a manager should go through the following systematic process:

Step 1: Defining Unique Selling Proposition

The first thắng lợi on the marketing manager’s agenda should be lớn define what the product has to offer or its unique selling proposition (USP). Through customer surveys or focus groups, there needs to be an identification of how important this USP is to the consumer and whether they are intrigued by the offering. It needs to lớn be clearly understood what the key features and benefits of the hàng hóa are và whether they will help ensure sales. This applies lớn physical goods, services, and online businesses.

Step 2: Understanding the Consumer

The second step is khổng lồ understvà the consumer. The sản phẩm can be focused by identifying who will purchase it. All other elements of the sale set follow from this understanding. Who is the customer? What vì they need? What is the value of the sản phẩm to lớn them? This understanding will ensure that the sản phẩm offering is relevant and targeted.

Step 3: Understanding the Competition

The next step is khổng lồ understand the competition. The prices and related benefits such as discounts, warranties & special offers need to be assessed. An understanding of the subjective sầu value of the product và a comparison with its actual manufacturing distribution cost will help phối a realistic price point.

Step 4: Evaluating Placement Options

At this point the sale manager needs khổng lồ evaluate placement options lớn understand where the customer is most likely to make a purchase & what are the costs associated with using this channel. Multiple channels may help target a wider customer base & ensure east of access. On the other hvà, if the product serves a nibít market then it may make good business sense lớn concentrate distribution lớn a specific area or channel. The perceived value of the hàng hóa is closely tied in with how it is made available.

Step 5: Developing Communication / Promotion strategy

Based on the audience identified & the price points established, the marketing communication strategy can now be developed. Whatever promotional methods are finalized need lớn appeal to lớn the intended customers & ensure that the key features & benefits of the hàng hóa are clearly understood & highlighted.

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Step 6: Cross-kiểm tra of the Marketing Mix

A step bachồng needs to be taken at this point khổng lồ see how all the elements identified và planned for relate lớn each other. All kinh doanh mix variables are interdependent & rely on each other for a strong strategy. Do the proposed selling channels reinforce the perceived value of the product? Is the promotional material in keeping with the distribution channels proposed? The kinh doanh pcầu thang be finalized once it is ensured that all four elements are in harmony and there are no conflicting messages, either implicit or explicit.


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