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Marketing Mix | The 4Ps

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Summary

What is the Marketing Mix?

The Marketing Mix model (also known as the 4 P's) can be used by marketers as a tool to assist in defining the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the Marketing Mix principles are controllable variables. The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.


Marketing Mix | The 4Ps

Product

Historically, the thinking was: a good product will sell itself. However there are no bad products anymore in today's highly competitive markets. Plus there are many laws giving customers the right to send back products that he perceives as bad. Therefore the question on product has become: does the organization create what its intended customers want? Define the characteristics of your product or service that meets the needs of your customers. Functionality; Quality; Appearance; Packaging; Brand; Service; Support; Warranty.
Price How much are the intended customers willing to pay? Here we decide on a pricing strategy - do not let it just happen! Even if you decide not to ask (enough) money for a product or service, you must realize that this is a conscious decision and forms part of the pricing strategy. Although competing on price is as old as mankind, the consumer is often still sensitive for price discounts and special offers. Price has also an irrational side: something that is expensive must be good. Permanently competing on price is for many companies not a very sensible approach. List Price; Discounts; Financing; Leasing Options; Allowances.
Place Available at the right place, at the right time, in the right quantities? Some of the recent major changes in business have come about by changing Place. Think of the Internet and mobile telephones. Locations; Logistics; Channel members; Channel Motivation; Market Coverage; Service Levels; Internet; Mobile.
Promotion (How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Direct Marketing, Public Relations, etc. While the other three P's have lost much of their meanings in today's markets, Promotion has become the most important P to focus on. Advertising; Public Relations; Message; Direct Sales; Sales; Media; Budget.

The function of the Marketing Mix is to help develop a package (mix) that will not only satisfy the needs of the customers within the target markets, but simultaneously to maximize the performance of the organization. There have been many attempts to increase the number of P's from 4 to 5P's in the Marketing Mix model. The most frequently mentioned one being People or Personnel. Booms and Bitner have suggested a 7-Ps approach for services-oriented companies.


Book: Nirmalya Kumar - Marketing As Strategy: Understanding the CEO's Agenda..

Book: David A. Aaker - Strategic Marketing Management


Special Interest Group

Marketing Mix | The 4Ps Special Interest Group.


Special Interest Group
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Forum

Forum discussions about the Marketing Mix | The 4Ps.


topic Marketing Mix Alternatives
Are there any credible alternatives to the marketing mix?...
Rating75
 
Comments2 comments
topic Promotion (4th P of Marketing Mix) Includes Image/Reputation
Note that Image and/or Reputation are part of the P of Promotion. There's no need for an extra I or R in the marketing mix....
Rating54
 
topic Impact of Marketing Plan on Employees?
Does a marketing plan have any impact upon the employees? Which?...
Rating53
 
Comments3 comments
topic Marketing of Services and Non Purely Physical Products?
Most of today's products are not purely physical. We are also offering intangible values like brand feelings and after-sale services in additional to the physical benefits. For this the Extended Mar...
Rating38
 
Comments2 comments
topic Promotion Mix | Marketing Communications Mix
The Promotion Mix, also called "Marketing Communications Mix", must not be confused with the Marketing Mix (4 Ps). In fact, the Promotion Mix (PM) breaks down one of the 4 Ps: Promotion. The PM ca...
Rating34
 
Comments15 comments
topic Marketing = Marketing Mix + Customers = 4P's + C
My teacher said that Marketing is the 4Ps plus a C (Customers). And he didn't explain it, so I really don't understand it too much. Can you help me explain it? Thanks....
Rating25
 
Comments3 comments
topic The 5 Product Levels Model (Kotler)
PRODUCT What is a Product really? It is anything that a firm offers to satisfy the needs or wants of the market. This could include physical goods, services, person, place, information, experiences, ...
Rating12
 
Comments4 comments
topic The SIVA Model of Marketing
An interesting customer-focused variant of the 4Ps was suggested by Chekitan S. Dev and Don E. Schultz in Marketing Management v.14 n.1 January/February 2005. Their approach is known as the SIVA model...
Rating10
 
Comments3 comments
topic Why is Using the Marketing Mix Important?
What is the significance of an effective marketing mix?...
Rating10
 
Comments4 comments
topic Product in Marketing Mix ⇨ Customers' Value Bundle
I think I saw the term(s) in P. Kotler's book. the word "Product" makes your thinking centered around the physical product only. So, i prefer using "Market offering" or "Customers' value bundle". S...
Rating9
 
Comments2 comments
topic The Five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue....
Rating7
 
Comments1 comments
topic Add a Living Element to the Marketing Mix
Ask any MBA student on the fundamentals of marketing and he will tell you about the 4Ps, Product, Price, Place and Promotion. As you know it was expanded to 7Ps, 11 Ps and so on … an endless list! But...
Rating6
 
Comments15 comments
topic New Marketing Mix Concept: SAVE
We are familiar with the concept of 4P of marketing, Product, Place, Price and Promotion. We are finding that these are no longer the same and it's time to replace them by a new marketing mix concept...
Rating5
 
Comments1 comments
topic What is the 5P's Marketing Mix?
I want to know the following about the 5P model: Where exactly does it fit in marketing and marketing research? Thank you....
Rating5
 
Comments3 comments
topic Necessary Skills of Marketers
According to Kotler (1972), effective marketing consists of analysing, planning, organising and controlling marketing efforts: ANALYSIS: marketers have to be good at - Market analysis to identify ...
Rating5
 
topic How the Marketing Mix Influences Operations
Can anyone explain the relevance of the marketing plan to operations management in an organization with an example?...
Rating4
 
Comments1 comments
topic The Role of Culture in Marketing Mix : C4P's ?
All I can say about Marketing Mix is that maybe also the Culture is also important. Maybe we could have called the 4P's : C4P's; believe me before analysing the product you must take note of the cultu...
Rating2
 
Comments1 comments

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Best Practices

The best, top-rated topics about the Marketing Mix | The 4Ps. Here you will find the most valuable ideas and practical suggestions.


🥇 Before using the Marketing Mix
Most marketers emphasize the marketing mix. In my opinion, The most important part of the marketing plan is knowing what are the customer requirements. Firstly, you must drill down to your target's b...
Rating114
 
Comments5 comments

🥈 4P Implementation Steps. Order of Implementing the 4Ps?
I would like to know what steps one takes in a 4P implementation. Is there any particular order? Please inform me....
Rating74
 
Comments5 comments

🥉 Marketing Mix P's for Online Companies
I have a question, how will you prioritize the p's for an online company like for amazon.com?...
Rating49
 
Comments4 comments

topic Kotler's New 4C Marketing Mix for the Digital Economy
In the digital economy the conventional Marketing Mix with 4P's must evolve to accommodate more customer participation. Kotler et al. suggest a marketing mix with four C's: Co-creation, Currency, Comm...
Rating37
 
Comments16 comments

topic Marketing Mix During Recesssion
In a situation of recession I think even the top marketing methods are not working. The customer will look at the mandatory requirements rather than going in to promotional schemes and advertisements....
Rating17
 
Comments4 comments

Expert Tips

Advanced insights about the Marketing Mix | The 4Ps. Here you will find professional advices by experts.


Subject

How to Determine the Right PRICING?

Steps to Strategic Pricing
One of the 4 P's is Pricing. To help managers find the right price for a product/service, Kim and Mauborgne have develop...
Subject

The Most Complete Marketing Mix

Marketing, Strategy, Marketing Mix
The 'Total Marketing Mix' includes 4Ps, 4Cs,4As and 4Os: 4Ps: Product, Price, Promotion and Place 4Cs: Customer needs,...
Subject

The Renewed 4P Marketing Mix

Marketing, Strategy, Marketing Mix
Arussy suggests in his article "Congratulations, You Are at Par: The New Four P's" that the traditional 4P's are no long...
Subject

Understanding your Customer's Needs

Customer Targeting and Strategy
In order to transform your customer’s experience and to better understand your customer’s needs, it is helpful to constr...
Subject

Are the variables really controllable?

Marketing Strategy
A key assumption of the 4PS model is that the 4 variables are controllable and can be 'mixed' by the marketer into an op...
Subject

Marketing Mix from the Customer Perspective

Marketing, Strategy, Marketing Mix
In contrast to the 4P's Marketing Mix by McCarthy, Robert Lauterborn suggests a 4C's Marketing Mix model in order to con...
Subject

The Role of the 4P's in an Online Enviroment

E-Marketing, Strategy
Although the 4P's are not the critical factors in an online environment, they are still more or less important and neces...
Subject

The Goals of Marketing

Marketing, Strategy, Marketing Mix
No matter your words combination, according to marketing consultant Don Debelak (Streetwise Marketing Plan, 2000) we hav...
Subject

Going Global: Adaptation of Marketing Mix Components

Marketing Strategy, Global Marketing, International Marketing, Marketing Mix, 4Ps
As we all know, companies that conduct business internationally are often adapting their products to the markets served....
Subject

Don't Forget Internal Marketing

Involving your Employees, Internal Marketing Best Practices
Besides external marketing, dealing with the image, look and view how customers see or define your organization, interna...
Information Sources

Various sources of information regarding the Marketing Mix | The 4Ps. Here you will find powerpoints, videos, news, etc. to use in your own lectures and workshops.


Video

How Integrated Marketing Works

Marketing, Promotion, Branding, 4 Ps, 7 Ps
Integrated Marketing Communications (IMC) is designed to leverage the intrinsic strengths of each communication discipli...
Presentation

External Environment In-depth: Sub-types and How to Manage Them

External Environment, Environmental Scanning, Environmental Management, Competitive Environment
This presentation covers the topic of external environments and includes the following sections: 1. Environmental Scann...
Presentation

Overview of Pricing and Pricing Strategies

Pricing
This presentation contains an overview of various pricing strategies, including for example pricing based on competition...
Presentation

Product Packaging

Marketing, Sustainable Business, Environmental Sustainability, Packaging
In-depth presentation about packaging and sustainable packaging. The presentation is very extensive and uses head sectio...
Video

The 2 Worlds of Marketing and Sales

Making Sales and Marketing Work Together, Understanding the Differences
Funny explanation of Marketing versus Sales by contrasting and comparing them with short sketches....
Video

What is Integrated Marketing?

Integrated Marketing, Communication, Promotion, Branding, IMC
In short, Integrated Marketing Communication (IMC) is the application of consistent messages on a company, brands, produ...
Video

Funny Intro to Marketing Concepts in 2 Minutes

Initial Understanding of Marketing Terms, Marketing Intro, Marketing Fun, Trainings, Workshops
Funny explanation of direct marketing, advertising, telemarketing, public relations, brand recognition, customer feedbac...
Presentation

Marketing Communications Mix

Marketing Communications Mix, Database Marketing, Online Marketing
Five major tools (i.e. Advertising, Personal Selling, Sales Promotion, Public Relations, and Direct Marketing) melded to...
Video

Introduction and Summary of the 4P's

Initial Understanding of the 4P's, Trainings, Workshops
Short, very basic introduction of the 4 Ps or the Marketing Mix, a business framework that helps marketers to consider 4...

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Compare with the 4-Ps: Extended Marketing Mix (7-Ps)  |  4S Web Marketing Mix  |  3C's  |  Product/Market Grid  |  SERVQUAL  |  Competitive Advantage framework  |  BCG Matrix  |  Bass Diffusion Model  |  Positioning  |  Co-Creation  |  Disruptive Innovation  |  Relationship Marketing


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