What is the Marketing Mix (4 P's of Marketing)? (2023)

What is the marketing mix (the 4 Ps of marketing)?

The marketing mix, also known as the four Ps of marketing, refers to the four key elements of a marketing strategy: product, price, place, and promotion. By paying attention to the following four components of the marketing mix, a company can maximize its chances that customers will recognize and buy a product:

• Products.The item or service being sold must satisfy the consumer's need or desire.
• Precio.An item must sell for the correct price for the consumer's expectations, not too low and not too high.
• Promotion.The public needs to be informed about the product and its features to understand how it satisfies their needs or wants.
• Place.The place where the product can be purchased is important to optimize sales.

Understanding the 4 Ps: Examples and Considerations

The four Ps are linked and work together. While various marketing concepts have been developed over time, the four Ps are the foundation of each.successful marketing strategy. The following is a breakdown of each P with examples.

products

Products are goods and services that solve problems and satisfy the needs of consumers. A product can be tangible, like a vehicle or an item of clothing, or intangible, like a cruise or a house cleaning service. A successful product fills a gap in the market or offers a unique experience that increases demand.

Example.Before the release of the iPhone, most consumers didn't see the need for a phone that put everything at their fingertips. The way Apple marketed its product forced people to simplify their lives by carrying a smartphone that could also serve asGPS, calendar, search engine, flashlight, weather guide and calculator.

Questions to ask.Before marketing a product, it is important to understand it intimately. This includes finding out details about the target audience and their preferences.

Here are some questions to answer before developing a product:

• Which is the product?
• Is it a specific product or service?
• What does the product achieve?
• Does the product fill a need or provide a unique experience?
• Who are the target customers of the product?
• What differentiates the product from the competition?

Precio

Price is the cost of the product paid by the consumer. When marketing the product, it is important to set a price that reflects current market trends and is affordable for consumers, but at the same time profitable for the business. The price may vary depending on theoffer and demandand the sales cycle of the product. While some companies may lower the price to compete with the market, others may inflate it, especially if they are promoting a luxury brand.

Example.Price points play a vital role in the success of a product. For example, if a product is overpriced, only a few consumers will buy it. On the other hand, a product priced too low can give consumers an impression of inferior quality, preventing them from buying it.

Questions to ask.To determine the most profitable price for a product, it is important to study the target audience and what they are willing to pay for that product.

Here are some questions to answer before establishing a product pricing strategy:

• How much do competitors charge for similar products?
• What is the affordability and price range of the target consumers?
• What is the lowest price at which the product can be sold?
• What is the highest price the product can sell for?
• What price is too high or too low for the target audience?
• What is the most appropriate price for the target market?

Place

It is where and how customers buy the product or service. It also involves where the product is stored and manufactured.digital transformationThe way products are sold has evolved: online, small local stores, or global producers. This marketing plan also considers where the product is advertised and in what format, such as magazines, online ads, radio, infomercials, or product placement in movies.

Example.The place is where the product is marketed and distributed. For example, when targeting a product at seniors, it would be wise not to market it on TikTok. Similarly, products aimed at the younger generation would gain more attention if they were promoted online and on social media platforms.

Questions to ask.Not all places are suitable for marketing and distributing a product. That is why it is important to distribute the products and satisfy the needs of the customers in an easily accessible place.

The following are some questions to consider before deciding on a place to market a product:

• What locations or places do shoppers frequent for similar products and services?
• Where is the competition selling their products?
• What are the buying habits of the target audience?
• Will product placement and distribution require a sales force, use of Salesforce, or will it be self-service?
• How can the rightdistribution channelsbe accessed?

promotion

Promotion is about reaching your target audience with the right message at the right time. It gets the word out and is an effective way to conduct sales promotion and connect with consumers. A promotional strategy aims to show consumers why they would need a certain product and the reasons for buying it instead of other products. The core of marketing communications, product promotions, promote targeted and meaningful advertising through popular channels:sow word of mouth, social media, Instagram campaigns, print marketing, TV commercials, email marketing campaigns, social media marketing and more.

Example.Weather can play an influential role in promotional marketing. Take, for example, the football season during which the pizza delivery business is targeted during games. This encourages consumers to try new products that they might not otherwise have enjoyed.

Questions to ask.For a product to be successful, it is not enough to set the best price or be a great product offer. Promotion is the main ingredient in the marketing mix that can distribute the product to the masses. Therefore, promotional messages should always cater to both the target audience and the distribution channels.

Here are some questions to consider when thinking about a promotion strategy:

• What is the right time to reach the target audience?
• From which channels or media will the target audience obtain the information?
• What advertising approaches will be most beneficial to the target audience?
• What channels are the most profitable and efficient for product promotion?
• What part of the target audience should participate?
• Where do competitors spend their advertising efforts and marketing revenue?

Story of the 4 P's

The origins of the marketing mix date back to the 1960s, when it was first introduced in E. Jerome McCarthy's best-seller.Basic Marketing - A Management Approach.Subsequently, Harvard professor Neil Borden formalized the termmarketing mixin his 1964 article, "The Concept of the Marketing Mix." Borden explained that his idea was inspired by his partner, James Culliton, who compared successful salespeople to professional chefs. Culliton's analogy was that great chefs, like successful salespeople, craft a recipe, but are always willing to experiment with new ingredients and make changes in real time in response to market conditions and customer demand. According to Borden, some of the forces that can alter a marketing mix include consumer motivation to buy, the competitive landscape, and government regulations.

The four Ps have stood the test of time, and despite rapid digitization, they still hold value in the marketing world due to their strong core principles.

Alternative Marketing Mix Models

A typical marketing mix is ​​made up of the four Ps. However, several newer iterations of the four Ps have been developed over the years.

Below are some popular marketing mix alternatives.

The seven P's of Booms and Bitner.Professors Bernard Booms and Mary Jo Bitner introduced the seven P's of marketing in 1981. The seven P's are also sometimes called the seven P's.extended marketing mix. They include the original four P's of marketing along with people, process, and physical evidence.

The four C's of Lauterborn.This approach, suggested by educator and consultant Robert F. Lauterborn in 1990, presents a more customer-centric approach that views different elements of the marketing mix from the buyer's perspective rather than the seller's perspective. It is composed of the following elements:

• The wants and needs of the consumer, which correspond to theproductsNo marketing mix.
• Cost, which corresponds toprecioNo marketing mix.
• Convenience of purchase, which corresponds to theplace, putNo marketing mix.
• Communication, which corresponds topromotionNo marketing mix.

Customer mix, or six C.A fundamental revision of traditional approaches, the six Cs aim to meet the needs of modern, customer-focused businesses.digital marketing strategies. This marketing mix consists of the four mostfelizmicommunity.

Reaching the target audience is an integral aspect of the marketing mix. Learn how to create an effective toolmultichannel marketing strategy.