marketing mix 4p assignment

1.2 The Marketing Mix and the 4Ps of Marketing

Learning outcomes.

By the end of this section, you will be able to:

• 1 Define and describe the marketing mix.
• 2 List and explain the 4Ps of marketing.

Marketing Mix Defined

Having a great product or service is just the first step in establishing a successful business or building a successful brand. The best product or service in the world won’t translate to profits unless people know about it. How do you reach customers and help them connect with your product? That’s the role of the marketing mix.

The marketing mix is commonly referred to as the tactics a company can use to promote its products or services in the market in order to influence consumers to buy. The marketing mix is also known as the 4Ps: product, price, place, and promotion (see Figure 1.4 ). Let’s look more closely.

• The product is the good or service that the company provides.
• The price is what the consumer pays in exchange for the product.
• The place is where the product is purchased.
• Promotion is comprised of advertising, sales, and other communication efforts the company utilizes to attract the customer.

The 4Ps of Marketing

To this point, we’ve been talking marketing in somewhat of an abstract manner. Instead of continuing with a theoretical discussion of the marketing mix and the 4Ps of marketing, we’re going to approach these topics using an example of a product you probably already own—a backpack. Let’s get started.

Remember: product refers to a good or service that a company offers to its customers. Let’s consider a product that many of you likely own as a college student: a backpack (see Figure 1.5 ).

In terms of the first of the 4Ps, marketing analyzes the needs of consumers who buy backpacks and decides if they want more and/or different bags. For example, marketing will analyze what features consumers want in the bag. Do they want a water bottle pocket, padded shoulder straps, reflective tape, a padded laptop sleeve, or organizer pockets? Think about your own bag for a moment: Why did you buy this particular product? What features did it have that made it appealing to you?

Armed with market research knowledge, marketing then attempts to predict what types of backpacks different consumers will want and which of these consumers they will try to satisfy. For example, are you selling bags to adults for their children’s use? Are you selling them to young adults who might want more (or different) graphics on the bag? Are you selling to adults who will use these bags for work or for school?

Marketing will then estimate how many of these consumers will purchase backpacks over the next several years and how many bags they’ll likely purchase. Marketing will also estimate how many competitors will be producing backpacks, how many they’ll produce, and what types.

Price is the amount consumers pay for a product or service. There’s a delicate balance here. On one hand, marketers must link the price to the product’s real or perceived benefits while at the same time taking into consideration factors like production costs, seasonal and distributor discounts, and pricing product lines and different models within the line.

Marketers attempt to estimate how much consumers are willing to pay for the backpack and—perhaps more importantly—if the company can make a profit selling at that price. Pricing products or services can be both an art and a science. In the case of our backpack example, the company wants to determine two things:

• What’s the minimum price that the company can charge for the backpack and still make a profit?
• What’s the maximum price that the company can charge for the backpack without losing customers?

The “correct” answer usually lies somewhere in between those points on the price continuum.

Promotion includes advertising, public relations, and many other promotional strategies, including television and print advertisements, internet and social media advertising, and trade shows. A company’s promotional efforts must increase awareness of the product and articulate the reasons why customers should purchase their product. Remember: the goal of any promotional activity is to reach the “right” consumers at the right time and the right place.

In terms of our backpack example, marketing now needs to decide which kinds of promotional strategies should be used to tell potential customers about the company’s backpacks. For instance, should you use TV advertisements to make customers aware of the backpack? If so, you’ll want to run your commercials during programs that your target audience watches. For example, if you’re selling backpacks to children (or trying to entice them to badger their parents to purchase them), children’s cartoons may be the most cost-effective avenue to reach your target market. If your backpacks are designed for work or school, you’ll likely decide to advertise on television programs that target younger adults.

Link to Learning

Netflix, jansport, and stranger things.

A real-world promotional example is the recent brand partnership between Netflix and JanSport , the backpack company. These two companies collaborated on a Stranger Things –branded backpack with the launch of the fourth season of Stranger Things in 2022. This collaboration created five Hawkins-inspired backpacks centered on various Stranger Things themes. Read more about this promotion and see the backpacks here .

Perhaps you’ll decide to run magazine print ads. If so, you’ll need to decide in which magazines you’ll place the ads. Most magazines have a very specific readership demographic consisting of factors such as age, gender, and interests. If you’re going to advertise those backpacks with print ads, you’ll want to leverage readership demographics to ensure that your message is being seen by the right consumers—those who are most likely to buy your backpacks. 18

What about internet advertising? Internet advertising (sometimes known as online advertising or digital advertising) is a promotional strategy in which the company utilizes the internet as a medium to deliver its marketing messages. If you’re going to go the digital route, what types of internet advertising will you use? Search engine marketing? Email marketing? Social media ads? TikTok videos?

Place considerations focus on how and where to deliver the product to the consumer most likely to buy it. Where did you buy your backpack? Did you buy it in a big box store, online, in an office products store, or perhaps even the school bookstore? Once again, through market research, marketers determine where potential customers will be and how to get the company’s backpacks to them.

One important factor to note about the importance of place in the marketing mix is that it doesn’t refer to the location of the company itself but rather to the location of the customers or potential customers. Place deals with strategies the marketer can employ to get those backpacks from their present location—a warehouse, for example—to the location of the customers.

Knowledge Check

It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.

• Positioning

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• Authors: Dr. Maria Gomez Albrecht, Dr. Mark Green, Linda Hoffman
• Publisher/website: OpenStax
• Book title: Principles of Marketing
• Publication date: Jan 25, 2023
• Location: Houston, Texas
• Book URL: https://openstax.org/books/principles-marketing/pages/1-unit-introduction
• Section URL: https://openstax.org/books/principles-marketing/pages/1-2-the-marketing-mix-and-the-4ps-of-marketing

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The 4 P’s of Marketing Mix and how to master it in today's world (updated with example and template)

This article addresses how to use one of the oldest marketing concepts in today's online world: "The Marketing Mix," which is based on the 4 P's: Product, Price, Place and Promotion.

If you’re ready to take your marketing seriously, you’ll need to start with a marketing plan. A classic marketing concept called “The Marketing Mix” or “The 4 P’s” of Marketing is a perfect place to start.

The original concept of the 4 P's marketing mix

The original marketing mix, or 4 P's, as originally proposed by marketer and academic Jerome E. McCarthy , provides a framework for marketing decision-making. Effectively summing up the 4 pillars of the business cycle, McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in business.

The essential base ingredients of the 4 P’s are: Product , Price , Place and Promotion . While this combination doesn’t appear to be rocket science, a company’s ability or lack thereof to embrace and implement the 4 P’s can make all the difference between thriving and failing as a business.

Each of the 4 P’s build upon and interact with one another, and are governed by both internal and external factors within the business itself, and our ever-changing marketplace. The 4 P’s of marketing primary purpose is to help us take into consideration potential roadblocks to widespread product adaptation and ongoing success.

So let’s get to them, shall we?

4 P's of marketing in simple and familiar terms:

A PRODUCT is a service or good offered to meet consumer interest or demand. It could come in the form of occupational therapy or a fidget spinner - choices are only limited to the imagination, BUT, are highly dependent on marketplace curiosity or need.

PRICE is the cost people pay for a product. This includes base costs (materials, manufacturing, and shipping) plus expenses (rent, office supplies, healthcare, etc.). While you should always look to the competition, a smart business will tap into what people will actually pay for it. That's the only thing that counts. If you can't rise above your bottom line and make your target profit, then it’s a losing proposition.

PLACE is the “home” where the product resides, and that “home” can live in many different channels, such as a physical store display, a newspaper, radio or TV ad, or a website or blog spotlight. Really, a place is anywhere you can get your product in front of your target customers that compliments your budget, including the price point.

PROMOTION is product exposure and public relations efforts via advertising (through the channels mentioned above) as well as word of mouth, direct mail, email marketing and social media. Promotion is a communication tool that encapsulates the first 3 P’s by putting the right product in the right place, at the right price, at the right time, with the goal of it being irresistible to customers.

The 4 P's example and template for a service business

The Marketing Mix of “HVAC Plumber” reflects a real life example of how a service company covers the 4 P’s (Product, Price, Place, Promotion) in their marketing strategy.

“HVAC plumber” (a fictitious company) provides heating and cooling services in the Chicago Metropolitan Area.

HVAC Plumber marketing mix elements strategy and example:

HVAC Plumber offers industry standard services, but also innovates to provide more value to our customers and captures more of the market. We are insured, licensed and provide warranties for our work. Our high quality services and focus on a pleasant customer experience helps us get repeat clients, referrals, and builds our reputation. Also, our motto is: “Leave the place cleaner than we found it” - so you’ll always see us with a broom in our hands before we leave.

At present, the following are the main categories of HVAC Plumber products:

• Furnace installation and repair
• Water heater maintenance, installation and repair
• Air conditioning installation, maintenance and repair
• Complete plumbing system design and installation
• Drain, sink and toilet unclogging and jet rodding and repairs

Our extra value added products:

• Emergency services
• Indoor air quality testing services
• Air duct and dryer vent cleaning services
• Warranty services
• Equipment sales

Our reputation and successful marketing generates more demand than we can handle, so it allows us to charge premium for our services. We train our service technicians to upsell our other services. We also have a customer loyalty program in place to reward our long-term clients with better rates and provide coupons to first time clients. We also seek partnerships with organizations such as: homeowner associations, insurance companies, builders and general contractors, and offer exclusive pricing options based on quantity.

The company has offices in downtown Chicago, but walk-in customers are unusual. We are physically represented by our company vans, uniforms and warranty stickers. We consistently attend industry trade shows, and belong to the Chicago Chamber of Commerce.

We nurture partnerships with our equipment vendors, participate in their trainings, and have certifications, which allow us to be listed “licensed technicians” on their websites. We serve the Chicagoland Area, which is about a 30 mile radius from our warehouse, but we do make travel exceptions for long-term clients and bigger projects.

Our company website is the most important communication tool, and is a place where our clients learn about our services and make initial contact. We invest a great deal of money and time to keep it updated and useful to our audience. We plan to expand our website to include ecommerce and make some of the package services, equipment and accessories available for purchase online. None of our competitors are doing this at the moment, so we’ll take advantage of being pioneers in this regard.

Most new business comes through our website and we focus all of our promotion efforts to drive more traffic to it. Our promotional mix is as follows:

• Search engine optimization
• Paid traffic
• Social media marketing
• Content marketing
• Email marketing

Our value proposition statement

HVAC Plumber is an industry-leading HVAC and plumbing service provider serving the Chicago area since 1999. We specialize in new installations, repairs, and 24 hour emergency services.

Start with 4 P's of marketing template

Check out our 4 P's of marketing template to help you work through your first few ideas.

But why stop there?

The 7 P’s of marketing mix

Since the inception of the original 4 P’s of marketing, marketing experts have expounded upon the mix to include three additional P’s to enhance brand exposure and sales performance.

These additional P’s include: People , Process and Physical evidence .

PEOPLE have always been at the epicenter of the business world. Whether it’s the company visionaries, the movers and shakers, or the daily doers, unless (or until) commerce is fully automated, you’re only as good as the people who keep the business operational and flowing. And believe you me, customers are quick to notice when there’s a glitch in the matrix.

PROCESSES ensure consistent service delivery to every customer, at any time of day, on any given day. And, a successful business incorporates scenarios where customer preferences can be accommodated to provide them a unique experience.

PHYSICAL EVIDENCE – Almost all services include physical proof of a transaction, even if the bulk of what the consumer bought isn’t tangible. It’s something the customer can hold onto and recall about working with you. Physical evidence also describes consistent branding across communication channels.

How can you actually use this?

How the 4 P’s apply in today’s online marketing

The how’s and why’s of how we approach marketing have become much more dynamic since the inception of the internet. However, the driving factor is still and should always remain: PEOPLE. Actually, it’s more about people than ever before. Having an honest marketing approach has never been more important and is both emotionally and financially rewarding if you do it right.

PRODUCT and how it lives online versus the shelf

It seems like not much has changed as far as the product or services goes, right? Wrong. No matter what type of product you offer, the landscape shifted majorly to the consumer benefit. The majority of customers now prefer to shop online, and perform in-depth research before making their buying decisions.

Besides the original, product-related marketing factors such as: product quality and design, branding, packaging, returns and guarantees, in your marketing plan, you should also consider NEW factors.

User-centric customer support - your product now has a digital voice. And it must talk to your audience and be both personalized and timely. Not only across all the common channels such as phone or email, but also should be proactively involved in social media. Resource: Social media customer service 101: the beginner's guide

New PRICING models to consider

Pricing your product or service is never an easy task. It sure helps if you can find a unique product positioning on the market, otherwise you fall into price comparison wars with your competition. And, to compare prices has never been easier than today. The original Marketing Mix suggests considering pricing strategy and tactics, discount structure, payment terms and options for both customers and distributors.

Competition pricing research - this is an in-depth review of the pricing models of your direct competitors. In comparing products, you should focus worldwide. With local services, of course, should compare within your own service area. Remember that you don’t have to anchor your pricing based on competition, but it helps to know the market.

Shipping and handling strategy - it’s not an obvious, but very important factor in online sales conversions no matter the item price. Offering free shipping is one of the most effective purchase incentives. Resource: How to offer free shipping and still make money

"9 out of 10 online shoppers consider free shipping as one of the main reasons why they shop at a particular online store. To offer free shipping is not a new thing, thanks to Amazon it became essential running an online store. The main question now is how to make it profitable. It looks impossible, but with the right approach - offering it most, not all, of the time, setting a flat shipping or order threshold, it is possible."

Diana Bukevicius - Scube Marketing

Product positioning - I know I’m repeating myself, but I have to. Positioning is strongly engraved into each pillar of The Marketing Mix. As far as pricing goes, having strong niche positioning eliminates the number of competitors that your product or service can be compared with and it opens up an opportunity to go for value pricing . Resource: Everything you need to know about pricing

Upsell strategy - this is an underestimated source of cash flow. It’s always easier to sell to the people that already bought something from you and were happy with the product. It can be an additional items or warranties, maintenance or a product upgrade.

PLACE for marketing is now on the mobile screens

Back in the 1940’s “place” was all about brick and mortar. Location, distribution, and logistics are still part of the process, but it heavily shifted from the marketing department to operations. No doubt you’ll boost sales if your product gets featured in physical Walmart stores, but you also can sell at Walmart Marketplace online with way less effort for the approval process. Same goes for Amazon. Online selling has undoubtedly taken over as the place to peddle your wares. Resource: How to sell on Walmart marketplace in 7 easy steps

Website - this is by far your most important marketing piece. It’s your 24/7 storefront and your sales rep that never sleeps. Any marketing efforts that you take will end up on your website. I mentioned 3rd party sources like Walmart Marketplace or Amazon, but I still highly recommend you focus on your own website first and use other sources as secondary. Why? Because you own it and you control it.

Any 3rd party retailer could change their policies tomorrow and you might be out of business. Plus, websites grow more powerful over time if supported by thoughtful and consistent marketing decisions. When you build your website, the decisions on design, structure and content should be made based on your promotional strategies.

3rd party platforms - Your audience is on or a few of these platforms already. Identify those platforms and utilize them. It can take the form of direct eCommerce platforms like Amazon, or it can be social channels like LinkedIn or Facebook etc.

PROMOTION is in your inbox

Search engine optimization (SEO), social media, email marketing and paid search. I hear that Super Bowl ads are worth their weight in gold, but if you can afford a Superbowl ad, you are on the wrong blog!

Jokes aside, make sure your marketing strategy is built around driving traffic to your website and converting it to leads or sales.

Traffic generation - getting targeted visitors to come to your website is the ultimate #1 goal. There are numerous ways you can achieve that, and they’re all worth considering:

Search engine optimization (SEO) - is the practice driving traffic to your website through organic search engine results by optimizing (making relevant) your website for targeted keyphrases. SEO is an ongoing process that requires patience and consistent efforts.

Paid search - in other words - “bought traffic.” Platforms like Google AdWords, Bing Ads or Facebook Ads allows you to buy highly targeted traffic in an auction-type of fashion. It’s typically based on “per click” pricing, where each visitors cost you x amount of dollars.

Social media marketing - is the process of gaining traffic or attention through social media sites. If you sell to people then it’s a great idea to invest time and effort (and sometimes money) into one or several social media sites. That’s where the people hang-out these days. Resource: Welcome to the beginner's guide to social media!

Email marketing - is the modern equivalent of oldschool direct mail, I believe. Even if one more email in our inbox is the last thing we want or need - email is still one of the best performing marketing tools. Resource: A beginner’s guide to successful email marketing Resource: A comprehensive guide to email marketing platforms

Conversion rate optimization - converting website visitors into leads is the ultimate goal #2 to achieve. Firstly, to be able to calculate conversions you need to have Google Analytics or other tracking system integrated to your website. Conversion rate optimization are an ongoing process where you optimize your website and measure the outcome looking for the optimal version of each page. Resource: Conversion optimization made simple: a step-by-step guide Resource: Learn Google Analytics with free online courses

2 extra P’s from Angle180

The team at Angle180 takes the “4 P's of marketing (Plus 3)” two steps further, to include Positioning and Positive Reviews.

Positioning - again and again. Positioning is a fundamental piece of your marketing plan and your overall business success. Essentially, if you answer all the questions related to each P you’ll arrive to your business positioning statement.

Positioning is how you differentiate your product or service from your competitors in your niche market.

A good positioning statement is the first thing people read when they visit your website. Typically, it’s a 7-10 word sentence on your Home Page that succinctly answers:

There’s a science behind positioning, and it’s wise to research how others in your field describe themselves.

Positive reviews - positive online reviews are pretty self explanatory, but I recommend creating a strategy for collecting positive reviews, as well as dealing with negative ones.

Unfortunately, it’s human nature to take positive experiences for granted and feel revengeful about the negative ones.

Reviews definitely affect local search rankings and customer buying decisions.

Local consumer review survey by BrightLocal reveals the importance of reviews:

97% of consumers read online reviews for local businesses in 2017

85% of consumers trust online reviews as much as personal recommendations

49% of consumers need at least a four-star rating before they choose to use a business

Responding to reviews is more important than ever, with 30% naming this as key when judging local businesses

4 P's of Marketing Mix in a slideshow presentation (PPT) and downloadable PDF

Here is a PDF version of 4 P's of marketing presentation.

Our conclusion? The original 4 P’s of the marketing mix withstand the test of time

There is one common trait to all classic things - they never get old or obsolete. So, even with all the changes that technology has brought us, the 80 year concept of The 4 P’s of marketing mix are still relevant and applicable today. Marketing platforms and tools have certainly changed, but the foundation is rock solid. And, let’s hope it always remains personalized and people-driven.

I'm Sarunas Budrikas, CEO of Angle180, a B2B marketing company delivering results through high performance web design and traffic generation.

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Chapter 14: Marketing Mix

Assignment: i can see the four ps of marketing, preparation.

For this assignment you will write a product report focused on a single product of your choice. Your submission will follow the formatting and address the questions/issues specified in the Product Report Outline.

Go to the store where your product is sold. This can be your local grocery store, Walmart, Target, or wherever your product is sold and displayed alongside competing brands and products. When selecting your product or good, keep in mind that in this assignment you will be analyzing the product based on the four Ps of marketing.

Gather the information necessary to complete your Product Report. Among the information you will need to collect is the following:

Name of product and company: Use the proper corporate name, not a nickname. For example: Tide Pods by Proctor & Gamble. Include pictures if you’re handy with uploading/inserting images.

• Product description: Briefly describe the product you’ve selected along with any relevant history that led you to choose this product/brand.
• Product : Describe the want or need your product addresses.
• Placement : Describe the physical location of the product among its closest competitors (a quick picture of the shelf would tell a good story!), and describe what this placement says about the marketing strategy.
• Pricing : Describe the pricing strategy. A good description would include observations about the closest competitive product and its relative pricing.
• Promotion : Describe how the product is being promoted. You could include any obvious physical/in-store promotions seen on the shelf, as well as flyers, coupons, social media, online advertising, etc.
• Other factors : You might notice other important factors about your product that lie outside the four Ps. You can include them in your report here. One example might be a unique distribution system for your product.

When putting together your assignment for submission, it should follow the format and organization shown in the Product Report Outline provided below.

Product Report Outline

Introduction to Business Marketing Report

Company/Product Name Here

Introduction

Briefly describe the product you’ve selected along with any relevant history that led you to choose this product/brand. Minimum of three, maximum of five sentences.

Four Ps of Marketing

Describe the key marketing strategies of your selected product. You should base your evaluation and report on what you can observe about how the four Ps are applied to the product you chose. You should write a minimum of three sentences about each aspect.

Conclusion and Recommendation

In this section you should draw a conclusion about the proven or possible success of your selected product. How has the company used the four marketing Ps to try to ensure the success of your selected product? This should be a minimum of three, maximum of five sentences.

• Assignment: I Can See the Four Ps of Marketing. Authored by : Linda Williams and Lumen Learning. License : CC BY: Attribution

Marketing 4 Ps: Definition, Mechanics and Examples

Unleash the power of the marketing mix. Explore how the 4 Ps marketing framework can help you craft a winning strategy and reach your target audience.

Table of Contents

The origins of the 4 ps of marketing, decoding the marketing mix: exploring the 4 ps, how to use the marketing 4 ps , beyond the basics: exploring the 7 ps, create powerful marketing campaigns, try skillshare for free sign up for a 7 day free trial today.

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Every great marketing strategy rests on four basic pillars: the 4 Ps. Often referred to as the “marketing mix”, these pillars help businesses reach their target audience, increase awareness of their brand and drive sales. 

If you’re tasked with creating or improving a marketing strategy, the 4 Ps framework is an essential tool in your toolbox. Whether you’re doing marketing for a small business or a large corporation, the fundamental principles are the same. Keep them in mind with every decision you make, and they’ll steer you in the right direction. 

The 4 Ps framework has been around for decades. 

In 1948, Harvard University Professor James Culliton published a paper in which he referred to marketers as “mixers of ingredients”. Inspired by this analogy, his colleague Neil Borden coined the term “marketing mix”—the idea that a successful marketing strategy involves different components and areas of focus. 

E. Jerome McCarthy, a marketing professor at Michigan State University, developed this idea further and proposed that the most important components of the marketing mix are product , price , place and promotion . He introduced the term “4 Ps of marketing” in his 1960 book Basic Marketing: A Managerial Approach . 

The 4 Ps have stood the test of time and are just as relevant today as when they were first introduced. Let’s take a look at each one in more detail. 

This is what you’re selling. It may be a physical product, digital offer, service or experience. 

Before you can market it, you need to fully understand your product. Start by answering the following questions:

• What is it? What does it do, or what does it involve?
• Who needs it? Who is your target audience?
• Why do they need it? Does it fulfill a need or a want? Does it solve a problem? 
• Are there similar products already out there? What makes yours different or better?

These answers will help you understand why someone would want to buy your product or, in other words, what you need to focus on when marketing it. 

Example: If you’re selling a tennis racket, you’d need to consider whether it’s suitable for casual or more advanced players. You’d also think about what problem it would solve for them—maybe it’s designed to generate more power or optimized for better control. And why should someone choose your racket over another option with similar features? 

This is what you’re asking people to pay in exchange for your product. The key here is to find an amount that would entice your target audience to make a purchase, while also allowing you to meet your ideal profit margin. Keep in mind that an “enticing” price isn’t necessarily the lowest one. Many consumers equate price with quality, so they often gravitate towards more expensive options. 

When pricing a product, consider the following:

• How much it costs you to manufacture and sell the product
• Your desired profit margin
• Your target audience and how much they’d be willing to pay for your product
• Your product’s perceived value—how much customers think it’s worth 
• Your competitors’ price

You can also include discounts and offers as part of your pricing strategy. The original price can drive up the product’s perceived value, and the discounted price can draw in customers looking for a deal. 

Example: Advanced tennis players typically pay $200-400 for a high-quality racket, while casual players can purchase a decent one for about $50-100. If you make a $300 racket and market it to people who are just trying out tennis, they’ll find it far too expensive. On the other hand, if you try to sell a $70 racket to seasoned players, they might question its quality and performance. 

This is where you sell and promote your product. 

Consider where your target audience shops and spends their time. In other words, where are they most likely to come across your product or marketing efforts? Instead of waiting for them to find you, you can take your product or promotion right to them. 

Examples of where you can sell your product:

• Brick-and-mortar store
• Online store
• Department stores and other retailers
• Events, fairs and markets

Examples of where you can promote your product:

• Physical posters in locations that your potential customers visit often
• Social media
• Print, TV, radio and digital advertising  

Example: If your product is a beginner racket for casual players, they may look for it at a sporting goods store or even a big box store like Walmart. On the other hand, if you’re selling a racket for advanced players, your best bet would be to distribute it through retailers that specialize in tennis gear. In terms of promotion, you could display ads about your racket inside tennis clubs or set up a booth at your local tournaments.

4. Promotion

This is how you let your target audience know about your product. 

In the “product” section, we went over all the details you should know about your product, such as what problem it solves and what makes it better than other options. Now, it’s time to communicate these to your target audience and entice them to make a purchase. 

We’ve already touched on a few promotional tactics in the “place” section, since place and promotion often go hand in hand. Below are a few other ideas:

• Public relations
• Content marketing
• Email marketing
• Influencer marketing
• Partnerships with other brands
• Sponsorships

Example: To promote your tennis racket, you could partner with content creators who post educational videos about tennis or review tennis gear. If you have a bigger budget, you could run TV ads in the middle of televised tennis tournaments. 

A successful marketing strategy communicates the right message to the right people at the right time and in the right place. The 4 Ps can help you achieve just that. 

It’s important to remember that the 4 Ps aren’t meant to be used in isolation. True to Culliton’s original “marketing mix” analogy, they’re just ingredients in your marketing recipe, but once you start mixing them, it’s perfectly normal for them to blend together and overlap. 

For example, information about your product can dictate its price , where you place it and how you promote it. At the same time, your promotional efforts can include specific places or adjustments in price .

The 4 Ps are a dynamic framework, and your target audience should be at the center of it. Any decisions you make about your product, how to price it, where to sell it and how to promote it should be driven by who your potential customers are and what they want. What problem do they have, how much are they willing to pay for a solution, where do they expect to find this solution and what promotional tactics or messages would resonate with them? 

Keeping your target audience in mind as you work with the 4 Ps framework will help you optimize your marketing strategy and set yourself up for success. 

Over the years, marketers have identified three additional components of the marketing mix: people , process and physical evidence . Together with the original 4 Ps, they make up the 7 Ps, which is a framework more commonly used today. 

This refers to staff members who interact with customers or people who represent the product or business in some way. For example, Apple is known for its exceptional customer service, so for many repeat customers, that’s part of why they choose to shop there. 

This is what’s involved in getting the product to the customer, and it’s especially important in the era of online shopping. People value fast, convenient shipping and no-hassle returns. Companies that can offer this (like Amazon, for example) frequently use it to attract customers. 

Physical Evidence 

This includes all the ways in which potential customers physically experience your product and your brand. Your brand imagery , packaging, how you display products in the store and the design of your website are all examples of physical evidence. Whether or not they consciously realize it, people take things like this into consideration when deciding to purchase from you. 

The 4 Ps (or 7 Ps) are just one of the many tools you can use to elevate your marketing strategy and grow your business. If you’re an entrepreneur and you don’t have much experience promoting a product or service, be sure to familiarize yourself with other marketing fundamentals . It may require a bit of trial and error, but you’ll eventually find what works for your business and helps you connect with your target audience. 

Sayana is a musician, writer and graphic designer based in Toronto, Canada.

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How to Develop a Successful Marketing Mix Strategy [+ Templates]

Updated: July 28, 2021

Published: June 23, 2020

One of the first things you're taught in your Introduction to Marketing class is that marketing can be best explained using the marketing mix – also known as the four Ps.

They are – and say 'em with me because if you took that class, you know these four words by heart:

However, once you're in your first marketing internship or job, you learn that marketing entails so much more than can be simplified in a four-section marketing mix matrix.

Still, there's an undeniable benefit of marketing teams organizing their work into the marketing mix framework.

When you stray too far away from the four P's, it can be easy to lose focus on your purpose as a marketer.

Marketing truly is about teams and individuals working together to promote a product in the right place at the right price point. Efforts beyond this scope are essential, but they do all stem off of this foundation of the marketing mix.

Here, we're going to dive into what a marketing mix is and how to develop a successful marketing mix strategy for your own company.

What is a marketing mix?

The marketing mix refers to the actions a company takes to market its product(s) and/or service(s). Typically, it acts as a framework for breaking down the four key components of marketing — product, price, place, and promotion.

The marketing mix helps companies organize their marketing initiatives by task and department for more process-driven and impactful marketing campaigns.

This framework has roots dating back to the 1940s and has been evolving ever since. While some elements have been added or tweaked over the years – most notably for the modern digital age – the core elements of the marketing mix (i.e. the four P's) have remained consistent for decades.

Featured Resource: Marketing Mix Templates

Need a way to visualize your marketing mix to share it with your employees or investors? Use these four marketing mix templates to organize your initiatives and activities by the right section. Click here to download them now .

Marketing Mix Elements

When perfected and synchronized, the core elements of a marketing mix provide a well-rounded approach to marketing strategy.

Product refers to what your business is selling – product(s), service(s), or both. The bulk of the work in this element is typically done by product marketers or managers.

Nailing the product element of the marketing mix means doing extensive research and development, understanding the need for the product, developing a product launch plan and timeline, and educating customers and employees – especially salespeople – on the product's purpose.

Price refers to the price point at which you'll sell your product(s)/service(s) to consumers. Arriving on this dollar amount requires consideration of multiple pricing strategies, analysis of similarly priced products in your market, and insights from consumers through surveys and focus groups.

Price speaks to positioning in the market, the speed at which you want to penetrate your market, and your company's revenue goals and profit margin.

In the marketing mix, place refers to where your product or service will be sold. For tangible products, this will include physical locations such as your own store, or a retailer where your product will be resold.

It can also include the other methods where your products can be purchased, like online or over the phone.

4. Promotion

Promotional activities are those that make your target market aware and excited about what you're selling.

While this does include paid initiatives like commercials and advertising, promotion also entails organic initiatives like word-of-mouth marketing, content marketing, and public relations.

Other Elements

While the marketing mix can often be simplified down to the 4 P's, the expansion of the scope of marketing in recent years has resulted in more P's added to the list.

For example, Smart Insights includes the following elements in its marketing mix definition:

• Process , or the large internal initiatives taken to support a product launch, such as including salespeople in goal setting.
• People , which can refer to your buyer, market, and target audience, or your internal team responsible for a launch.
• Partners , or who you'll be working with outside of your company, such as distributors or co-marketing partners.

Some of the other P's can include:

• Payment , or how transactions will be held and processed.
• Physical evidence, or anything tangible pertaining to your product or service, like any materials needed to complete your service or deliver your product.
• Packaging , or anything pertaining to the physicality of your product, like how it looks or how it's packaged.

These other marketing mix elements should be utilized as you see fit for your projects. However, every good marketing mix should rely on a thorough exploration of those first 4 Ps.

Marketing Mix Templates

Fill out the form to get your templates, marketing mix examples from real businesses.

Fintech companies are everywhere, but how many of them focus on organic and non-GMO agriculture?

As sustainable agriculture becomes more top of mind, brands like Mercaris help support agriculture companies looking to stay ahead in the market. Beyond delivering a service, the company identified a niche and launched a business with few direct competitors.

They offer a monthly subscription-based service that arms agricultural companies with the market intelligence needed to compete in the space. This includes detailed reports on food production, commodity prices, and market shifts.

Not long after Airbnb launched, users filed complaints of racism from their hosts and expressed reluctance to use the platform's services. The company implemented measures to appease these concerns. However, it brought attention to an important issue.

It's this uncertainty that allowed Noirbnb to enter the market. The brand tapped into people of color's desire to feel safe and welcomed in their temporary home while traveling – then, they used it as their unique selling position (USP).

The brand even plays on Airbnb's name – which is now a household one – to indicate that they offer a similar service that's been adapted to cater to travelers of color.

Warby Parker

This online retailer of prescription eyeglasses and sunglasses is known for its stylish yet affordable glasses. Warby Parker 's pricing, which starts at $95, undercuts many of its competitors, making it a popular go-to for consumers.

The brand's pricing strategy is based on public perception. In interviews, the founders revealed that originally, they were going to price their frames as low as $45. However, after considering how low prices for items like glasses can be perceived as low quality, they doubled the price to settle at a number that was still competitive.

A brand's pricing strategy can have an important role in how it's perceived in the market. So, it's important to consider what that perception is and if it's the one you want to put out there.

When Canva entered the market, it was every small business owner's dream. You could design any marketing material you wanted for FREE, what more could you ask for?

Eventually, the brand introduced premium versions of its platform. Catering to businesses ranging from small to enterprise-level, they added features like high-quality stock visuals, social media publishing tools, marketing campaign management, and large cloud storage.

Hu , short for "Get Back to Human," is a dessert company that specializes in making organic, paleo chocolate bars free of the junk ingredients we find in big-name products.

The brand has made its products available from multiple major retailers, including Walmart, Target, and Whole Foods. They also have a virtual storefront on Amazon. If stock ever runs out there, you can always purchase their products through their website.

Hu has made its product accessible through multiple channels, maximizing its earning potential while expanding its brand awareness.

The Lip Bar

Vegan beauty brand The Lip Bar leverages influencers and celebrities to promote its products and increase its brand awareness. Recently, the brand partnered with beauty influencer Raye Boyce to announce its expansion into Walmart stores and its nine latest products.

The Lip Bar places women of color at the center of its products and collaborating with a Black influencer known for her love of lipsticks is in perfect alignment with the brand's identity.

Beyond a robust social media presence, the company also has a blog on its website with content that appeals to audiences across the buyer's journey.

Avant-Garde Vegan

Some brands launch a product then promote, while others promote then launch.

Avant-Garde Vegan , an online brand created by UK-based chef Gaz Oakley, grew his business on social media – namely YouTube. Oakley gained popularity posting recipes for healthy, vegan dishes and soon became a go-to resource for new and established vegan consumers.

Eventually, Oakley released his first product, a cookbook. Now the brand sells both cookbooks as well as merchandise.

The reason why this strategy works particularly well is that it focuses on adding value instead of selling. Oakley gained his audience's trust and loyalty through consistent and quality posts on social media.

Once he introduced a product, many of his followers were ready to make a purchase. It's a long-term strategy that can have a big payoff if executed well.

How to Develop a Marketing Mix Strategy

Because the marketing mix incorporates elements from across your department – and even your company – it's imperative to establish a marketing mix strategy for each product you launch, or for your company as a whole. For a fully fleshed-out marketing mix, follow these steps.

1. Engage in market research and product development.

The success of your marketing work is first and foremost contingent on your product. Make sure it's well developed and your team can speak to its benefits and the story behind it.

Best practices in this step include:

• Engaging in market research to understand your buyers' needs.
• Speaking to your current customers to uncover their pain points and see which needs to address in your current product or service line.
• Monitoring industry trends to identify a potential demand in your market.
• Examining the competition.
• Collaborating with your product team during product development to ensure it meets your buyer personas' needs.
• Having your product tested by current customers to see how they're using the product or service and if it's actually solving for their problems.

Taking these actions ensures you're making every effort to understand and solve for your customer, providing a solid foundation for your product to launch successfully.

Featured Tool: Market Research Kit . To make your R&D more impactful, use these free market research templates so you can better understand your customers and competitors.

2. Determine your pricing model.

A lot goes into choosing a price point – so much so that we wrote an entire guide to pricing strategies .

Luckily, you'll be able to refer to much of the work done in the previous section. Thanks to your understanding of your market through research, you'll have answered most of the necessary questions in this section. You'll also need to take your costs into account so you can maximize unit sales and profit.

During this stage, make sure you do the following.

• Speak to customers (or refer to previously completed market research) to determine the ideal selling price.
• Work with the product team to ensure the product can be developed in a cost-effective manner that would ensure profitability at your target price point.
• Meet with financial experts to determine aggressive yet realistic sales forecasts to contribute to the company's bottom line.
• Collaborate with your sales team to determine discounting strategies.
• Determine how you'll adjust price and revenue forecasts when selling through resellers.

Lastly, don't forget to factor in the perceived value by the customer. Even if your product or service doesn't cost a significant amount to make, you'll be able to mark up your product more if you face little competition and provide an irreplaceable benefit to your customers.

Featured Tool: Pricing Strategy Calculator . If you need help selecting your pricing model, use this template to compare different pricing strategies and see which will yield your company the most profit and revenue based on your forecasts.

3. Choose your distribution channels.

The "place" part of the marketing mix answers where your product will be sold. Keep in mind, this can be any combination of your store, a distributor's store, or online. You'll want to address the following points before moving onto the promotion stage:

• Determine if your product will fare best in your physical location, a store of another retailer, on your website, on another company's website, or some combination of these locations.
• Think about geographic location – make sure your supply meets regional demand, and plan for whether or not what you're selling will be available in a certain city, a state, the country, or worldwide.
• Come to an agreement with retailers and resellers on margins, markups, and manufacturer suggested retail prices (MSRP).
• Figure out how many salespeople will be needed to ensure you meet your goals.
• Set goals for retail, third-party sellers, since you may be sharing shelf space or search results with a competitor or two.

4. Select your promotion tactics.

Finally, it's time to promote your product. While this is probably the element most associated with marketing, it's crucial that this element be completed last, because you need the foundation of product, price, and place before determining promotion tactics.

Think about it – shouldn't you know what you're promoting, why you're promoting it, and where it's available before actually promoting it? It's tempting to jump right to this step, but your promotion will be much better off if it's done after everything else in the marketing mix.

Once you do have that understanding, consider the following promotional channels and choose the one(s) that makes the most sense for your product, its buyers, and its price point:

• Content marketing efforts, such as blogging, content creation, and building a website.
• Public relations and working with affiliates and/or influencers.
• Social media marketing – both organic and paid – on channels such as LinkedIn, Facebook, and Instagram.
• Search engine ads on sites like Google and Bing.
• Ads to air on video streaming sites like YouTube, or on TV.
• Event marketing, including attending industry events or hosting your own event.
• Customer marketing and utilizing referrals.
• And more – There are countless promotional ideas you can use to spread the word on your product, service, or business.

Featured Tool: Marketing Plan Template . If your promotional tactics are multi-faceted enough, consider documenting your plans in this customizable template.

Every company's marketing mix is different, placing emphasis on certain factors over others.

Some businesses use their marketing mix for a single product, while others adopt a company-wide marketing mix. However, good marketing mixes should tie in all the elements without neglecting one.

All elements of the marketing mix are important, so don't be quick to overlook any of them, and find ways for different elements of the mix to overlap and share goals.

With so many activities happening to support a single initiative, it's helpful to organize everything in a single template for easy reference. Here are a few examples of marketing mix templates your marketing department can use, in addition to when they might make sense to reference.

1. Simple Marketing Mix Template

Download this Template

This template is a great starter for organizing a marketing mix. It's ideal for one product and for the marketing mix's maker to get an understanding of all the elements involved in the marketing of a product.

2. Company Marketing Mix Template

For a marketing mix that applies company-wide, this template is a perfect fit. You can outline the initiatives that apply to most or all of the products and/or services in your suite.

3. Structured Marketing Mix Template

For when you need to get right to the point with a more organized, actionable visualization, use this structured, bulleted template for quick reference and clarification.

4. Production Marketing Mix Template

Finally, a production marketing mix template is best utilized for internal reference. This template answers questions on the go-to-market efforts for products and services that you're selling.

Mix It All Together

Whether you're a student just learning to understand everything that marketing entails or a CMO hoping to clearly convey the work that your team is doing to your fellow employees, the marketing mix framework is an essential tool to help you get the job done.

Don't forget – if you need to organize your marketing initiatives into a central location, try using HubSpot's Marketing Mix Templates to document your activities in one place.

Don't forget to share this post!

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What Is a Marketing Mix?

What are the 4 ps of a marketing mix, what are other marketing tools, what are the four elements of a marketing mix, what are the 7 ps in a marketing mix, what is the purpose of a marketing mix, the bottom line.

• Marketing Essentials

Marketing Mix: The 4 Ps of Marketing and How to Use Them

Investopedia / Mira Norian

A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan . The term often refers to a common classification that began as the four Ps : product, price, placement, and promotion.

Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions when launching new products or revising existing products.

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Key Takeaways

• A marketing mix refers to a framework that uses the four Ps of product, price, placement, and promotion.
• This concept traces back to 1960, when marketing professor E. Jerome McCarthy first published it in a book entitled Basic Marketing: A Managerial Approach.
• The different elements of a marketing mix work in conjunction with one another with the ultimate purpose of generating higher sales.
• In addition to the 4 Ps, three approaches can also be integrated that include people, process, and physical evidence to reinforce a consumer-centric type of marketing strategy.
• This type of strategy extends beyond a product-focused marketing approach.

The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by marketing professor and author E. Jerome McCarthy. It was published in the book entitled Basic Marketing: A Managerial Approach. Depending on the industry and the target of the marketing plan, marketing managers may take various approaches to each of the four Ps. Each element can be examined independently, but in practice, they often are dependent on one another. 

This represents an item or service designed to satisfy customer needs and wants. To effectively market a product or service, it's important to identify what differentiates it from competing products or services. It's also important to determine if other products or services can be marketed in conjunction with it.

The sale price of the product reflects what consumers are willing to pay for it. Marketing professionals need to consider costs related to research and development, manufacturing, marketing, and distribution—otherwise known as cost-based pricing. Pricing based primarily on consumers' perceived quality or value is known as value-based pricing .

Value-based pricing plays a key role in products that are considered to be status symbols.

When determining areas of distribution, it's important to consider the type of product sold. Basic consumer products, such as paper goods, often are readily available in many stores. Premium consumer products, however, typically are available only in select stores.

Joint marketing campaigns are called a promotional mix. Activities might include advertising, sales promotion, personal selling, and public relations. One key consideration is the budget assigned to the marketing mix. Marketing professionals carefully construct a message that often incorporates details from the other three Ps when trying to reach their target audience . Determination of the best mediums to communicate the message and decisions about the frequency of the communication also are important.

Not all marketing is product-focused. Customer service businesses are fundamentally different than those based primarily on physical products, so they often will take a consumer-centric approach that incorporates additional elements to address their unique needs.

Three additional Ps tied to this type of marketing mix might include people, process, and physical evidence. "People" refers to employees who represent a company as they interact with clients or customers. "Process" represents the method or flow of providing service to clients and often incorporates monitoring service performance for customer satisfaction. "Physical evidence" relates to an area or space where company representatives and customers interact. Marketers take into consideration elements such as furniture, signage, and layout.

Additionally, marketers often study consumers in order to refine or update strategies related to services or products. This requires a strategy for communicating with consumers in order to obtain feedback and define the type of feedback being sought.

Traditionally, marketing commences with identifying consumers' needs and ceases with the delivery and promotion of a final product or service. Consumer-centric marketing is more cyclical. Its goals include reassessing customers' needs, communicating frequently, and developing strategies to build customer loyalty .

The four primary elements of a marketing mix are product, price, placement, and promotion. This framework aims to create a comprehensive plan to distinguish a product or service from competitors that creates value for the customer. Often, these elements are dependent on each other.

Product refers to a good or service that meets a customer's needs. Here, companies focus on features that differentiate it from its competitors. An organization may also consider complementary products that fit within its suite of product or service offerings.

Price represents the price point or price range for the product or service. Ultimately, the goal is to maximize profit margins and return on investment while considering the price that customers are willing to pay.

Placement refers to distribution channels. Specifically, where is this product being promoted, and how can you get it in front of your target audience?

Promotion focuses on creating brand awareness around your product or service. Importantly, it looks at how utilizing certain channels can drive sales.

Sometimes, the marketing mix can extend beyond the classic four Ps of product, price, placement, and promotion established by professor E. Jerome McCarthy in 1960. These additional categories include people, physical evidence, and process.

In this way, people represent the employees who interact with customers. A company may consider company culture as it relates to its brand strategy. This may include customer relationship management (CRM) , which aims to increase brand loyalty among customers.

Physical evidence might include the packaging or the layout of a physical store, which can reinforce a brand and create more value to the customer.

Finally, the process identifies areas, often from a logistical standpoint, that enable the customer to have the most seamless experience possible with a product or service. This may include everything from delivery logistics and shipping to managing third-party retailers.

At its core, a marketing mix is focused on promoting a product or service to generate revenue for a company. On the whole, it integrates key marketing strategies that create brand awareness, build customer loyalty, and drive product sales.

The development of a comprehensive, effective marketing plan takes into consideration a marketing mix that includes several areas of focus. Typically, the marketing mix refers to the four Ps: product or service, its price, placement, and promotion. This concept was developed in 1960, when marketing professor E. Jerome McCarthy first published it in a book entitled Basic Marketing: A Managerial Approach.

However, because not all marketing is focused on products, customer-service businesses rely on other marketing tools that might include three additional Ps: the people who interact with customers, the process that creates a seamless customer experience, and physical evidence, or the area where customers and company representatives interact.

All of these tools are used to promote a product or service and build brand awareness and customer loyalty in order to generate revenue for a business.

E. Jerome McCarthy. " Basic Marketing: A Managerial Approach ," Page vi. R.D. Irwin, 1960.

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The 4 Ps Of Marketing

Updated: Jun 18, 2024, 8:52am

Table of Contents

What are the four ps of marketing, the first p: product, the second p: price, the third p: place, the fourth p: promotion, examples of the four ps in marketing, how to use the 4 ps of marketing, what’s the difference between the four ps and the seven ps, frequently asked questions (faqs).

The four Ps of marketing—product, price, place and promotion—serve as a framework for marketing success. Sometimes referred to as the marketing mix, the four Ps help guide businesses in the creation of winning business ideas that deliver what customers want, where and how they want it at a price that’s most appealing.

Building a solid marketing plan structured around the four Ps can help you increase awareness for your brand and its products or services, drive sales and achieve overall stronger bottom-line results.

The idea of a marketing mix was first popularized in the 1950s by Neil Bordon, a Professor of Advertising at Harvard. Drawing from Bordon’s work along with the work of other prominent marketing and business leaders, E. Jerome McCarthy introduced the four Ps of marketing in his book Basic Marketing: A Managerial Approach .

You may recall from your Intro to Marketing college course that product, price, place and promotion are the four Ps of marketing. While the four Ps have been around for decades, the concept is just as relevant to businesses today as it was when the four Ps were first introduced.

The first P in the four Ps of marketing is product. A product can come in a variety of forms, such as a physical product, digital product, service, event or experience. The product is the actual item you are selling; the features or attributes you include or build into your products can help you differentiate your offerings from your competitors.

There are many dimensions that you must consider when deciding which products to develop and sell. Does your product solve a problem? Or does the product fulfill consumers’ wants and desires? Why would someone want to buy it? Product quality, design, packaging, variety, adaptability, sustainability, safety and production must all be considered.

Your marketing plan should outline the key features of your product, what makes it unique and who your target audience is for that product. This will help ensure you meet the needs and desires of your ideal audience.

The second P in the four Ps of marketing is price. Naturally, you need to price your products in a way that allows you to operate profitably. However, pricing is far more complex than calculating the cost of goods and adding on an additional amount that will let you meet your desired profit margin. How you price a product will convey its relative value and quality.

Walmart uses low-cost pricing to attract a broad audience of value-driven shoppers, while Saks Fifth Avenue sustains much higher prices, which is common among luxury goods sellers who target wealthy buyers. If you decide to serve different types of customers, you’ll need to develop a customer segmentation strategy , which will include pricing strategies for each segment you serve.

There’s also a psychological factor in product pricing, which is why products are often priced at $9.99 rather than $10. Products with prices ending in .99 seem cheaper than those that end in zero, and hence more shoppers are drawn to the $9.99 price tag.

The third P in the four Ps of marketing is place, which refers to the channels or locations where you sell your products and services.

You may want to sell products via a brick-and-mortar store or at less permanent physical locations, such as special events, fairs, pop-ups or temporary markets. Or, you may prefer to list your products for sale via an e-commerce software —by either building your own e-commerce website or by selling through popular online marketplaces such as eBay, Amazon or Etsy .

Where you sell your products will influence how you manage product inventory and product transportation or shipping. Location also influences the relative size of your reachable market. Some businesses find they can optimize sales by offering goods and services via multiple outlets.

The fourth P in the four Ps of marketing is promotion, which is how you get the word out about your products and what tactics you use to convert prospects into buyers. Your promotion strategy may include advertising, public relations, social media marketing, content marketing, direct marketing and influencer marketing, as well as the discounts and special offers you extend to generate sales.

Even the best product in the world doesn’t stand a chance if you don’t have a strong promotion strategy behind it. While there are some promotional tactics that can be done on a shoestring budget—such as do-it-yourself blogging and social media—others can be costly. It’s important to factor anticipated promotional costs into your product pricing strategy.

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Understanding the four Ps is the first step in creating a strong marketing mix. Knowing how to execute the four Ps correctly is key to achieving success. Let’s look at examples of how different organizations use the four Ps in different ways.

Examples of Product

The music industry offers many examples of how related products are sold in different formats––from physical products to digital downloads to digital streaming to live events.

While compact discs—a physical product—are no longer the norm, they are still available in some brick-and-mortar locations as well as in online marketplaces. Vinyl albums are making a comeback among certain audiophiles, which is a reminder to consider your audience’s specific interests when designing your product.

The popularity of various product formats can change as new technologies emerge. There was a time when you needed an Apple iPod or similar device (i.e., “product”) to listen to music online. Now you can use just about any internet-enabled device to purchase music via digital downloads, or you can subscribe to popular subscription-based audio streaming sites such as Spotify, Pandora and Apple Music, which grant you access to millions of songs.

Live performances are another popular music product—just ask any Taylor Swift mega-fan about the magic of scoring a ticket to one of her sold-out concerts. Of course, when you attend a live event, you will find there is plenty of physical music merchandise to purchase—from T-shirts to pins to caps and hats to collectible programs.

Examples of Price

You can buy a watch for under $100 or spend $100,000 or more; both watches will tell you the time. The price a person is willing to pay for a watch says a lot about their means, interests, style and quality preferences and what they value in a timepiece.

Chanel, Dolce & Gabbana, Versace and Armani all sell high-priced clothes, jewelry and accessories. Yet, what these brands are actually selling is a luxurious lifestyle. The premium prices these luxury brands charge reflect quality and exclusivity; their target audience has the means to purchase the products and the desire to live a rich life.

Old Navy, meanwhile, targets budget-conscious shoppers with its everyday modest prices and regular promotional discounts. Dollar Tree is an example of a brand that appeals to lower-income consumers and those seeking extreme values. Dollar Tree, which has had to raise average product prices up from $1.00 to $1.25, has seen profits surge in recent years.

No one magic price range will produce exceptional results for all product lines. When pricing your product, you must consider not only the cost to produce the item but who your ideal buyer is and what they’re currently spending on the products they purchase.

Examples of Place

Today’s businesses have more options and flexibility in places to sell their goods and services. The best point-of-sale (POS) systems and credit card readers let you accept payments from nearly anywhere.

You used to need a brick-and-mortar building to open a restaurant, and now budding restaurateurs and bakers can sell their edible creations via food trucks, pop-up events or shared kitchens.

Artists and crafters can sell their goods via their own galleries or display their works at others’ galleries. Artists also sell art online via their own websites or popular online marketplaces such as Creative Market, Etsy, Amazon Handmade and Fine Art America. Art and craft fairs are growing more popular, as are festivals and pop-up markets that invite artisans to showcase their work.

Many businesses start by selling their products online or via a retail location and then expand to other outlets once sales grow. A multi-location strategy is often the best way to boost your product sales.

Examples of Promotion

If you want your business to be successful, you must find ways to promote your business effectively. Some promotional efforts—such as national paid advertising—require a relatively large promotional budget, which is feasible for mega-brands like McDonald’s, Amazon and Toyota, but can be difficult for smaller businesses.

Examples of promotions that work for small businesses include creating a business website where you offer discount coupons and promote current sales. You can also ask customers for their email addresses and use email marketing software for ongoing business promotion. If you have a brick-and-mortar business, consider placing attention-grabbing banners, flags or a blow-up character in front of your business to draw the attention of those passing by.

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Other types of promotions can work for a wide array of businesses, such as customer loyalty programs. Kohl’s loyalty program, called Kohl’s Rewards, gives members cash back each month based on their spending. Since Kohl’s requires you to submit your contact information to join the program, the company can use that information to regularly email you to tell you about current sales and new products.

Think of the four Ps of marketing as your road map for introducing and launching successful products and services. Your marketing strategy should include extensive details on how you intend to approach each of the four Ps.

For example, when developing your product, consider what’s already available and what features you can embed in your product to serve a need or solve a problem better than any other available product. How will your product stand out in a crowded marketplace? Also, think about who your ideal audience is and what they value most.

When developing your pricing strategy, don’t just consider the price point where you make a sufficient margin. Be sure you understand your ideal customer’s sensitivity to pricing. Is this a luxury item? Then deliver the quality that appeals to high-end buyers at a price point that affirms luxury and exclusivity. Are you providing the best value on the market? Then use a value-based pricing model.

Placement is also key. Where does your target market already go to purchase similar products—online, in specialty retail stores, big-box stores, discount stores or elsewhere? It’s important to place your products where your ideal clients already shop, which may mean placing them in multiple sales channels.

Finally, give special attention to how you promote your products. Your promotion strategies must be compelling and give you maximum reach for your promotional dollars.

How and where you choose to promote your product needs to align with the type of customer you are pursuing. The promotional choices you’ll select for more traditional middle-aged suburbanites will be considerably different than those you’d use to appeal to members of Generation Z. Always make sure your advertising choices and messaging align with who you’re targeting.

While the four Ps came first, you may have also heard of the seven Ps of marketing, which rose in popularity in the 70s and 80s. The seven Ps include the original four Ps plus people, process and physical evidence.

The fifth P refers to the people within your organization who work together to create an exceptional experience for your customers. You can differentiate your business from competitors by creating a customer-centric culture that consistently delivers a memorable, high-quality customer experience.

If you are a service-based business, it’s vital that you pay close attention to the people you hire to interact with your customers. Bad reviews on Google Reviews or Yelp can put you out of business.

The sixth P, process, is how you get your product to the customer. Is it easy and seamless to purchase from you, or are there barriers that make the buying experience difficult or issues with your shipping or delivery system that negatively impact the experience?

For example, did you ship a product to an environmentally conscious customer via a styrofoam container—or did you use sustainable, eco-friendly shipping and packaging methods? Make sure the processes you use make sense for what you’re selling and who you’re selling to.

Physical Evidence

The seventh P, physical evidence, involves things that enhance or detract from the shopping or purchase experience. Physical evidence includes branding and packaging.

When a physical environment is involved—such as in a retail store, restaurant or service office—physical evidence includes the layout, ambiance and overall aesthetics of the physical location that contribute to the impression you make on prospects and customers.

What are the seven Ps of marketing?

The seven Ps of marketing—sometimes referred to as the marketing mix—include product, place, price, promotion, people, physical evidence and process.

Which of the four Ps of marketing is the most important?

Many consider the product to be the most important of the four Ps of marketing. That being said, even excellent products can only be successful if a business strategically deploys all vital aspects of the marketing mix, including the remaining three Ps: place, promotion and price.

What are the marketing four Ps and four Cs?

The four Ps of marketing are product, place, price and promotion. In an article in Advertising Age , Bob Lauterborn introduced the four Cs, which he stated was a more customer-centric marketing model. The four Cs are consumer, cost, convenience and communication.

What is the purpose of the four Ps of marketing?

The purpose of the four Ps of marketing is to help businesses create a viable, complete strategy for selling goods and services. The four Ps are essential pillars for success that can help you drive better results when launching any product or service.

What’s the difference between the four Ps and the seven Ps of marketing?

The seven Ps include the original four Ps—product, price, place and promotion—plus people, process and physical evidence.

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The 4 Ps of Marketing: Demystifying the Marketing Mix

The 4 Ps of marketing—you’ve probably heard about them from a friend, a textbook, or even at school.

I know it sounds like a boring topic that’s common sense, but there is more to it than meets the eye.

And no, it’s not just for large companies. The smaller you are, the more important for you it is to leverage the 4 Ps of marketing.

Some key takeaways we’ll review in this post:

• The 4 Ps of marketing—product, price, place, and promotion—is a concept that summarizes the four basic pillars of any marketing strategy.
• By focusing on these four pillars, you can improve your marketing strategy to ensure that you’re effectively covering all of your bases.
• You can implement the 4 Ps of marketing whether you’re a new or existing business.

Now before we dive into it, let’s first break down what they are…

What Are The 4 Ps of Marketing?

The 4 Ps of marketing is a concept that summarizes the four basic pillars of any marketing strategy.

The four Ps of marketing are:

• Product: What do you sell? Could be a physical good, services, consulting, etc. This is important because a good product helps you stand apart from competitors and win over customers.
• Price: How much do you charge and how does that impact how your customers view your brand? You need to strike a balance that drives the most amount of sales while also driving the most profit.
• Place: Where do you promote your product or service? Where do your ideal customers go to find information about your industry? If your products aren’t placed properly, you may not be visible to your target market.
• Promotion: How do your customers find out about you? What strategies do you use, and are they effective? When you focus your efforts on promoting to your audience, you can boost profits and increase return on investment (ROI) .

It sounds simple and it really is. The challenge is implementing the 4 Ps of marketing, which we will get into in the next sections.

The theory behind the 4 Ps of marketing is that covering all 4 Ps will result in higher sales. But, sadly nothing is quite that easy.

The origin of the concept, also known as marketing mix , goes back to the year 1960 when Professor Edmund Jerome McCarthy introduced it in his book Basic Marketing: A Managerial Approach .

I know that’s ages ago, but the 4 Ps marketing mix concept is just as valid today.

So how can you implement it yourself?

The best way to gain an understanding of the 4 Ps of marketing is to see how other brands are using them. Let’s dive into the concepts and look at 4 Ps of marketing examples to understand how you can apply this to your own company.

The First P of Marketing: Product

The product is what the company sells.

It might be a product like a soft drink in the beverage industry or dresses in a clothing store. Or these days it may even be software like Ubersuggest .

It could also be services, such as consulting or a paid speaking gig or even a therapy session.

In short, the product is everything that is made available to the consumer.

In the 4 Ps strategy, this means understanding what your offer needs in order to stand apart from competitors and win over customers.

In other words, what makes your product so great or unique? Because if you don’t stand out it’s going to be hard to thrive.

Examples of Product

You may know about my product Ubersuggest, but you also probably know about a handful of my competitors.

So what’s the big thing that makes my product stand out from everyone else?

I don’t focus on features, I don’t offer hundreds of reports. Instead, I focus on usability. My goal is to make Ubersuggest really easy to use, especially if you are new to marketing. On the flip side, my competitors focus on ad agencies and really advanced marketers.

Or let’s pivot towards a physical product example, the iPhone.

After over a dozen iterations of its product, Apple has a pretty keen understanding of features that make them stand out from their competitors. Namely, Android.

They know that some features are more important to their customer base than others, and they cater to those needs. In particular, Apple knows that their users desire interconnectivity and continuity among its suite of products over, say, open source software and customizability.

The Second P of Marketing: Price

Price is simple, it refers to how much you charge for your product (or service).

Although it’s simple to understand, it’s really hard to come up with the “right” price. The one that doesn’t just drive the most amount of sales but also drives the most profit.

The real question is, how do you want to be perceived?

Examples of Price

Amazon wants to be the place where you can get the best-valued products from A to Z. And of course, delivered fast.

My buddy’s company, Imperia Caviar , offers high-end caviar at low prices. He’s able to get the same caviar that big brands charge thousands of dollars.

You would think having a cheap price is cheapening his brand, but instead, he is bringing transparency to the market and educating people on how caviar isn’t really expensive… it’s actually just a marketing ploy.

On the flip side, would Ferrari be Ferrari if their cars were selling for $10,000? Probably not.

If you want more information on how to price your products, check out my pricing psychology guide.

The Third P of Marketing: Place

“Place” is another word for location.

As they say in marketing, it’s all about location, location, location.

You have to pick a location where your customers are. Don’t expect them to come to you, you have to go to them .

This is true for both brick and mortar and digital locations.

Examples of Place

Ask yourself: When is the last time you saw an advertisement for Jitterbug, a cellular phone aimed at the senior population?

For me, it happened to be in a doctor’s office waiting room. One of those non-offensive daytime television channels was on—AMC, Hallmark, or something of the like—and a Jitterbug commercial came on. They know their audience is mostly retired and likely to be watching reruns of 1960s and 1970s television shows in the middle of the day.

That’s how you meet your customer where they are.

Just think: how effective would digital ads or a TikTok Shop be for Jitterbug? Considering the bulk of TikTok users are between the ages of 18 to 39 , probably not very effective.

Fortunately for Jitterbug, they’re good at meeting their customer base where they are. Namely, via television advertisements and mailers.

The Fourth P of Marketing: Promotion

My favorite P (and the one I tend to blog about the most) is promotion.

Once you’ve optimized the previous three Ps of marketing, it’s time to promote your offer.

To be clear, when I talk about promotion, I am not just talking about getting your brand out there. I am talking about generating revenue.

What’s the point of promotion if you can’t drive sales?

With all of the channels out there, which ones do you start with first?

Well, I want you to go here and put in your competitor’s URL.

If they are a big competitor, you’ll see data on how much traffic they are generating, which keywords they rank for on Google, the sites that link to them and talk about them, and even how many social shares they are generating.

Examples of Promotion

Have you searched a keyword on Google recently and seen sponsored results? Or perhaps you’ve listened to a sponsored ad on your favorite podcast. Those are just two ways of promoting your product offer to your customers.

The simple truth is, promotion is all around you.

Billboards. Commercials. Sponsored ads.

Heck, there’s even subliminal advertising used in all sorts of media that we consume.

But what makes an effective promotion? One that targets your ideal customer in the right place. This will largely impact the kinds of promotions you then run.

For example, if your target audience is largely Gen Z, then social media is a good bet. That’s because 90 percent of Gen Z adults use social media.

This may mean running sponsored ads on platforms like Facebook, or using influencer marketing on Instagram and TikTok. If your brand is savvy enough, you may even be able to create your own viral social media page, like Scrub Daddy on TikTok:

How to Use the 4 Ps of Marketing in Your Marketing Mix

It’s easy to get started using the 4 Ps of marketing in your own marketing mix. Whether you’re just launching a product or service, or it’s been available for years, the tips below can help you to refine your strategy.

How to Create the Best Product

Now, before you go and build a product (or make yours better if you already have one), don’t invest too much time and money without getting feedback.

For example, if I were to add a new feature to Ubersuggest, I wouldn’t just build it. I would get it designed, show you first, get feedback , and then adjust from there.

That way I won’t waste months’ worth of time building a product you don’t want to use.

How can you do that? Getting customer feedback is really as simple as asking .

Go to Hotjar , signup for a free account, and run a poll. Just like the one below.

I’ve been running polls for a while now, but if you are starting off I would ask open-ended questions like:

• What’s the biggest problem I can help you solve? This will give you an idea of what your product needs to do.
• What’s your favorite marketing product and why? You’ll want to replace the word “marketing” with whatever industry you are in… this question gives you an idea about who your competition is and what they are doing right.
• Why did you come here today? This will tell you why people come to your site and what they are looking for.
• How can we make our product better? This is great if you already have a product up as you will get real feedback.
• What don’t you like about COMPETITOR ABC? Replace competitor ABC with your competition’s name… this question tells you where there is an opportunity.

I want you to pay special attention to the last question. It really helps you identify how you can differentiate yourself from the competition.

How to Set the Right Price

By no means am I a pricing expert, so I don’t want to tell you what to price your product.

I will tell you to read the Paddle blog . Those guys know to price like the back of their hand and have dozens of articles that will teach you exactly how to price your product.

It’s important to think about pricing, especially if you are in a crowded space. My rule of thumb is: If you are in a new space or already a leader, you can charge a premium amount.

On the flip side, if your space is saturated and you are late to the market, you’ll want a cheaper price (if not the cheapest price).

Some questions you should ask yourself are:

• What would be the lowest price you are willing to sell your product? Hint: Be sure to add up all costs associated with product/service creation, production, promotion, etc plus add a profit margin.
• What would be the highest price that consumers would be willing to pay?
• How sensitive to price are your customers?
• What prices do current leaders in your niche charge?
• How does your price compare to the competition?

How to Find the Right Place

The web is this virtual world. And although the location (place) may seem irrelevant, it really isn’t.

Think of the platforms and places your ideal customers are and be there.

That could be a specific site like Google or even an offline venue like conferences. Don’t try to bring your customers to you, go to where your customers are; it’s much easier.

Here are some simple questions to ask yourself so you can find the right place.

• Where is your customer?
• Which outlets (online and offline) sell your product?
• Which distribution channels are currently working for you?
• Do you sell directly to businesses or consumers?
• Do you sell directly to your end customer or do you have to go through middlemen?
• Where are your competitors?

The customer should always be at the center of your decision, but it’s important to also include aspects of the other Ps that we discussed.

How to Create the Most Effective Promotion

I want you to start off by asking yourself the following questions:

• Which channels does your audience use the most to consume information?
• What kind of message tends to be more effective when promoting your solutions?
• What is the ideal period for promoting your product?
• Is there any concern about seasonality?
• How do your competitors plan and carry out their promotion?

Again, you can use the tools I mentioned above to get a jump start. Another thing I would highly recommend is that you look at Facebook’s ad library .

It will show you the ads that your competition runs and, more importantly, the messaging they use.

Promoting your product takes a multichannel approach. I have several blogs that cover the basics of every marketing channel you should leverage:

• Online marketing
• Social media
• Facebook ads
• Affiliate marketing
• Content marketing

FAQs About the 4 Ps of Marketing

The 4 Ps of marketing are product (what you sell), price (how much you sell it for), place (where you sell and promote it), and promotion (how you promote it).

Ask any marketer which of the 4 Ps is the most important, and you’ll certainly hear a different answer and reasoning behind that answer. The truth is that, while you may be able to argue one is more important than the other, the 4 Ps rely on each other in some way. By covering the whole marketing mix, you ensure you’re doing all the right things to optimize your revenue.

The 4 Ps—product, price, place, and promotion—and the 4 Cs—consumer, cost, convenience, communication—are both examples of marketing mix models. They both aim to boost sales, but the 4 Ps is more focused on the internal processes of the marketing strategy while the 4 Cs is more focused on the external processes that may influence a customer to buy.  

The 4 Ps of marketing, while effective as individual metrics, work together to make a cohesive marketing mix. If you think of each P as it’s own pillar, then using them altogether will ensure a solid foundation for your marketing plan.

The 4 Ps of marketing may seem boring, but they are essential to creating a successful marketing plan.

Without them, you can’t differentiate yourself from the competition.

No one wants more of the same. We all want something unique, special; something we resonate with.

How do stand out from your competitors ? You leverage the 4 Ps of marketing.

How are you leveraging the 4 Ps of marketing? Is it helping you drive profits?

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About the author:

Co Founder of NP Digital & Owner of Ubersuggest

He is the co-founder of NP Digital . The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. Neil is a New York Times bestselling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.

source: https://neilpatel.com/blog/4-ps-of-marketing/

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• Marketing Mix

What Is Marketing Mix - 4 P and and 7 P of Marketing

Definition of marketing mix.

The marketing mix is defined by the use of a marketing tool that combines a number of components in order to become harden and solidify a product’s brand and to help in selling the product or service. Product based companies have to come up with strategies to sell their products, and coming up with a marketing mix is one of them.

Table of Content

• Marketing Mix 4P
• 7Ps of Marketing
• Marketing Mix Example

Marketing Mix Product

Importance of marketing mix, questions on marketing mix, what is marketing mix.

Marketing Mix is a set of marketing tool or tactics, used to promote a product or services in the market and sell it. It is about positioning a product and deciding it to sell in the right place, at the right price and right time. The product will then be sold, according to marketing and promotional strategy. The components of the marketing mix consist of 4Ps Product, Price, Place, and Promotion. In the business sector, the marketing managers plan a marketing strategy taking into consideration all the 4Ps. However, nowadays, the marketing mix increasingly includes several other Ps for vital development.

What is 4 P of Marketing

A product is a commodity, produced or built to satisfy the need of an individual or a group. The product can be intangible or tangible as it can be in the form of services or goods. It is important to do extensive research before developing a product as it has a fluctuating life cycle, from the growth phase to the maturity phase to the sales decline phase.

A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase. It should create an impact in the mind of the customers, which is exclusive and different from the competitor’s product. There is an old saying stating for marketers, “what can I do to offer a better product to this group of people than my competitors”. This strategy also helps the company to build brand value.

Price in Marketing Mix:

Price is a very important component of the marketing mix definition. The price of the product is basically the amount that a customer pays for to enjoy it. Price is the most critical element of a marketing plan because it dictates a company’s survival and profit. Adjusting the price of the product, even a little bit has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product in the market. Things to keep on mind while determining the cost of the product are, the competitor’s price, list price, customer location, discount, terms of sale, etc.,

Place in Marketing Mix:

Placement or distribution is a very important part of the marketing mix strategy. We should position and distribute our product in a place that is easily accessible to potential buyers/customers.

Promotion in Marketing Mix:

It is a marketing communication process that helps the company to publicize the product and its features to the public. It is the most expensive and essential components of the marketing mix, that helps to grab the attention of the customers and influence them to buy the product. Most of the marketers use promotion tactics to promote their product and reach out to the public or the target audience. The promotion might include direct marketing, advertising, personal branding, sales promotion, etc.

What is 7 P of Marketing:

The 7Ps model is a marketing model that modifies the 4Ps model. As Marketing mix 4P is becoming an old trend, and nowadays, marketing business needs deep understanding of the rise in new technology and concept. So, 3 more new P’s were added in the old 4Ps model to give a deep understanding of the concept of the marketing mix.

People in Marketing Mix:

The company’s employees are important in marketing because they are the ones who deliver the service to clients. It is important to hire and train the right people to deliver superior service to the clients, whether they run a support desk, customer service, copywriters, programmers…etc. It is very important to find people who genuinely believe in the products or services that the particular business creates, as there is a huge chance of giving their best performance. Adding to it, the organisation should accept the honest feedback from the employees about the business and should input their own thoughts and passions which can scale and grow the business.

Process in Marketing Mix:

We should always make sure that the business process is well structured and verified regularly to avoid mistakes and minimize costs. To maximise the profit, Its important to tighten up the enhancement process.

Physical Evidence in Marketing Mix:

In the service industries, there should be physical evidence that the service was delivered. A concept of this is branding. For example, when you think of “fast food”, you think of KFC. When you think of sports, the names Nike and Adidas come to mind.

Marketing Mix Example:

This article will go through a marketing mix example of a popular cereals company. At first, the company targeted older individuals who need to keep their diet under control, this product was introduced. However, after intense research, they later discovered that even young people need to have a healthy diet. So, this led to the development of a cereals product catered to young people. In accordance with all the elements of the marketing mix strategy, the company identified the product, priced it correctly, did tremendous promotions and availed it to the customers. This marketing mix example belongs to Honeycomb, one of the most renowned companies in the cereal niche. Following these rules clearly has managed to make the company untouchable by all the other competitors in the market. This makes Honeycomb, the giant we know and love today to eat as morning breakfast!

Related read:

• Why planning in marketing is important?
• What are the principles of Management?

All products can be broadly classified into 3 main categories. These are :

• Tangible products: These are items with an actual physical presence such as a car, an electronic device, and an item of clothing or a consumer good.
• Intangible products: These are items that have no physical presence but can be felt indirectly. An insurance policy is an example of this. Online items such as software, applications or even music and video files are also intangible products.
• Services: Services are also intangible products but they are the result of an economic activity that does not result in ownership. It is a process that creates benefits for customers. Services depend highly on who is performing them and remain difficult to reproduce exactly.

The marketing mix is a remarkable tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price, and place plays a vital part in your overall marketing approach. Whereas the marketing mix strategy goes hand in hand with positioning, targeting, and segmentation. And at last, all the elements, included in the marketing mix and the extended marketing mix, have an interaction with one another.

Q.1 State Any One Advantage of Personal Branding

• It is because of branding that customers are able to identify the products.
• Example, a customer who is satisfied with ‘Dove’ beauty bar need not inspect it every time she buys the product.

Q.2 State the Components of Product Mix.

Q.3 A Company Has to Decide About Its Price Policy, Credit Policy; Terms of Payment Etc. Name the Concept Which the Company is Trying to Decide.

The above mentioned is the concept, that is elucidated in detail about ‘Marketing Mix’ for the Commerce students. To know more, stay tuned to BYJU’S.

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4Ps of Marketing (Marketing Mix with Examples) The 4Ps of Marketing or the Marketing Mix is one of the most basic concepts taught in Marketing. At the same time, it makes up for an extremely large part of a successful marketing plan. The fact is, the 4Ps of Marketing are really important because they, together, form the marketing strategy of your company. Let me tell you more about it.

Marketing mix - the 4Ps of marketing can never be overestimated when it comes to determining the success or failure of a marketing campaign.

In this article, I will explain to you what is marketing mix and also each of the 4Ps of marketing mix. Not just that, I will share with you four examples of how each of these elements of marketing mix makes a lot of difference in marketing.

Before that, let’s ponder over something basic. And also let me tell you what all I will be covering in this detailed article on the 4Ps of Marketing.

Let me begin by telling you, what exactly is Marketing Mix all about?

What is Marketing Mix? 

Marketing Mix is ideally a brilliantly coordinated combination of Product, Price, Place and Promotion strategies.

I wrote about marketing it in detail in my blog post titled ‘But really, what is Marketing?’. In simple terms, you could say marketing is about “ putting the right product in the right place, at the right price, at the right time”.

That is what it really is.

That one statement defines everything, from what is marketing to what is marketing mix to how to create and deliver an amazing marketing campaign.

Source: thefinancialbrand . com

If you’re in marketing, you have some basic ingredients that you would use to create some magic out of your marketing plan, these ingredients are called the 4Ps of Marketing or the Marketing Mix.

What is Marketing Mix? Marketing Mix is a set of elements, the 4Ps, that are the four decision-making areas in Marketing . Again, getting any of these elements wrong may destroy the rest of the factors you got right.

This is true because, the 4Ps factors are interdependent and rely on one another for an effective strategy. And if you begin to think, any marketing decision that you take essentially lies in any one of these areas.

4Ps of Marketing and all other basic marketing concepts!

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What is the purpose of the 4Ps of Marketing Mix?

Its purpose is to ensure the creation and execution of a successful marketing strategy ; the attempt is to satisfy both the customer and the seller. You will often come across your managers telling you to create marketing plans.

And this is what a marketing plan predominantly covers. The purpose is to ensure that every marketing initiative that you take is brilliantly coordinated with each other.

Marketing incorporates all these physical and non-physical, real and perceptual attributes into four elements of the marketing mix.

The 4Ps is basically about asking relevant questions that will help you to define your marketing mix.

Let me explain to you each of the elements of the Marketing mix , or the 4Ps of Marketing here. Stay tuned for the later part of the article where I will share with you the examples for each of the 4Ps.

Product  

First, it is important to understand the problems your product is trying to solve, because without it, you don’t have a place in the market, and you certainly can’t sell or advertise something that doesn’t exist or doesn’t have any demand.

The key to get this element of the marketing mix correct is by writing down a product definition .

This should include what is your product , what is your target market and most importantly why is your product different from the alternatives out there.

A product can be a physical object, an intangible service, an idea, a campaign or even a personality.

Also, the Unique Selling Proposition of the product must be determined as well as the potential buyers of the product.

There are questions you need to ask when you want to determine the kind of product you should have. They include:

• What problems can this product solve for customers?
• What features are included in the products to meet this need?
• What will differentiate it from the competitor’s own if any?
• How is it supposed to be used by the customer?

Let me know take you through the second P of the 4Ps of marketing - which is Price .

Price  

The price of a product should reflect its value to the customer. This also entails the relative price versus quality level that the product maintains against the competitors.

The marketer’s challenge is to come up with a price that is attractive to consumers while still turning an acceptable profit for the company.

The price of a product will directly affect how it sells . This must be determined by what value the customers attach to the product rather than the objective cost of the product.

If the product is priced higher or lower than its perceived value, then it will be difficult to make sales. Simply put, the value of the product in the eyes of the consumer determines the price.

I have written a series of articles on how to price a product and those articles shall help you with this particular element of the 4Ps of the Marketing mix . Here are some of those posts:

• How to Price your Product – The Fundamentals
• How to Price your Product better in 8 Steps (Part 1 of 2)
• How to Price your Product better in 8 Steps (Part 2 of 2)

Hence, if the value is low or negative , the product may need to be under priced to make sales.

The questions to ask here are:

• What is the perceived value of the product to the buyer?
• What is the market fixed price for this kind of product?  
• How much is your price when compared with the competitor’s?  

Moving on to the third element of the marketing mix and the 4Ps of Marketing - the Place .

Place  

There is a way how the product will be provided to the customer , this is the “Place” factor. Once the place has been decided, the marketing channel to reach the customer is chosen.

The place refers to where the product is to be sold (distribution) .

In the past, this meant how visible your product was in the physical marketplace. In today’s modern world: where your product appears on the Internet is even more important because your reach online can be global whilst as your reach in the physical marketplace is limited by physical space.

You can determine this by answering questions like:

• Where is the first place buyers check when looking for your kind of product. Is it a store, or a boutique, or maybe they check a catalogue?
• How can you determine the best distribution channels?
• Do you need to take a multi-channel approach? If yes, then which channels?

And finally, let me tell you about the 4th element of the marketing mix - Promotion .

Promotion  

Promotion refers to the marketing communication methods used to inform, persuade, and remind the target market of the product or services , basically any interaction that your company has with the consumer regarding your product.

This may include advertising, sales, promotions, special offers, and public relations.  Promotion is quite different from marketing, because promotion is the communication aspect of the entire marketing function.

The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. 

• What are the promotion methods of your competitors?
• Which digital channels does your target market use often?
• What is the return-on-investment from each of the promotion channels?

After a brief explanation of the Marketing Mix and the 4Ps of Marketing , I am going to talk about them in a more direct and practical way. I explain elements of marketing mix with examples to show you how simple (and impact driven) the Marketing Mix can be.

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4Ps of Marketing - Video Explanation

Here is a decent video that I found on the 4Ps of Marketing. Purely Branded, explains in brief what the 4Ps of Marketing are all about and how to use them. For all of you who like to watch videos, I suggest you to have a look at it.

4Ps of Marketing - How to develop the Marketing Mix?

If you were to ask me the steps to determine the 4Ps of Marketing Mix , I would suggest to you the following 4 steps.

As you use these four steps in your marketing projects at your college or your work, you will realize that these are the exact steps that will help you bring out the best and the most coherent marketing plans.

4 Steps to Develop the 4Ps of Marketing Mix

• Identify the product to be analyzed. 
• Answer the 4Ps questions surrounding this product. 
• After getting a well-defined marketing mix for the 4Ps, try relating them with the 4Cs (i.e. from the customer's perceptive).      a. Product - Consumer Value      b. Price - Cost      c. Promotion - Communication      d. Place - Convenience
• Review your marketing mix regularly, because things can change.

4Ps of Marketing - Key Features

I had to write this out as a separate section because of how important it is for you to understand the nuances attached with the 4Ps of Marketing.

Let me share with you the 4 points, the 4 features that will make a lot of difference in your understanding of the marketing mix.

They are Interdependent variables. That is, they have different functions, but they must work together. One can hardly do without the other.

The 4Ps of marketing are flexible in such a way that, you can always play around with each of the variables. See the the 4Ps of Marketing as the four lever that you as a Marketing Manager will have with you to pull and do different things with.

Constant monitoring is required to make sure that the elements in the marketing mix stays relevant and updated. Again, as I mentioned, they are lever you can play around with.

The focal point of the marketing mix activity are the customers . Therefore, as I mentioned in one of the paragraphs above, you should at all times evaluate the 4Ps of the Marketing Mix from the 4Cs stand-point, i.e. the standpoint of the customers.

Elements of Marketing Mix with Examples

In this part of the article, my aim is to give you a feel of the four elements of the marketing mix through relevant real-world examples of the 4Ps of marketing . 

In each of these examples, I will take you through those examples that caught my attention and will help you understand the concepts better.

Product: Coca-Cola Life  

When you come to know that there is a Coca-Cola with the Green Label somewhere in the world and that it is still not sold worldwide you probably think

“What-The-H...?”.

Most people still find it weird but after years of dominating the market with the product and powerful advertising campaign, Coca-Cola found itself in a world where everyone wanted to feel more sustainable and healthier.

So, after 5 years of research, they came up with the Coca-Cola Life , with less sugar and stevia, a natural sweetener.

After a Market test in Chile and Argentina, the product was launched in different countries of the world.

What does this teach about the first P of the marketing mix?

Well, that products must always respond to the needs of the market .

No matter how strong your starting position is, no matter how strong your marketing is (so strong that in the case of Coca-Cola they influenced the way the Western World sees Christmas), there are moments where you have to start from a product.

Seth Godin said: Don’t find customers for your products, find products for your customers.  

Price: Organic Apples aren’t Cheap  

Pricing doesn’t just mean: go as lower as you can to attack the market.

The Book “Ecological Intelligence” by Daniel Goleman talks of how producers and sellers of organic products must raise prices otherwise none will believe it’s REALLY organic!

This is the concept of Price Positioning on which I happen to have done a blog post some weeks back. 

Same happens with Apple: considering the hardware and the competition they can be defined unreasonably overpriced but if Apple will launch a new iPhone for 200$ the strong Apple fan base most probably will not react in a positive way.

So, choosing one price instead of another can automatically identify your product to your customers. 

Also Read:  Edible Cutlery won't sell until you do this

Place: Don’t tell everyone what you did last Friday  

Another mistake that most people do is trying to get through as many channels as possible . A lot of “improvised” entrepreneurs without any education in that make this mistake to multiply their distribution channels. 

The problem is that people will also judge not just what you sell and how much you charge for it, but also where they see you.

Imagine that in your city there is a club that is famous for being a place where illegal activities happen.

Now imagine you end up there on a wild Friday night and your partner’s dad finds out: won’t he get a really bad impression of you?

At the same time, your friends will think you are a real bad-ass. 

So, the place where you are seen can give you a certain identity according to your target. You want your friends to know where you were Friday night but not your in-laws.

 This is the same reason certain brands decide to only sell in their own stores, others don’t sell online and some only sell online: you have to select your sales channels carefully. 

Promotion: Loud Enough doesn’t mean Louder  

This point can get into thousands of pages without saying anything. With the concept of promotion, you talk about marketing, advertising, sales strategy and a lot more. 

What people hardly understand at the beginning is that in a crowded market like our World, being loud enough to be heard in the constant buzz doesn’t mean being louder than everyone.

So, the promotion has nothing to do with exaggerated claims, fake claims, obsessive  advertising and all these old-school-tricks .

Yes, they still work for others in certain cases, but they don’t give long-lasting positive fame and sooner or later it will ruin your business.

These old tricks work when you didn’t work on the marketing mix for real (maybe because you don’t have anything valuable to sell) so you have to work all with the promotion.

We tend to think that the 4th P is the most important but this is just because it is the tip of the Iceberg. Promotion is what you see more but there is a lot more than you don’t see. 

Conclusion  

At the end of the day if you want to succeed in business you have to be looking to create long-lasting relationships with your customers. 

The four elements must be in harmony and none most portray conflicting messages. The marketing mix must be customer-centric, that is why the 4Cs must be used alongside the 4Ps while determining answers to the variables.

• The price must be a cost the customer can afford
• The promotion must solely be based on communicating with the customers
• The product must offer a solution to the problem of the customer
• The place must be one that is convenient for the customers to reach  

And, just as in your personal life, you don’t create any long-lasting relationships by shouting loud, showing off and lying.

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Zara Marketing Mix (4Ps) Analysis

Introduction

Zara is a high fashion brand that is known around the world for its chic and stylish clothing and accessories. Many of today's fashion aficionados assume that Zara is a fairly new company because it had only been launched into the US market less than ten years ago, which was also about the time that it had skyrocketed to global fame. It was actually established in A Coruna, Galicia, Spain, in 1975 by Amancio Ortega and Rosalia Mera. The company stayed close to its roots for some time before it began to venture out into the world. Zara was a well-known brand that dominated the fashion industry in Spain and Portugal for years until they expanded to Delhi, India, which was the beginning of their rapid global expansion. Today, Zara has more than 2000 stores in 96 countries and a diverse client base.

Aside from providing superior quality apparel, Zara has also earned the reputation of being a 100% sustainable brand. They promote recycling and non-toxic materials, and they actively support numerous environmental advocacies. Zara is also credited in the fashion world for being one of the pioneers of fast fashion, which has massively revolutionized the industry.

Product Strategy of Zara

Zara didn't call it fast fashion at the time, but that was the strategy that Zara used when it entered the global fashion scene. From the start, the company's founder wanted to take a different approach to selling clothes. Retailers traditionally operated on a seasonal scheme, churning out massive amounts of apparel each season and selling overruns at a discount.

At Zara, what it does is to create new clothing designs all year round and only produce a limited number before moving on to the next designs. With these abbreviated production runs, designs get sold out faster, and there are virtually no leftovers. The higher number of designs makes for more variety and a wider range of choices for the customer. At the same time, the smaller amount of clothes per design also considerably increases its value for the customer because there will be fewer people who own the same outfit that it has just bought. In other words, there is higher exclusivity and, thus, more appeal.

Zara does all the manufacturing in its facilities instead of outsourcing. This ensures that it has complete control over the quality of its clothing, and it also cuts down a considerable amount of time on the overall production process.

Price Strategy of Zara

Considering the superior quality of Zara's clothing, which is comparable to most of the other high fashion brands today, most customers are pleasantly surprised that its pricing is very affordable compared to other apparel in its class. However, Zara products are still considered high fashion, and the company implements a premium pricing strategy, so the price tag might still be a bit expensive for the ordinary shopper.

Nevertheless, because one of the primary objectives of Zara is affordability, Zara always find ways to minimize production costs so that Zara can offer its products at lower prices and make them more accessible to the average customer who would like to wear great clothes without burning a hole in their pocket.

Place Strategy of Zara

It took a while for Zara to spread its horizons and put up outlets outside its home country of Spain, but once it started doing so, there was no turning back. Zara began its expansion in neighboring Portugal and eventually set up shop in India. Soon enough, they had stores all over the world, including flagship outlets in major world capitals like New York, London, Madrid, Rome, Paris, Saint Petersburg, Vladivostok, Tokyo, and Seoul. As of today, Zara operates 2,242 stores in 96 countries, and the global expansion is still going on.

Zara has also actively pursued online channels of selling. Aside from their official website, where you can browse and purchase most of its products, Zara has also partnered with several multi-brand online outlets, effectively increasing its reach into the global market. Online channels are also a great way to market to the younger crowd that spends a lot of time on social media. Its strong online presence is one of the reasons why Zara is very popular with millennials.

Promotion Strategy of Zara

Another reason why Zara's marketing strategies are so unique is because it does not spend much on advertising. Rival brands shell out millions of dollars on multiple advertising schemes, while Zara doesn't even have TV commercials. Zara capitalizes on very inexpensive but highly effective social media advertising strategies. If Zara needs to promote an event or a new clothing design, all it has to do is post a Facebook status, and its 30 million followers can read it and spread the word. If that is not enough, Zara can also post a few pictures on Instagram for its 45 million followers to like and share.

Zara does spend on billboard advertising. This might be expensive, but its ads are very engaging and specifically target the youth, which makes up the bulk of its clientele. It is also worth mentioning that Zara does not place its logo on any of its products. Zara believes it is an unnecessary expense and instead directs its funds on opening new stores in prime locations around the world, which is an approach that has worked incredibly well for it so far.

Zara Marketing Mix (4Ps) Analysis Mind Map

The strategies involved in the Zara marketing mix are definitely different, if not one-of-a-kind. When you take a look at Zara, the strategies seem so simple and so effective, yet it's a wonder that no one has thought of them or tried them before. We have already discussed the components of the Zara marketing mix above, but it would help to understand them better if they were summarized in a diagram, just like in the following mind map.

• Fast Fashion
• Faster and more frequent production
• High fashion for ordinary people
• Premium pricing strategy
• Rapid global expansion
• Prime location for physical stores
• Online channels
• Social media marketing
• No TV commercials

Key Takeaways

The Zara marketing mix is an interesting blend of innovative marketing strategies that have delivered extremely successful results for the company so far. Zara is a very customer-focused brand, and its goal is to produce a controlled quantity of trendy clothing quickly and at prices that are affordable to the ordinary customer.

Its strategy is a win-win for everyone, and it won't be surprising if more clothing companies adopt and implement similar strategies in the future. In fact, the Zara marketing mix can be an excellent model for you to create a similar strategy for your venture.

There's actually an easy way to create your own marketing mix around the 4Ps, and that is by using the pre-built templates of EdrawMind. These templates are so easy to use, you basically just have to open them, enter your ideas in the appropriate spaces, and you will soon have a marketing mix that looks like it was professionally done. You even have the option of using the software's collaboration feature if you want to work with your team on creating mind maps. Just send them the link, and they will be able to access the same files that you are working on, and everyone will be able to see all updates in real-time.

• Zara Marketing Strategy & Marketing Mix (4Ps)
• Marketing Mix of Zara
• Marketing Mix of Zara: The 4Ps Strategy
• Zara's 4Ps Marketing Strategy

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• 4 P's of marketing: How to achieve the ...

4 P's of marketing: How to achieve the perfect marketing mix

The 4 P’s of marketing are price, promotion, place, and product—the four key factors every marketer should use to guide their campaign strategy. Our guide covers the 4 P’s of marketing and gives a breakdown of each step involved.

The 4 P's approach works for any industry, and can be applied to any business, from solopreneurs to enterprise organizations. In our guide, we'll cover what the 4 P’s of marketing are, then break down exactly how to incorporate them in your next marketing campaign.

What are the 4 P’s of marketing?

The 4 P's stand for product, price, place, and promotion, the four primary factors that marketers need to consider when designing a campaign strategy.

A marketing strategy should:

Communicate what the product will provide the customer

Demonstrate why the product's value fits its price

Appear in the places the company's target audience will encounter them

Use effective promotion strategies to reach potential customers

Keep these four objectives in mind as you craft your marketing strategy. The 4 P's should influence your product positioning, marketing channel selection, advertising decisions, promotional strategy, and copy choices throughout the campaign.

How do the 4 P’s work?

Knowing what the 4 P’s are isn't very helpful unless you also know how to implement them in your marketing strategy . Below, we'll break down each P to help you better understand what they are, why they're important to your marketing efforts, and how you can incorporate them into future campaigns.

The first P: Product

In the marketing mix, "product" is shorthand for whatever it is that you're selling, whether it's a physical product or a service. A strong marketing campaign starts with a clear and detailed understanding of the product and how it appeals to the target customer.

For example, a car advertisement that only highlights details like what the car looks like and how much it costs isn't very compelling. Guided by a complete understanding of the product they're selling, a more skilled marketer might pitch an SUV crossover advertisement that emphasizes unique safety features in order to specifically target parents of small children. 

Example product questions

What problem is your product solving? Consider what challenges your target customers encounter and what impacts those challenges have.

Who is your target customer? Think about what type of person is most likely to find value in your product.

How does your product address your target customer’s needs? Home in on how specific features of your product address specific customer demands.

What does your product offer that competitors' products do not? Determine how your product solves customers' needs more quickly, effectively, or affordably than competing products.

Put yourself in your target customer's shoes to more thoroughly understand what your product has to offer. With a better understanding of the specific ways in which your product offers value to the customer, you'll be able to market that product more effectively.

The second P: Price

The second P of marketing stands for “price.” This is how much you should charge for your product in order to make a profit. When creating your pricing strategy, a good place to start is by looking at your competitors. 

Checking how much your competitors charge gives you a good sense of how much potential customers are willing to pay for similar products. Combine that with the perceived value of your product—in other words, what you want your price to imply about your product. Are you a luxury, standard, or budget option?

You can use your marketing messaging to focus on these different price points. Don’t forget to also think about coupons, discounts, offers, and bundles that are popular in your marketplace.

Example price questions

What do competing products cost? This is a great starting point for market research and gauging your product’s price range.

How much are your customers willing to spend? Thinking about how much your potential customers are willing to spend will help give you a price cap.

Can your product have multiple price points? Looking at the potential to have several price points for different levels of subscriptions or products can open you up to a larger demographic.

What does your product cost to create? Understanding how much it will cost you to make a product or provide a service will help you determine your profit margins.

If you've priced your product correctly, you should be selling it at a cost that's affordable for your target customer and still brings in a profit.

The third P: Place

The third P of marketing stands for “place.” This encompasses where you are in relation to where your customer is, as well as where you need to place your advertising in order to reach your target audience.

It doesn't take a master strategist to know that a physical product or service needs to be available where potential customers live, shop, and work. However, place will impact your marketing strategy, too.

If you operate a physical store, it's unlikely that customers will come from far away to buy your product. Generalized marketing methods will always be effective, but you may get a greater return on investments in local SEO, advertising in town newspapers, and co-sponsoring community events.

The same principle applies to locating your target audience online. For example, if you're targeting Gen Z social media influencers, you'll probably be wasting valuable budget by advertising on platforms that cater to older audiences like Facebook or LinkedIn.

Example place questions

Where does your target customer purchase similar products? Think about whether your potential buyers will purchase your product in a store, conference, online, etc., in order to determine the best place to sell your product.

Where is your customer located? Knowing where your customer lives or spends their time shopping is an important aspect of developing a marketing strategy.

Are you business or consumer-focused? Deciding whether you are selling directly to individuals or businesses will help you determine where to sell your new product.

Where are your competitors selling their products or services? Use your successful competitors as a guide on where to sell your products. They are great indicators of which place(s) will be most successful.

The fourth P: Promotion

The last P of marketing stands for “promotion.” If product is what you're selling, price is how much you're selling it for, and place is where you're selling it, then promotion is how you're promoting the sale. 

In designing your promotion strategy , think through how you want your messaging to be received. Is your brand fun and clever, upscale and luxurious, or serious and intellectual? Nail down your brand voice and then keep it consistent across all of your marketing.

It's also important to determine what messages will perform well on different platforms. A multiple-paragraph post will be ignored on Facebook or Instagram, but might make an excellent SEO opportunity for your blog. You might be targeting audiences that use both LinkedIn and TikTok, and you may even be promoting the same message across channels, but you'll need to tailor the format of your content to match each platform.

Example promotion questions

Who is your target audience? Understand who you're speaking to so you can decide what voice and tone will resonate the most.

How do you want your brand to be perceived? Think about what brand personality makes sense for your product and industry.

What distribution channels does our target audience use to consume information? Don't sabotage your message by promoting it in the wrong place.

How are competitors promoting their products? Using your competitors as your guinea pigs for promotion experiments is a great way to find out what works and learn from their mistakes.

Can you capitalize on seasonality? If your target audience's behavior changes drastically from summer to winter, create different marketing strategies for different times of the year.

4 P’s vs. 7 P’s of marketing: What’s the difference?

The 4 P's first appeared in a book called Basic Marketing: A Managerial Approach that was published in 1960. Though the 4 P's are still just as applicable today, the original marketing mix didn't account for modern factors like the specific challenges of online marketing or the massive variety of products available today. 

That's why some marketers like to use an expanded list that contains an additional three P's: people, physical evidence, and process.

The 7 P's of marketing

The 7 P's of marketing include the original four (product, price, place, and promotion) plus three people, physical evidence, and process.

People represent a company’s internal team and staff members that provide a service or sell the product. Impressing potential clients with great customer service is important because many people can’t separate their feelings toward a  product from their buying experience.

Physical evidence is "proof" that the claims and statements you're making in your marketing and advertising materials are true. This proof can include customer reviews, case studies, and testimonials that show your target audience that your existing customers are satisfied with your product.

Process pertains to the transportation and delivery of your product. Word-of-mouth is one of the most effective forms of advertising there is, so investments in safe and speedy delivery, pleasant purchasing interactions, and effective customer support are really investments in marketing.

Use the 4 P's to start your marketing campaigns on the right foot

The 4 P's aren't something you can implement as an afterthought. To utilize the 4 P's effectively, incorporate them into every step of your marketing campaign. 

From your initial organizing stages all the way through to campaign launch, the presence of the 4 P's should be evident in your marketing strategy every step of the way.

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Marketing Mix: Entendiendo las 4P para el Éxito Empresarial

Tabla de contenido

1. ¿Qué es el Marketing Mix?

El marketing mix se refiere a una combinación de tácticas que las empresas utilizan para promocionar y vender sus productos o servicios. Originalmente, este concepto fue popularizado por Jerome McCarthy en los años 60, quien propuso que toda estrategia de marketing debía basarse en cuatro elementos esenciales: Producto, Precio, Plaza y Promoción, comúnmente conocidas como las 4P del marketing . Estas 4P forman el esqueleto básico de cualquier estrategia de marketing efectiva y permiten a las empresas centrarse en las necesidades de sus consumidores mientras maximizan sus resultados.

El Marketing Mix: Entendiendo las 4P para el Éxito Empresarial no solo es aplicable a grandes empresas; también las pequeñas y medianas empresas pueden aprovechar este enfoque para mejorar su presencia en el mercado y atraer a su audiencia de manera más efectiva. A lo largo de este artículo, desglosaremos cada una de estas P y exploraremos cómo se pueden implementar para crear una mezcla de marketing sólida y adaptable.

2. Las 4P del Marketing: Explicación Detallada

2.1 producto.

La primera “P” en el marketing mix es el producto , que se refiere a los bienes o servicios que una empresa ofrece a sus clientes. Para tener éxito, el producto debe satisfacer una necesidad o deseo del consumidor. Esto implica no solo desarrollar un producto que sea atractivo, sino también garantizar que tenga un valor claro y diferenciador en el mercado.

En este contexto, es importante realizar investigaciones de mercado para entender qué es lo que realmente busca el cliente. Por ejemplo, si una empresa está desarrollando un nuevo teléfono móvil, debe asegurarse de que el producto ofrezca características innovadoras que lo distingan de la competencia. Las empresas que entienden bien el marketing mix de un producto ejemplo son capaces de adaptarse a las necesidades del mercado, actualizando constantemente su oferta de productos para mantener la relevancia y el interés de sus consumidores.

Además, el desarrollo del producto debe ir acompañado de una estrategia clara sobre su ciclo de vida, desde su lanzamiento hasta la etapa de declive. Es fundamental anticiparse a las necesidades futuras del mercado para ajustar el producto o incluso introducir nuevas versiones antes de que pierda popularidad.

El precio es un elemento crucial dentro del marketing mix , ya que afecta directamente la percepción de valor de un producto y su accesibilidad para los consumidores. Determinar el precio adecuado para un producto no es una tarea sencilla, y se deben tener en cuenta diversos factores como el costo de producción, los precios de la competencia y la disposición del consumidor a pagar.

Una estrategia de precios eficaz debe equilibrar la maximización de los ingresos con la satisfacción del cliente. Por ejemplo, una empresa que vende ropa de lujo puede fijar precios elevados para mantener una imagen de exclusividad, mientras que otra empresa que vende productos básicos podría optar por una estrategia de precios más bajos para atraer a un público masivo.

En muchos casos, las empresas también pueden utilizar estrategias de precios dinámicas, ajustando los precios según la demanda o las circunstancias del mercado. Un plan de marketing ejemplo efectivo debe considerar estas variables y ajustar los precios de manera que sigan siendo competitivos y atractivos para los clientes, sin sacrificar la rentabilidad.

2.3 Plaza (Distribución)

La plaza , o distribución, se refiere a cómo el producto llega al consumidor final. No importa qué tan bueno sea un producto si no está disponible en los lugares correctos o si no se distribuye eficientemente. En el mundo actual, donde el comercio electrónico está en auge, las empresas tienen una variedad de opciones para hacer llegar sus productos al mercado, desde tiendas físicas hasta plataformas en línea.

Es fundamental que las empresas elijan los canales de distribución adecuados, ya que estos pueden afectar directamente la percepción del cliente sobre la marca y el producto. Por ejemplo, una marca de lujo puede optar por distribuir sus productos exclusivamente en tiendas de alta gama para mantener una imagen premium. En contraste, una empresa que vende productos más asequibles podría optar por una red de distribución más amplia, incluyendo supermercados y tiendas minoristas.

Un buen marketing mix ejemplo en cuanto a distribución es Amazon, que ha dominado el mercado global gracias a su red de logística eficiente y su capacidad de ofrecer una entrega rápida y confiable.

2.4 Promoción

La promoción es quizás la más visible de las 4P, ya que se refiere a las estrategias que utilizan las empresas para comunicar los beneficios de su producto a los consumidores. Esto incluye publicidad, marketing digital, relaciones públicas, promociones de ventas y cualquier otro tipo de actividad que ayude a difundir el mensaje de la marca.

La promoción efectiva no se trata solo de informar a los clientes sobre la existencia de un producto, sino también de persuadirlos para que lo compren. Las empresas deben elegir cuidadosamente las herramientas promocionales que mejor se adapten a su público objetivo. Por ejemplo, las redes sociales se han convertido en una herramienta esencial para muchas marcas que buscan conectar con un público más joven y tecnológicamente avanzado.

En esta sección, también podemos mencionar las 7P del marketing , que añaden elementos como “personas” y “procesos” a la mezcla original. Esto refleja cómo las empresas modernas están adoptando un enfoque más holístico en sus estrategias de marketing, asegurándose de que todos los aspectos del negocio, desde el servicio al cliente hasta la experiencia del usuario, contribuyan a la promoción de su marca.

3. Las 4C del Marketing: Una Perspectiva Alternativa

Aunque las 4P del marketing siguen siendo fundamentales, algunos expertos han propuesto un enfoque más centrado en el cliente con las 4C del marketing . Estas incluyen: Solución para el Cliente, Costo, Conveniencia y Comunicación.

Este enfoque se basa en la idea de que las empresas deben centrarse más en ofrecer soluciones a los problemas de sus clientes , en lugar de simplemente vender productos. Por ejemplo, en lugar de enfocarse en el precio, las empresas deben considerar el costo total que implica para el cliente, lo que puede incluir no solo el dinero, sino también el tiempo y el esfuerzo necesario para adquirir y usar el producto.

La comunicación , en lugar de promoción, destaca la importancia de establecer un diálogo bidireccional con los clientes. Esto significa escuchar sus necesidades y ajustar la oferta en consecuencia, creando una relación más sólida y duradera con el consumidor.

4. La Importancia de Adaptar la Mezcla de Marketing

La capacidad de adaptación es clave para el éxito en el marketing. Los mercados cambian constantemente y las empresas deben estar dispuestas a ajustar su mezcla de marketing para seguir siendo competitivas. Un buen ejemplo de esto es el sector de la tecnología, donde los productos se vuelven obsoletos rápidamente y las empresas deben lanzar actualizaciones frecuentes para mantenerse relevantes.

La adaptación no se limita solo a los productos; las estrategias de precios, distribución y promoción también deben ajustarse en función de los cambios en el comportamiento del consumidor, las nuevas tecnologías y las tendencias del mercado. Un plan de marketing ejemplo exitoso debe ser flexible y estar basado en datos, permitiendo ajustes rápidos cuando sea necesario.

5. Ejemplos Prácticos de la Mezcla de Marketing

Un buen ejemplo de la aplicación de un marketing mix efectivo es Coca-Cola. La empresa no solo ofrece un producto que satisface las necesidades de sus clientes, sino que también ha ajustado su estrategia de precios para hacer que el producto sea accesible en diferentes mercados. Además, su extensa red de distribución asegura que los productos estén disponibles en prácticamente todos los rincones del mundo, y su fuerte enfoque en la promoción ha mantenido la marca en la mente de los consumidores durante décadas.

Otro marketing mix de un producto ejemplo es Apple, que ha dominado la estrategia de “producto premium” a través de un enfoque en la innovación y la exclusividad. Los precios de Apple reflejan su posición como marca de lujo, y la compañía utiliza un enfoque de distribución controlada, vendiendo sus productos solo en tiendas selectas o a través de su propia plataforma en línea. La promoción de Apple, centrada en la simplicidad y el estilo de vida, ha creado una base de clientes extremadamente leal.

6. El Futuro del Marketing Mix: Las 7P y Más Allá

El marketing mix ha evolucionado significativamente desde su creación. Hoy en día, muchas empresas adoptan el enfoque de las 7P del marketing , que añaden “Personas”, “Proceso” y “Evidencia Física” a las 4P originales. Esto es especialmente relevante en sectores como los servicios, donde la interacción humana y los procesos juegan un papel fundamental en la experiencia del cliente.

Además, con el auge del marketing digital, las empresas también deben considerar nuevos elementos como la personalización y el marketing basado en datos. Estas tendencias están moldeando el futuro del marketing, y las empresas que puedan adaptarse rápidamente serán las que tengan éxito e.

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5 P’s of Boost Juice Marketing

Introduction

This research study evaluates the marketing tactics by analysis of the 5 P’s of marketing used as a part of marketing mix. The evolution breaks down the marketing tactics of the boost juice company to scrutinize the typical strategy and tactics. It helps the researcher to decode the strength and risk and finding opportunities for the growth of the organisation. Janine Allis establish the Boost Juice Company in 2000. This company is a retail chain selling fresh juices extracted from vegetables as well as the fruits. The primary objective of the brand is encouraging people to lead better lifestyle by accommodating themselves with the food categories like healthy and beneficial products (Menzies and Orr, 2014). The company was successful in grabbing a significant part of the market over a short time span based on creative products as well as services. According to the marketing strategy of the organisation the wings of the company was entrenched throughout the world having 350 stores operating on a parallel basis in 17 different nations. Teenagers occupied the major piece of their market segment and the company was successful in inculcating more consciousness regarding health among teenagers by means of their marketing efforts.

Obesity is a major problem in the current date and a large percentile of kids in the world are fighting with this problem. The company introduced the fresh juice motivating kids to lead a healthy life as a part of their marketing strategy. Around 50% of the overall customers of the company are students. 40% of the customers are parents and the retailers and the rest are the corporate executives (Daniel, Cappiello and Benatallah, 2019). Because of the intensive growth of obesity and overweight people, the modern target population is gradually starting to prefer healthier foods. There are significant amount of individuals who prefer fresh juices and 60% of this population is comprised of female customers.

Within a span of only seven years of time the company established 200 stores in Australia. The company has been offering different kinds of natural products throughout the nation. The company developed a unique and distinctive pattern of offering fresh and natural juices extracted from fruits and vegetables in all their outlets. Based on their marketing strategy the boost juice company ensured that the customers always received wonderful experiences while they pay visit to the stores and provides fresh blend of juice with outstanding service. The retail outlets are also scattered throughout other countries like South Africa followed by the UK, Portugal, Hong Kong, Germany as well as other Nations for stretching the operations. The boost mobile when was introduced by the company as a part of modern way of reaching out to the customers and increasing the target customer base.

The primary objective of the organisation has always been serving a significant part of the market by increasing the reach of the products and accommodating people of various age categories into their bucket list of customers. The organisation is the still planning to expand the market share by 5 to 10% on annual bases based on introduction of new merchandisers and new services alongside search new channels for the customers to purchase their product (Yumpu.com, 2022). To know more take assistance from  marketing coursework help  experts from SourceEssay.

The 5 P’s Of Marketing Strategy

The 5 P’s of the marketing strategy of the Boost Juice Company is of great importance which are product as well as place and promotion and people.

Health condition has had a significant impact on the people of Australia in negative context. Most people had fallen prey to obesity and being overweight. One fourth of the people affected by these factors are children. The health condition of children is even deteriorating. These conditions are also gradually giving birth to issues like a diabetic condition among children with the higher blood pressure and cancerous condition of the heart. According to a study the primary reason for gain of additional weight is fault of the diet plan of people. Major part of the diet of the people of Australia consisted of fat and sugar. Australian government took necessary steps for creation of health awareness among their citizen (Shah, Naughton and Petroczi, 2013). As an outcome people started to become more aware of their health and increased the need of healthy products being introduced in the market. In this company understood as well as realise the change in Trend and therefore as a belated such factors in their marketing strategy. The company understood the market requirement and therefore immediately to get advantage of this prevailing condition. It leads to introduction of fresh juices extracted from vegetables and fruits. The company developed various products which are market oriented like a fresh juice bars as well as energy drinks among the diverse range of products. The company also exhibited typical understanding of the market need and the customer need. According to marketing dissertation assignment help experts the fresh fruits as well as vegetable juices attract large number of people for a nutritional value and the juices are also 98% free of fat (Wellard et al., 2017). The company provides the freedom to customers to customise their individual products.

In order to take stand against the typical companies like coca cola Pepsi and so on selling sweetened beverages, Boost Juice and for that matter other such companies have been introduced. There for the rivals of the company are a similar organisations as well as the fundamental existing multinational companies like coca cola and Pepsi which are also among soft drinks manufacturers. The immense rivalry has been due to the small size of the health and healthy drink market and the typical large size of the refreshing sweetened drinks market. The people have been heavily indulging themselves into beverages as well as sugar e juices which are very harmful if consumed. The legacy of such consumption pattern went on for a prolonged time period before the company called Boost Juice came into existence. Nevertheless Janine Allis of Boost Juice develop this organisation with the objective of protecting people and developing a market drinking soft milk. In order to grab attention of the concerned market the company developed a unique marketing strategy which is also popularly called the low cost leadership strategy. It shows positive results against initiatives towards attracting large number of people bringing them to the market of fresh juices (Lili, 2009). The strategy in this regard is providing information towards customers that the company offers products at more feasible and probably at the lowest possible market cost. It also exhibits remarkable outcomes in order to grab the attention of people within a very short and stipulated time period. It is rather difficult for any organisation in keeping up with the low prices and also worked hard to run their business without increasing their cost. The price as well as product quality are being well maintained by this company. The company made fresh juice available at cheap cost so that people can purchase it without having to look at their price. It helps to network in the market very quickly.

In accordance with the marketing strategy of the company, the managers and supervisors are paying close attention to offering fresh to develop juices from fruits and vegetables to the customers. There for a large number of retail outlets have been open throughout the nation so that the product can get a boost in the market naturally. The company has been functioning on a model of franchising. There are over hundred the franchise stores of the companies throughout Australia developed within a very short time period. The company also wanted to ensure that the products are reached a dynamic category of consumers throughout the world. In order to materialize this outcome, the company opened their stores in different parts of the world like in Asia and Europe and so on. South Africa is a remarkable typical market alongside UK as typical foreign markets other than their domestic market of Australia (Panknin, 2009). The company has a separate franchising chain for the UK market which establishes the fundamental effort of the organisation in reaching beyond the domestic market with their unique product idea. Because of the phenomenal and large expansion of the company, Boost Juice has expanded their brand reach and people can easily connect with the brand also. In fact, the company has made the brand equity and brand listing very lucrative so that people easily get to know about their nearest retail outlets by searching “boost juice near me” on Google. The third successful element follows the other two crucial elements which are promotion and people.

Boost juice has been undertaking all kinds of initiatives in order to make maximum market promotion. The company has been using large volumes of money for advertising also. The organisation uses unique types of advertising which are however portrayed on traditional media like television and internet and posters and radio. This is a fundamental idea of the organisation. Nevertheless all advertisements are amalgamated with promotional offers made by the organisation for putting their sales like if the consumer purchase one product then they will be able to get the other for free alongside different unique opportunities for children by making them participate in particular events and attracting them to grab the different offers of the company. Company has their individual website providing detailed explanation about the organisation with its products as well as offers and so on. The company took advantage of the digital knowledge of the generation so that they could connect with the potential customers. The fact that the majority of the customers are students only mobilized their global connectivity using the digital components (Menzies and Orr, 2014). The organisation created Facebook covers for showcasing their products and also promotes the newly developed and introduced products in the market. Australian people have a different fondness towards Facebook and it is evident that a large population segments pencil around 12 hours every weekend on Facebook. Social media is of spontaneous help for any organisation to grow a specific customer base throughout the globe. This company has been able to manage a certain place of good reputation in the market based on Facebook promotion.

People represent the last characteristic of the marketing strategy of the organisation. The company has been ensuring the provision of quality environment for their external as well as internal stakeholders. The company gives ownership to their employees and accountability to their franchise is show that they share a position as the decision makers and partners and did not as subordinates with the organisation. Almost all individuals employed by the company has great experience and knowledge about prospective industry reflecting positivity in context to quality of production and services offered to clients of this organization (Shah, Naughton and Petroczi, 2013).

SWOT Analysis Of Boost Juice

In the view point of marketing assignment help experts he SWOT analysis will help the organisation to estimate the feasibility of its marketing strategies and capitalise on the areas of improvement to manifest a better marketing outcome based on the current and future strategies for market growth.

Company has innovative concept of delivering fresh fruit juices and providing the same through the retail outlets based upon a unique customer experience. The company developed a potential market position based on its blend of potential product and unique services which eventually help the company to create potential brand recognization. It provides 98% fat free products for encouragement of healthy lifestyle. It also develops the use of right promotional advertising campaigns for capturing the target market. Boost Juice adopted a convincing approach for encouraging approach towards engagement of customers based on asking them via emails, in case if they seem unsatisfied with related services. The company has very potential security feasibility with the credible resources (Panknin, 2009). The company has been able to capture international markets from Malaysia, Singapore, Kuwait, Germany, and Hong Kong Dubai and so on. The organisation has been able to adapt the licensing system for expansion of the market overseas which has been achieved through their robust decision making attitude.

Huge cost for running their marketing and promotional activities because of the potential focus on branding activities. The company took care of the various law and regulations for successful operations in the international market. In this regard it was spectacular to observe how the company ensures the health status of their consumers as well as internal consumers like the employees. The company and used in punishable products like juices and smoothies and therefore needs hire regulations for ensuring the safety of product. The organisation is involved in a narrow product range of the juices and smoothies and therefore can extend their product range for increasing target market alongside the attraction of a large number of customers. The primary segment of the market of the company is comprised of young teenagers and the company also has the secondary market comprised of adults who are over 30 years of age however the size of the same is very small. The market segment comprised of office executive as well as professionals need to be explored in greater depth (Menzies and Orr, 2014). The consumers prefer having uses only during summer seasons and prefer not having drinks like coffee or tea during winters. The company witnesses a significant drop in the sales figure during winter season which impacts the profitability of the organisation. However the company has lack of effective management of employees which can impact the employee competence and the overall productivity of the organisation as well. The development of the product needs substantial time and the consumers do not need to wait for such long periods.

Opportunities

The company has great opportunity in targeting the different countries in the Asian market which are still emerging. The operations can be expanded by increasing the market as well as the associated advertising activities. The company can also introduce new range of products for increasing winter sells like sandwiches and pastry and hot drinks for attracting customers during the time of winter and increasing their revenue. The company is also able to explore alternative sources of activities in markets of Asia for reduction of manufacturing cost. The company will also be able to explore different channels of purchasing and selling mobile applications based online order placement. The company has great scope of expanding in their geographical market and enhancement of sales revenue based on control of their distribution system effectively (Shah, Naughton and Petroczi, 2013).

Boost Juice have been facing typical competition from the rivals. The rivals include Easy Way, Starbucks coffee company and so on. Availability of the packaged fruit juices in the market impact the sale of their products. According to essay typer the sales are also impacted by market conditions like increase of interest rate as well as price of transport fuel.

The research highlights how successful applications of marketing tactics by the concerned organisation have been successful. The main customer base is that of teenagers as well as adults. Boost juice has rivalry with the organisations as stated above. However the potential marketing mix blended with the market feasibility and market offering of the concerned organisation has allowed remarkable successful stop the company capitalised on the need of the product in the market based on a cost leadership strategy. Other different methods for increasing sales have been explained clearly in this research study.

Reference List

Daniel, F., Cappiello, C. and Benatallah, B., 2019. Bots acting like humans: Understanding and preventing harm.  IEEE Internet Computing ,  23 (2), pp.40-49.

Lili, F.Z.L.Y.J., 2009. Questionnaire Survey on the Influence of Nutrition Factors on Consumer Choice of Fruit Juice and Juice Drinks.  Journal of Chinese Institute of Food Science and Technology .

Menzies, J.L. and Orr, S.C., 2014. Internationalization of boost juice to Malaysia.  Asian Case Research Journal ,  18 (01), pp.175-197.

Panknin, H.T., 2009. Fresh fruit from the juice bar: vitamin boost with health risk.  Kinderkrankenschwester: Organ der Sektion Kinderkrankenpflege ,  28 (11), pp.447-447.

Shah, I., Naughton, D. and Petroczi, A., 2013. Trick or treat, is the super food boost (beetroot juice, spinach powder) best for nitrates supplementation? Which measure should we trust?.

Wellard, L., Koukoumas, A., Watson, W.L. and Hughes, C., 2017. Health and nutrition content claims on Australian fast-food websites.  Public health nutrition ,  20 (4), pp.571-577.

Yumpu.com, 2022. About juice Bars – Boost (2022). Available at: https://www.yumpu.com/en/document/view/3893428/about-juice-bars-boost (Accessed: 3 February 2022).