4P’s of Marketing Mix
Before the internet came into existence there was a great interaction between business and consumers, the marketing mix helped companies take into account the physical barriers. As marketing mix became popular in the year of 1950’s by Neil Borden. But these days most of the students are aware of 4P’s of marketing. But when it comes to marketing mix they were confused. Four P’s of marketing is also refereed to as marketing mix. The 4P’s of a marketing mix is applicable to each & every product & services which involves both internal & external factors in the overall business environment.
The 4P’s of a marketing mix are:
3. Place &
In simple terms product refer to a good or a service which is offered by the companies. A product is a tangible whereas service is an intangible one. The first step for any business executive is to understand the life cycle of the product & based upon that they need to plan accordingly. Before launching any product into the market the business executives have to be very clear & confident about the product that it should meet the needs of a customer.
Marketing Decisions: Product design, Product assortment, Branding, Packaging & Labeling.
Price is an amount of money that customers pay for a product or a service. Even price is also an important factor in decision making. If a customer is satisfied with the product including all parameters then the price is a secondary factor. Based on the industry of a product the price will vary.
Marketing Decisions: Pricing strategies, pricing tactics, discounts/offers, & payment terms.
The marketer has to identify the right place to sell the product so that it can reach to many people. In some cases, this may refer to place a product in certain stores, but it also refers to the placement of the product on a store’s display or where a product is showcased on a web page. In some cases, placement may refer to the act of placing a product on TV shows, films or blogs in order to garner attention for the product, but this type of placement overlaps with the promotion.
The traditional marketers have to be very careful because as we see everything is going digital in this world. So they also need the o place & show-case the product digitally.
Promotion is all about communicating the values, benefits & uniqueness of the product through various source such as: advertising, direct marketing, sales promotion & personal selling to get the target customers. All these factors are integral parts of promotion.