Why It Is Important To Understand the Concept of The Marketing Mix 4Ps
Marketing may be defined as placing the proper product in the right place, at the proper price and at the appropriate time. This may sound like a very easy plan. However, it should be borne in mind that considerable investment has to be set up this seemingly simple definition. A promising product or service can fail totally and lead to substantial losses when one of the elements is off the mark. This article looks at marketing mix 4ps.
Using a marketing mix offers an excellent way to ensure that the right product is put in the right place. The marketing mix is a very important tool that helps businesses understand what the product or service can provide and how successful marketing of the product can be anchored on. This mix is generally implemented through the 4P’s of marketing, namely Price, Product, Promotion, and Place.
Although the 4Ps have been expanded and enhanced through supplementary P’s and 4C concepts, they serve as a wonderful place to commence planning for the launch and marketing of new and existing products.
The Origin of Marketing Mix Jargon and Concept
In 1964, Neil Borden published an article whose title was “The Concept of the Marketing Mix”, from which the marketing mix concept started gaining popularity. In the 1940s, James Culliton portrayed the marketing manager as a mixer of ingredients. Borden explained how he was inspired to start using this term that Culliton coined.
In his article, Borden outlined these ingredients among many others as product, distribution, planning, price, branding, advertising, packaging, promotions display, and personal selling. E. Jerome McCarthy later grouped these multiple items into 4 top level categories that are currently referred to as the marketing mix 4ps. A combination of these four classes is helpful in creating marketing strategies and tactics.
The Objective of Marketing Mix
Over the years, the experts formalized and developed the 4P’s in order to guarantee the development and execution of an effective marketing strategy. The effort is made to satisfy the customer as well as the seller through the use of this tool. This mix has been proven as a major factor in the success of a product once it is well understood and used.
The Major Features of Marketing Mix
Mutually dependent variables: The marketing mix comprises of four distinctive variables, which are not only interdependent but also need to be planned in combination with each other. This ensures that action plans within the four are both complimentary and aligned.
Assist in attainment of marketing targets: By making use of this set of variables, a business may achieve its marketing targets including sales, profits, as well as customer satisfaction and retention.
Flexible Concept: The marketing mix concept is both fluid and flexible. As such, given the unique marketing conditions and customer requirements, the focus on any one variable can be increased or decreased.
Continuous Monitoring: It is necessary to look out for varying trends and requirements both within the company and in the market in order to make sure that the elements in the marketing remains relevant and efficient.
The Function of the Marketing Manager: The helm of the marketing mix requires a mature, intelligent and innovative marketing manager. This crucial position means that the manager bears the responsibility for attaining desired results through skilful manipulation of these variables.
The Customer as the Central Focus: An important aspect of the marketing mix is that the customer is the main point of the activity. The customer perceptions determine the value of the product; hence the objective is to achieve a satisfied and loyal customer.
Examining the Marketing Mix 4ps
When it comes to the product, it is either a tangible good or an intangible service that meets a particular customer’s need or demand. There is a logical product life cycle which all products should follow. As such, it is crucial for marketers to understand as well as plan for different stages and their specific challenges. Understanding the problems that the product is trying to solve is very important. This calls for a study of all the product’s features, its distinctive selling proposition plus the benefits it offers. Besides, the product’s prospective buyers need to be recognized and understood.
Price refers to the real amount the end user is expected to pay for the product. The price of a product affects how it performs on the market. This is related to the product’s perceived value to the customer as c opposed to the product costing. A product with a higher or a lower price tag than its perceived value will not sell. As such, understanding how a customer perceives what you are selling is extremely important. It is possible for a product to be priced higher than its true monetary value and still sell if it enjoys a positive customer value. On the other hand, a product may need to be underpriced for it to sell if the customer considers it of little value.
Factors such as distribution plans, value chain costs, markups and the way competitors price a rival product may also affect the price.
The promotion plan comprises of the marketing communication strategies and techniques. These may entail advertising, sales promotions, special offers, as well as public relations. Regardless of the channel used, the promotion should be appropriate for the product, the price as well as the targeted end user. Distinguishing between marketing and promotion is vital. It should be borne in mind that promotion is merely the whole marketing function’s communication aspect.
How the product will be provided to the customer is what determines the place or its placement. Thus, a product’s distribution is a major element in determining a products placement. The placement strategy can be helpful when it comes to assessing the most suitable channel of distribution to be used.
Over the years, marketing managers have had this feeling that conventional marketing mix has its limits in the manner in which it is structured. A number of key elements have been clustered within four larger categories. This has belittled their actual importance among many factors. Lack of focus on services and place for customer convenience; have been cited as the two main criticisms. However, marketing mix 4ps seam to offer the right solutions to the marketing problem.