what is the importance of marketing mix essay

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Marketing Mix, Essay Example

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Marketing decisions made by a company when shaping a suitable proposition for the potential customer can be organized into four major groups. These are Product, Price, Place and Promotion. The actual meaning of those four is creating the right product, selling it at the right price and in the right place, with the use of the most effective promotion possible. When being in the process of bringing some particular product to the market, the organization is supposed to make choices concerning the product that will eventually influence the effectiveness of a chosen strategy. The four P’s are a sort of parameters that are under marketer’s control. “The goal is to make decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response” (Net MBA Business Knowledge Center).

The term ‘Product’ refers to both tangible physical goods and services. The choices that are made concerning the product can be: brand name, design, functionality, protection, maintenance, packaging, guarantee, accessories and services. To define what the product is supposed to represent questions may be asked like: What does the consumer want from the product/service? What requirements does it satisfy? What characteristics is it supposed to have to meet customers’ requirements? How and where will the customer exercise it? What does it look like? How is it different from the one product of your competitors?

The term ‘Price’ refers to the choice of appropriate approaches to forming the actual price of the product. It is no secret that each person pays a lot of attention to the price of the product being bought. Each customer weights benefit the product is to bring versus its cost in order to make a wise decision. It is also important to mention that while all the other three aspects of marketing mix are costs, price is the only one which creates sales revenue. Investigating consumers’ attitude toward pricing is significant since it specifies how they value what they are looking for, as well as what they would like to pay for it. Naturally, company’s pricing policy depends a lot on the circumstances in which the organization is operating. The possible decisions marketer is making concerning the price are: pricing strategy (demand-, cost-, profit- or competition- based methods), suggested retail price, volume discounts and wholesale pricing, seasonal pricing, bundling, price flexibility and discrimination, etc. The questions that can be asked in order to understand the pricing element better are: What is the value of the product or service to the purchaser? Is the client price sensitive? What discounts should be proposed to customers, or to other particular segments of your market? How will your price contrast with that of your competitors?

‘Place’ element of the marketing mix is the one being concerned with a range of methods of transferring and storing goods, and then making them accessible to the consumers. Significantly, approximately a fifth of the product’s cost goes on its distribution. What value do product’s exceptional features have if it is stored badly, or if the potential customers have no way to get it? Delivering the right product to the proper place at the right time requires creation of a distribution system. Once again, the choice of convenient distribution methods depends greatly on present circumstances.  When referring to ‘place’ marketer has to make decision on distribution channels and centers, transportation, warehousing, order processing, etc. Understanding of this particular element of the marketing mix can be obtained if giving answers to such questions as:  Where do buyers search for your product or service? In what kind of stored do they look for the product? How can you contact the appropriate distribution channels? What do you competitors do, and how can you benefit from that?

‘Promotion’ refers to the actual process of communicating with consumers. It is concerned with presenting customers with information needed to make a decision. The fact is that, even though being sometimes extremely costly, promotion can increase the sales significantly, so that advertising and other costs are spread over a larger output. If being properly organized and successfully implemented, promotion can be extremely cost-effective. Promotion is aimed at generating the positive customers’ response and deals with decisions on promotional strategy, advertising, public relations and publicity, sales promotions, marketing communication budgeting, etc. These are the questions that can be helpful when defining this particular element of marketing mix: Where and when can one get across your marketing messages to the target market? How will you reach your audience in the most effective way possible? When is the best time to promote? Is there seasonality in the market? How do your competitors promote their product and how can it influence your promotional strategies?

Such a great profit-oriented company as Nike, which is the global sports shoe company and is the largest seller of athletic footwear in the world, does surely pay a lot of attention to the development of its marketing mix. If referring to the ‘product’ element of Nike’s company, we can talk about how Nike proposes broad choice of shoe, apparel and equipment products. The company also market head gear under the brand name Sports Specialties. Nike’s pricing is considered to be competitive to the other sport shoe sellers. The pricing is established on the basis of premium segment as target customers. Nike shoes are available all over the world in the multi-brand and the exclusive Nike stores. “Nike sells its product to about 20,000 retail accounts in the U.S. and in almost 200 countries around the world. In the international markets, Nike sells its products through independent distributors, licensees and subsidiaries” (Cuizon, 2009). Nike’s promotion is greatly concerned with finding reachable store locations. It also involves targeted advertising in the newspaper and generating strategic associations. For example, Nike cooperates with a number of famous athletes that serve as brand representatives. Nike’s brand image, name and the trademark swoosh, position the company as one of the most identifiable brands in the world.

Adidas, Nike’s biggest competitor, is also one of the most recognizable brands of nowadays. As well as the Nike Company is, Adidas is oriented to obtaining high profits. Nowadays Adidas has a reputation of a strong brand for sports apparels. The company supports its brand by continually advancing and improving products’ original features and quality to please and satisfy its customers. If referring to Adidas pricing policy, it uses the market skimming method, positioning itself as a shopping product with prices lower than that of its major competitors. Adidas sportswear can be found in specialized brand stores, sporting outlets and in the internet. Company’s major promotion objective is to become world number one sportswear company. Promotion is implemented mostly through advertising in the mass-medias and internet, and through supporting various sport events.

Cuizon, G. (2009, February 13). Audit on Nike’s Marketing Strategies: The 4Ps – Product, Price, Place and Promotion. Retrieved July 6, 2009, from http://corporate-marketing-branding.suite101.com/article.cfm/audit_on_nikes_marketing_strategies

Net MBA Business Knowledge Center. (2007). The Marketing Mix (The 4 P’s of Marketing) . Retrieved July 6, 2009, from http://www.netmba.com/marketing/mix/

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Understanding the Marketing Mix: Strategies for Success

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The Core Elements of the Marketing Mix

The Extended Marketing Mix: People, Processes, and Physical Evidence

Shifting focus: the 4 c’s and customer-centric approach, conclusion: crafting comprehensive marketing strategies.

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Essay on marketing mix: meaning, components and observations.

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Essay on Marketing Mix: Meaning, Components and Observations !

Essay 1 # Meaning of Marketing Mix:

Marketing mix might be defined as follows:

Marketing mix is a unique combination of the basic ingredients of marketing viz. product, price, place (channels of distribution) and promotion-designed for the best realisation of the objectives of marketing management.

(1) “Marketing mix refers to the apportionment of effort, combination, designing and integration of the various elements of marketing into a programme, of mix which will best achieve the marketing objectives of an enterprise at a given time”.

—Prof. Neil Borden of the Harvard Business School

(2) “Marketing mix is the term used to describe the combination of four inputs which constitute the core of the company’s marketing system- the product, the price structure, the promotional activities and the distribution system”.

—William J. Stanton

Marketing mix is a mix of the type that is planned to ensure that the ‘product’ does sell even amidst intensely competitive conditions; providing best satisfaction to consumers and providing, in turn, handsome profits to the enterprise- in addition to fulfillment of other objectives of marketing management.

Point of Comment:

An analogy could be drawn between the marketing mix of a manufacturer and the spices-mix of a famous ‘Chat-wala’ located at the corner of a busy street in the walled city of Delhi; who combines spices like-salt, rock salt, pepper, black pepper, spices for seasoning food (i.e. garam masala) etc. in such proportions that the chat becomes so tasty as to lead to a remarkable rapidity of turnover fetching handsome profits to the chat-wala.

The chat masala mix is so to say, the trade secret of the chat-wala- unknown to the competitors. Further, the consumers, being unable to prepare that much tasty type of a chat at their homes, are persuaded to visit that particular chat-wala for the satisfaction of their ‘tongue-needs.’

A manufacturer, in a likewise manner, must design such a marketing-mix, that despite severe business competition-consumers do prefer his product and are led to buy that product for the satisfaction of those needs of theirs- for which that particular product is designed.

Essay 2 # Components of Marketing Mix – The 4p’s Of Marketing Mix:

Though there are a large number of component parts (or factors) which may go into the making of a marketing mix; yet, authorities on marketing management agree on four basic elements of marketing mix-popularized as the 4p’s of marketing viz. the product, the price, the place (i.e. the channels of distribution) and the promotion.

In fact, each of these four elements has many variables or variations of factors, and accordingly within the marketing mix we have four sub-mixes i.e. the product-mix, the price-mix the place-mix and the promotion-mix. In other words, the marketing-mix is a fine blend of product mix, price-mix place-mix and promotion-mix.

Following is a brief account of the four sub-mixes, comprised in the marketing mix:

(1) Product-Mix:

A product is not just, a physical tangible object; it is rather a ‘bundle of services’ associated with the utilisation of that product. A person e.g. does not buy a product simply for possession sake; rather he/she expects a number of services and conveniences-to be obtained from using that product.

Some of the important factors which usually go into the designing of the product mix are decisions about:

1. The product-range

2. Design, shape, colour, size, weight of the product etc.

3. Multiple uses of the product.

4. Standardisation/grading of the product.

5. Brand name of the product.

6. Guarantees and warranties offered by the seller.

7. After sales service provided.

A unique combination of these product factors and others makes for designing the product- mix. The basic idea behind making a product mix is to produce and offer a product that makes it acceptable to the target-consumers; by providing them maximum satisfaction for their needs for the fulfillment of which, the product, in question, is intended.

(2) Price-Mix:

The price-factor is, perhaps, the most-crucial factor of the marketing mix; as the buying decisions of most of the consumers are dependent on the price of the product. For the manufacturers also, the price decision is directly reflected in the profits; which they make from selling the product.

Some of the important factors which usually go into the designing of the price-mix are decisions about:

1. Price-range

2. Profit-margin to be included in the price

3. Discounts to be offered-cash discounts and trade discounts.

4. Credit terms

5. Competitors’ prices for similar type of products.

6. Discriminating pricing aspect.

7. Resale price maintenance policy etc.

A unique combination of these price factors and others makes for designing the price-mix. The basic idea behind making a price-mix is to offer the product at a price which is affordable by the target-consumers; making the product worthwhile for purchase; in view of the utility of the product.

(3) Place-Mix:

In marketing management, the term place is used to refer to channels to distribution i.e. intermediaries which fetch products from the place of the manufacturer to the place of ultimate consumers.

The ‘place’ is an important ingredient of marketing mix; as howsoever useful the product might be and howsoever suitable its price, be; unless and until products are made available to consumers at ‘centres of convenient buying’, the busy consumers of today’s affluent societies will be most unwilling to buy those product-travelling long distances.

The important factors which usually go into the making of the place-mix are decisions about:

1. Wholesalers

2. Selling agents

3. Transportation agencies

4. Warehousing agencies

5. Company’s direct selling outlets

6. Home delivery of products.

A unique combination of these place factors and others makes for designing the place-mix. The basic idea behind making a place-mix is to make the product available at such common centres of consumption; as makes for most convenient buying-on the part of the busy consumers of today.

(4) Promotion-Mix:

Promotion refers to creation, maintenance and increase of the demand of the product-through communication of the existence and utility of the product to target consumers and general public’s.

Promotion is a very significant component part of the marketing mix; as without promotional efforts, people would never be able to appreciate the utility of the product for satisfaction of their needs; and conducting sales-transactions, would not, obviously, be possible for the marketer.

Promotion, in a sense, is a sort of best consumer-education; which educates consumers as to the availability and usefulness of various products.

Some of the factors which go into making of the promotion mix are decisions about:

1. Advertising-through various media like the press, radio, TV, films, outdoor advertising, point of purchase-advertising etc.

2. Personal selling or salesmanship through various types of salesmen

3. Sale promotion methods (i.e. methods other than advertising and salesmanship) like- coupons, reduction sales, distribution of free samples, trading stamps, bonus offers, prize- contests and a host of other devices.

A unique combination of various advertising media, various types of salesmen and attractive sales promotions devices, makes for designing the promotion-mix.

The basic idea behind making a promotion-mix is to so communicate knowledge about the existence and utility of products; that prospects appreciate the significance of the products for the satisfaction of their needs and may become ready to buy the product-so promoted.

Point of comment Synchronization of sub-mixes i.e. product-mix, price-mix place-mix and promotion-mix into a grand-plan of marketing, would result in the development of a marketing mix of type which makes

1. The product acceptable

2. The price affordable

3. The place most convenient and

4. The promotion most influencing.

The criterion for measuring the success of the marketing mix is the volume of sales of product turned over by it.

The concept of marketing mix could, we’ll be illustrated, by means of the following circular diagram:

Note: Letter ‘C’ in the inner circle of the diagram indicates the term ‘Consumer’.

Essay 3 # Observations of Marketing Mix:

Certain observations on the concept of marketing mix:

(1) Target consumer is the focal point of designing marketing-mix. In fact, consumer is the central point around which the whole circle of marketing mix is drawn.

(2) All the four P’s of marketing mix are equally important; while designing the marketing mix. If e.g. the product is good (acceptable); but the price is not affordable the product may not be a good success.

Or if the product is acceptable and its price is also affordable; but the place (i.e. Channels of distribution) is not convenient for buying on the part of consumers-the product may not sell as much as expected.

Again, if the product, price and place-all the three meet the requirements of consumers; but the promotion is not properly communicative and influencing-the product may not sell much.

Therefore, an equal amount of emphasis must be placed on each of the four major elements of marketing mix; as an over-emphasis on any one element of the mix at the cost of other elements would simply mean a failure of the entire design of marketing mix.

(3) The four P’s of marketing mix are interrelated and interdependent; because a change in any one element of marketing mix is likely to necessitate suitable changes in other related elements of it.

For example, if a change (of any type, for that matter) is proposed to be made in the product; it might also be considered fit, by marketing management, to effect a change in the price of the product or a change in the promotional techniques; and so on for changes in other elements of marketing mix.

(4) Marketing mix is not developed in a vacuum:

Besides the 4P’s of marketing mix, which are the controllable elements of it; there are certain external environmental factors which are the uncontrollable elements of marketing mix.

Any design of the marketing mix must, accordingly, be shaped in view of the implications of environmental factors, amidst which the marketing mix is to demonstrate its impact on the marketing operations of the business enterprises.

In fact, the environmental factors provide the basic framework; within which the marketing mix is to be designed . (The outer circle of the marketing mix diagram shows the significance of environmental factors; while designing the marketing mix ).

Related Articles:

• Marketing Mix: Meaning, Definition and Characteristics of Marketing Mix (with diagram)
• Elements of Marketing Mix: Product, Price, Place (Distribution) and Promotion

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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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Access for free at https://openstax.org/books/principles-marketing/pages/1-unit-introduction

• 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

© Jan 9, 2024 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.

• Essay Editor

The Importance of Marketing Mix in Business Essay

1. introduction.

This report is produced in response to a request from the ABC Company. It outlines the importance of marketing mix in the business and examines the role of the four P's in determining success, analyzing what tools are available to the marketing manager in the development of the marketing mix and describing the complications that are involved with the various methods. It is essential within marketing to understand the needs of the customer and the opportunities that satisfy those needs. Marketing is about satisfying customer needs and providing a safe return to stakeholders and should be geared at winning and keeping customers in the long term. This essentially involves strategy and allocation of resources and for successful marketing there needs to be a focus on the right product or service, adopting the right price and sales tactics, and utilizing suitable methods of distribution. Before going on to focus fully on the marketing mix, the report will examine the relationship marketing has with the consumer. Provided will be an in-depth look at an analysis of the field of the marketing industry and the marketplace as well as gaining an understanding of how a company can meet its organizational objectives through marketing. There is a need for a strong marketing campaign in order to reach out to prospective customers and persuade them to buy. 1.1. Definition of Marketing Mix Marketing is often seen as an investment which is intended to generate a financial return. It is aimed at achieving financial objectives through the acquisition of an increased market and the retaining of long-term customers. The marketing mix is a concept used to denote the set of tools a firm has to pursue its marketing objectives in the target market. A good marketing mix is the right coordination of these tools to achieve the results desired by the marketing firm. Marketing tools are varied and the marketing mix simply involves the classification of these tools into four distinct groups. 1.2. Overview of the Importance of Marketing Mix Marketing mix is often still referred to today as the Four P's. The first of these is defining the product or service to be sold. This of course involves a significant amount of decision making in terms of the product's image and the way in which it differentiates from others of a similar nature. Pricing is the second P, a vital decision in the marketing process as price flexibility is key. The third P is for the place which describes the point of sale. Promotion is the final P and is essential in reaching out to the customer and informing them of the product and why they should buy it.

1.1. Definition of Marketing Mix

While the marketing mix is a familiar concept to most marketing practitioners, its history of development goes back to the 1950s. We define the term "marketing mix" and briefly discuss its development. Though the idea of the marketing mix is attributed to Neil H. Borden, it was E. Jerome McCarthy who provided a framework in the 1960s which is the basis for the way in which we now define the marketing mix. McCarthy's 4Ps is now 7Ps, 7Cs in different marketing text, but it is essentially the same thing. Borden in the late 1940s wrote an article. In his view, he says "A marketing executive of a large international food company... must think in terms of selling a lamp in Burma add tortoise shell shade...otherwise he will have wasted effort and money". This line alone is an excellent description of the power of the marketing mix. The premise of the article was that many marketers were taking a narrow-minded sales approach rather than a broader marketing approach of mixing the varied and controllable elements of marketing decision into the soup of marketing success. Although Borden was probably thinking of elements of a mix needed for a consumer good, his marketing mix as well 12 variables. He also mentioned that whether the company is marketing a brand, a blanket, or barbed hooks, it had to consolidate a unifying theory of marketing.

1.2. Overview of the Importance of Marketing Mix

Marketing mix is an important element in an organization to influence the consumers as well as to attract them towards their products. In order to make the product successful, the marketing mix has to be correct. This includes the right product, the right price, the right place, and the right promotion. When an organization is able to market a product with the right marketing mix, it will make the product more successful than if launched with the wrong marketing mix. For example, Microsoft has a different brand of Microsoft Office for students, home users, and companies. The student version is cheap and has the same functions as the home version. It is marketed with the right marketing mix with an affordable price for students. This has succeeded in attracting students to buy the product because it is cheap and is similar to the home version. If the price was too expensive, students would rather purchase the home version which is also available to them. The price for the student version also illustrates as a right price. This simple methodology proves the importance of a correct marketing mix by displaying successful results. Introducing a new dimension into the simple concept of marketing mix is the newer advancement of transnational corporations. A transnational corporation markets its products all around the world to benefit from differences in country economies. They have a problem of a single product having demand in various countries but the marketing strategy has to be different. This brings about another mix known as the global marketing mix, further emphasizing the importance of marketing mix in today's products.

2. Components of the Marketing Mix

Business marketing, also known as industrial marketing or B2B marketing, is the marketing of goods and services to individual consumers and organizational customers. It is a complex process. Decisions must be made on the marketing of individual products and services, market research, and the development of marketing strategies and programs. These decisions are made in the presence of constraints and the lack of complete information, all of which occurs within a constantly changing environment. Marketing programs are improving day by day, as businesses aim to increase their efficiency in market approach. The cost incurred on these programs is significant for any business, and it is essential to have efficient and effective control over them. This control helps management make important decisions regarding marketing activities at the right time. A Marketing Decision Making System can be used to systematize the determining process in order to improve decision-making efficiency and avoid hasty decisions. It consists of a number of decision steps and decision-making tools that provide significant help to management in making rational and logical decisions on marketing problems.

2.1. Product

Simply, the focal point of the product factor in the marketing mix is to make sure the product meets the needs of the customer. This means that the organization must implement research to discover what the desired product is for the customer. After this, a detailed product is designed and characteristics are built that are desired by the consumer. Extensive effort has been made to align the term "product" with customer needs and wants, that a POSIX corrective mindset holds marketing oriented companies back in reaching their full potential. A crucial concept in understanding product in the marketing mix is to distinguish between what are called product and brand. The product is the substance in the market, it can be a physical item, such as a car, or intangible service, such as a tax return from an accountant. The brand is an identification on the product, typically a name or term, for example iPod, Ford, or Metro trains. In many ways, the brand becomes its own product which is in the interests of the company to continually develop in much the same way a company would with its initial newly released product. There are many varieties of products, and the nature of what is being offered in the market has a great impact on what strategy should be taken. A basic unchecked view is that there are only tangible and intangible products, however product types exist in more of a hierarchy, dependent on answers to questions such as, how extensively will the product be distributed? How much will the product be sold for? These questions have an effect on the way the product will be promoted and the price.

The management of the price in the marketing mix is a crucial issue in determining the success of the company in reaching its customers and persuading them to purchase the product. Marketers can make revenue decisions ranging from market share to survival. As price is the only revenue-generating element amongst the 4Ps, the price has been regarded as a parameter where the company can increase their revenue for survival considering a small percentage increase in market share. Price is a value assigned to a product or service (Kotler, P). Usually, the value is measured in terms of money to exchange for the product or service. As every potential customer will ask the question whether the product or service is worth its price. In order to compute whether the product or service is worth its price, they will evaluate it with their need and the satisfaction after consuming the product or service. These will give us a summary, that the price of the product is a reflection of the image of the product or the service. Therefore, a higher price for a product could be an indicator for the customer that this product has good quality or the company has a strong image in providing their product or services. (Kotler, P, Armstrong, G)

Distribution is about getting the products to the customer. It involves a lot of decision-making processes on how the product will be and where the place of sale will be. There are two types of distribution: intensive and selective. Intensive distribution is where the product is put into as many outlets as possible. This is likely to be used for lower value goods: newspapers, cigarettes. Producers will 'shop around' to find the best outlets available. It could also be used on a product which a producer believes has to be. Selective distribution means there are a range of conditions which govern where the product is placed. An example would be that it is only sold in outlets which sell a complementary product, such as an ice cream brand only being placed in stores which have a certain brand of frozen food. An exclusive product will only be stocked by one outlet in a given area. An example of this would be designer clothes, as there are very few designers which allow retailers to stock and sell their product without purchasing from the supplier. Finally, the product could be placed in one outlet under the channel of distribution. This decision defines where and when the product is going to be available to. It affects the sale of the product on a portion of the advertising, as no customer is going to buy a product at any price if they do not know what or where it is. Pricing can be affected with products sold through specialist outlets, as they cost more to distribute the retail price must increase. Sainsbury's attempt to provide a medium between cost and availability of product. This can be seen by stocking a premium product such as Gu salmon en croute alongside a similar product produced by Sainsbury's basics.

2.4. Promotion

Promotion is a marketing mix strategy normally referred to as a method for businesses to inform, persuade, encourage, as well as manipulate the decision-making regarding a purchase of a product. If we look from the decision-making of consumers, the promotion strategy is something used to provide information and make a decision to purchase a product, from where the products are compared with other products, the availability of your product, as well as information about the advantages of your product compared to others. That's why the information through promotion strategies is very important for consumers. The company's goal, of course, is for consumers to tend to buy their products, which is expected to provide an effective influence for consumers to make a purchase decision until a real purchase. That's why companies always use promotion strategies to introduce products and improve the image of the product. As for the purchase of the finish according to the simulation of the consumer decision, the promotion strategies have succeeded in encouraging consumers to make purchase decisions to purchase products offered by the company. Influence is done very effectively using promotion strategy, this can be seen from the percentage of the results of purchases against consumers who really want to buy your product, it also can simplify from a decision of consumers to put your product into consideration, trial, purchase, and repeat purchase.

3. Benefits of Implementing an Effective Marketing Mix

One of the key benefits of an effective marketing mix is that it helps a firm to increase customer satisfaction. By understanding the prevailing needs and wants of the customers and then being able to deliver products that customers want, the gap between what customers want and what the organisation has to offer is identified. If the organisation can bridge this gap, this not only increases customer satisfaction with the product, but also customer loyalty to the brand. This helps to build a core customer base, which is far more profitable than constantly having to attract new customers. Dell is a good example of a company that operates in a competitive environment where the IT products market is highly dynamic. By understanding customer needs, Dell has been able to custom build PCs to meet exact customer specifications. This has led to very high customer satisfaction and loyalty, giving them a competitive edge in a very price-sensitive market. By increasing customer satisfaction, it is assumed that this will lead to an increase in sales. An effective marketing mix can help a company to achieve a strong competitive advantage. In the marketing textbook, Principles of Marketing, the marketing mix is a set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market. This points to the fact that the marketing mix is not something that is easy to replicate. If a company is able to achieve a high market share with high profits, then competitors will find it harder to compete. One example of gaining a competitive advantage comes from Japan Airlines. Due to the economic downturn, JAL felt that it needed to increase sales of business class tickets in Europe. An analysis of the marketing mix revealed that Japanese cabin crew were well liked among European passengers. As a result, JAL flew Japanese cabin crew to European destinations. This tactic resulted in increased customer satisfaction and sales in business class tickets. Other airlines found this difficult to compete with and JAL found the strategy so successful that it became a long-term project. By excelling in applying the marketing mix to achieve its objective, JAL managed to strengthen its competitive advantage in these markets.

3.1. Increased Customer Satisfaction

An effective marketing mix can lead to increased customer satisfaction in several ways. As discussed earlier, the mix elements are the controllable factors and thus subject to improvement as they are under the responsibility of the marketing department. For these improvements to be truly sustained and to lead to customer satisfaction, it is important that the marketing mix is implemented coherently. The alternative will be increased perceived dissonance to the customer when actual products or brands fall short of the promised position. Widely felt repercussions of this can be seen in the service industries where advertising is often at odds with the actual service experience. An example of how an effective marketing mix can lead to greater satisfaction can be seen in the growth of own label brands. Marketing mixes can also affect satisfaction by manipulating product perceptions. By using price as an indicator of quality, a company can effectively increase the quality perceptions of a product which, if it can deliver a level of quality in line with the new perceptions, can lead to increased satisfaction. However, care must be taken not to price the product above the 'ideal' price as customer expectations regarding product quality increase at a greater rate than perceptions. Falling short of these increased expectations can lead to reduced satisfaction. The effect of the other mix elements on product perceptions will also influence satisfaction. High investment in promotions can often lead to increased expectations regarding the product, distribution changes can affect the perceived accessibility and the use of by-products can alter consumer attitudes with regards to social responsibility. All changes to product perceptions can have various effects on brand equity, but in general affect satisfaction during product consumption.

3.2. Competitive Advantage

Competitive advantage is an important part of a marketing strategy. This essay narrows down the focus to the marketing mix, and a competitive advantage is explored within this context. A company must seek to achieve a competitive advantage over its rivals. A company can gain a competitive advantage by optimizing its marketing mix. Sometimes a company will set out a marketing mix which is easier for them to implement, although the customers on offer do not need this marketing mix. This is not an effective strategy. It is not utilizing the company's strengths to the full extent. For instance, a company offering a higher quality product may want to increase the quality of its packaging, even though the customers do not care about packaging. This company would be best implementing a marketing mix which emphasizes product quality and a very narrow and specific product line. By doing this the company will make the most of its quality product, and the small product line will be easy to maintain and develop in the future. This marketing mix is an effective one, and will help the company achieve its mission, to be the number one provider of its product and quality in the market. Through careful planning and analysis, it is possible to design a marketing mix which is tailored to the customer. The above case involved a theoretical new marketing mix. However, it is usually best to aim to improve on the current marketing mix, or to try and better that of rival firms. This is because it is a very difficult task to implement an entirely new marketing mix, and deviations can be costly and have drastic effects on sales and customer satisfaction. If a company has been using the same marketing mix for a long period, it is likely that the mix is effective, and it would be unwise to try and change this. By the same token, the longer a company's marketing mix has been superior to that of rival firms, the longer they have had a sustained competitive advantage.

3.3. Effective Resource Allocation

Effective resource allocation depends upon the type of strategy an organization adopts to gain superiority over others. More aggressive strategies require higher levels of resource allocation. Resource allocation should be considered in the following terms: 1. Quality of resources: achieve highest quality at minimum cost. For example, Sainsbury's aim to use highest quality ingredients in products with the Tu at the same cost as basic own label brand. 2. Quantity of resources: look to see how marketing objectives can be met with different levels of resource. A sales target of 100,000 units of product X with a budget of £100,000. How can this be achieved? Suggest that the objective is met and then exceeded, as levels of profit increase with volume of units sold due to the fact the fixed costs have already been incurred and these can be spread over more units resulting in lower average cost per unit. This can be achieved through sales promotion techniques, personal selling or changing elements of the marketing mix which increase competitiveness of the product. 3. Timing of resource: where short-term competitive advantages are sought through price changes or promotional activity it may be necessary to alter the timing of resource allocation. For example, KFC and Pizza Hut both part of Yum Brands may choose to allocate more resource during a time when the other is implementing a sales promotion to compete for each other's customers. This is not effective as the resources spent attract existing customers as opposed to gain new ones. An appropriate method of resource allocation in this situation would be a price reduction (4ps) in product to increase demand typically an increase in advertising. By responding to a competitive move KFC or Pizza Hut would lose in the event of sudden change in resources, if one party does not vary its promotion the effect is null. 4. Controllability of resources: Most resources in the marketing context are semi-variable with the exception of long-term commitments to capital. This will either be an increase or decrease in existing resources and is easily changed, although care must be taken to ensure an increase is successful as it may lead to a price war. For changes in price a decrease is easier than an increase due to price elasticity demand as customers become accustomed to a certain price, as a general guideline controllable resources are allocated in our efforts to pursue higher market share or market growth. Completion of an objective to increase product sales or to compete in a market will result in increased resources. This is subject to the extent of success as we may not be able to increase market share if competitors respond with their own market development strategies. 5. Efficiency of resource: willingness to use the least amount of resource to achieve an objective. Could consider sales a large scale promotion may quickly boost sales, yet it is not cost effective compared to the increased sales resulting from an increase in product quality.

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What Is a Marketing Mix And Why Is It Important?

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Whether you’re a marketing manager or small business owner, chances are you’ve heard the term marketing mix before. For those reading this who have not come across the term, a marketing mix is the set of marketing tools, mediums and perspectives which a business utilises to sell its products or services to its target market. 

Marketing Mix In A Nutshell.

Businesses have always used various marketing tools to promote and sell their products and services, but the term “marketing mix” was coined in the mid 20th century. One of the term’s first uses was during an address delivered back in 1953 to the American Marketing Association, by Harvard professor Neil Bordon, who outlined how marketers develop and implement successful marketing plans. 

By accurately identifying and arranging the elements of a marketing mix, business owners can make profitable marketing decisions at every level of their business. These decisions can help businesses:

Develop their strengths and limit their weaknesses.

Become more competitive and adaptable in their markets.

Improve profitable collaboration between departments and partners. 

Since the 50s, the key elements of the marketing mix have underdone many transformations as a result of emerging technologies and other changes to what is considered to be best practices. 

The Four Ps of a Marketing Mix:

Since the 60s, the marketing mix has been associated with the “Four Ps”, namely price, product, promotion and place:

Price. Refers to the cost of purchasing a product. A price depends on a consumer’s perceived value of a product, and it can drastically affect your marketing strategies. Of course, a lower price makes products more accessible to more customers, while a higher rate appeals to customers seeking exclusivity or high-end products. In terms of both, the price has to be greater than the production costs for your business to make a profit.

Product. Refers to what is being sold. Marketers need to consider the life cycle of their products to address and difficulties which might arise once it’s in the hands of their consumers. For instance, the first generation iPod had battery life issues which were only discovered after a specific time, and Apple had to work towards developing methods to address this issue.

Promotion. Promotion refers to the advertising, direct marketing and sales promotion of your products and services. Television ads, web ads, catalogues, trade fairs, billboard advertising and even ads on branded vehicles (cabs, buses, trains and even Ubers) are all forms of promotion. Furthermore, this category also includes PR (public relations), i.e. the distribution of press releases or ongoing relationships with the media. Promotion encompasses that which is communicated, whom it is delivered to, how your audience is reached and how frequently the promotion happens.

Place. Refers to any physical location which a customer can use, access, or buy a product or service. Places include distribution centres, transport, warehousing, inventory decisions and franchises.

The Seven Ps of the Marketing Mix.

Often, in marketing strategies, the four Ps are expanded to include the seven Ps. In addition to the four Ps, the seven Ps include physical evidence, people and process:

Physical evidence. This refers to anything tangible related to your product or the physical environment in which service occurs. Physical evidence includes product packaging, delivery receipts, signage, as well as the layout of a physical store.

People. Refers to your employees, including those who interact directly with your customers (salespeople, customer service and delivery people) as well as staff recruitment and training. This “P” also includes how efficiently employees perform at work, their appearance (for instance, if they have uniforms), and how customers feel about the experience with them. 

Process. Lastly, process refers to any aspect within your business which affects how a product or service is carried out by employees and delivered to clients. Examples include the order in which employees are required to carry out tasks, the number of queries your sales team receives, where customers are directed for help and how performance is tracked and measured. Furthermore, it also covers which elements of the process are standardised and which have room for customisation on a per-customer basis.

What is a Digital Marketing Mix?

In a nutshell, a digital marketing mix is how businesses achieve their marketing goals through the use of digital tools. As more business is conducted online every day, digital marketing tools are becoming vastly more important to all types of businesses, as opposed to only those which are tech-orientated.

A digital marketing mix employs the same basic principles of the traditional marketing mix, however, these elements are adapted to align with how the Internet influences emerging technologies and consumer behaviours. 

The Four Cs of a Marketing Mix. 

In the early 90s, the four Ps were updated to four Cs, to place less focus on the business and more on the customer. The four Cs refer to the consumer, cost, convenience, and communication. In certain instances, the four Cs might be more applicable to a digital marketing mix and than the four Ps. 

Consumer. This refers to the wants and needs of the consumer. Using this model, the business should put its focus on solving problems for consumers as opposed to creating products. The model requires adequate research into consumer behaviour and needs as well as interacting with potential costumes to determine their wants. 

Cost. This refers to the total cost of acquiring a product or service, which goes beyond just the price tag. The cost includes the time it takes to conduct research into a product before making a purchase. Moreover, it might also cover the cost in trade-offs which consumers need to make, for instance, forgoing another purchase, or the cost of guilt which they may experience when buying or not buying a product or service.

Convenience. Refers to how easy or difficult it is for customers to find and purchase a product or service. The advent of Internet marketing and buying has made this “C” notably important with regards to customer decisions as opposed to physical places. 

Communication. This “C” refers to the dialogue, which depends as much on the seller as it does the consumer. It includes advertising, marketing and media appearances. However, in the digital realm, it also includes emails, brand ambassadors or influencers, blogging, websites, sponsored product placement and of course, a business’s social media channels. 

How To Define Your Marketing Mix. 

In order to secure early sales and develop a solid customer base, a business owner needs to identify its marketing mix. The first step in this process is identifying and defining your target customer.

Once you’ve determined who your customer is, you’ll begin to understand their relationship with your business.

What problem does your target customer have?

What is preventing them from solving that problem?

How do your products or services address their needs or challenges?

How do your target customers feel about your competition and you?

What is your target customer’s motivation to make a purchase?

Following this, you need to identify your sales and growth goals, as well as your marketing budget. Then, select a marketing tactic or tactics which will help you reach your target audience and achieve your goals.

For instance, if you require 25 leads to sell one product, and you desire to sell 1,000 products per month, then you’ll need 25,000 fresh leads. You’re aware that your target customer reads and trusts two different websites, one which has 25,000 visitors a month and one with a million per month. The website which only has 25,000 per month is more cost-effective to advertise on, but of course, it’s highly unlikely that all 25,000 visitors will become new leads. Thus, the website boasting a million visitors is of better use to your ad budget, even if it costs more to advertise there.

By carefully working through the elements of your business’s marketing mix, you’ll have the power to develop strategies which effectively reach consumers, secure sales and grow your business more efficiently. 

If you require any marketing assistance, please visit the Barrk Marketing page to access their contact and service information. 

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How to Develop an Effective Marketing Mix | What are the Marketing Mix Elements

Updated on: 5 January 2023

Once you have identified your target audience and the competition, the next thing on your to-do list should be developing a marketing mix.

Every business needs its very own marketing mix to appeal to its customers. In this post, we will discuss the marketing mix definition, its importance, the elements of marketing mix and how to develop an effective marketing mix for your product or service.  

For the ultimate list of marketing strategy planning tools with editable templates, you can click here or visit our Marketing Solutions

What is a Marketing Mix?

Marketing mix is a set of actions a business takes to build and market its product or service to its customers.

It helps to make sure that you are able to offer your customers the right product, at the right time and at the right place for the right price.

Whereas traditionally the marketing mix was executed through the 4 Ps of marketing , nowadays 3 more  additional tools have been added to the mix, making it the 7 Ps of marketing. Businesses use a blend of these marketing mix elements to generate the response they want from their audience.

Importance of Marketing Mix

There are several benefits of the marketing mix that makes it important to businesses;

• Helps understand what your product or service can offer to your customers
• Helps plan a successful product offering
• Helps with planning, developing and executing effective marketing strategies
• Helps businesses make use of their strengths and avoid unnecessary costs
• Helps be proactive in the face of risks
• Help determine whether your product or service is suitable for your customers
• Helps identify and understand the requirements of customers
• Helps learn when and how to promote your product or service to your customers

What are the Elements of Marketing Mix

Developing the correct marketing mix for your product or service starts with understanding the Ps of Marketing.

The 4 Ps of Marketing Mix

Product is a good (such as music players, shoes etc.) or service (such as hotels, airlines, etc.) that is offered as a solution to satisfy the needs of your customer.

When developing the product , you need to consider its life cycle and plan for different challenges that may arise during the stages of it. Once the product reaches its final stage (sales decline phase), it’s time to reinvent the item to win the demand of the customers again.

The next element of the marketing mix is the price your customer is willing to pay for your product. This helps determine the profit you will be able to generate.

When setting a price for your product, consider how much you have spent on producing it, the price ranges of your competitors, and the perceived product value.

This is about the distribution center of the product and the methods used in distributing it to the customer.

Wherever this is, it should be easily accessible to the customer. For example, if you have a physical store, it should be located in a place that can be easily discovered by the customer. If you own a website to market your product, make sure it is easily navigable.

Promotion refers to the methods a business uses to gain the attention of the customers to their product. These includes sales promotions, customer service, public relations, advertising etc.

When creating your promotion strategy, consider the tactics used by your competitors, the channels that are most effective in reaching your customers, and whether they match the perceived value of your product.  

The AIDA model is a principle widely used in marketing and advertising. It describes the stages an individual goes through during the buying process to become a customer.

The 7 Ps of Marketing Mix

7 Ps of marketing mix is an extended, modified version of the 4 Ps of marketing. This model is widely used in the service industry. It adds 3 more elements to the 4 Ps discussed above.

This refers to the people – both your customers and employees – who are directly related to the product or service.

While you need to study your target market to understand whether they are in need of the type of product you are offering, you need to hire the right people who are capable of giving their best to build it.

Systems and processes play an important role in building and delivering a quality service to your customer.

Make sure that you process is free of bottlenecks and blockers in order to reduce the unnecessary expenses associated with executing the service.

You can use process maps to map process steps and analyze them to identify where you need to make improvements.

Physical Evidence

Physical evidence refers to what the customers see when consuming your product or service. This could include your branding, packaging, the physical environment where you are selling your product etc.

Make sure that all physical aspects associated with your product or service adhere to its values.

How to Develop a Marketing Mix

Define your goal and set a budget.

Developing an effective marketing mix starts with setting the right goals. Establish what you want to achieve with your marketing plan; is it to grow sales? Acquire more customers? Build brand awareness?

Once you have set realistic and measurable goals, determine how much you are willing to spend on achieving your objectives.

Study Your Target Customer

In order to build a product or service that your customers would want to buy, you need to know who they are.

Find different segments in your target audience and create separate customer profiles for each. Refer to these when you are developing your strategies.

Identify Your Unique Selling Proposition

Clarify what your unique selling proposition is through customer surveys, interviews, focus groups etc.

Here you will identify the benefits your product or service will bring to your customer, and how you are better than anyone else in s olving their problems.

Understand Your Competition

Carry out a competitor analysis to understand the different strategies and tactics used by your competitors. This knowledge will be especially helpful when you are creating your pricing strategy.  

Record important information about your competitors on a competitor profile like the one below

Learn how to conduct an effective competitor analysis .

Identify the Unique Features of Your Product

List down the unique qualities and the value of your product. You can build on these when you are marketing it to your customers.

You can use the mind map below when you are identifying the unique features of your product.

Create a Pricing Strategy

Using the competitor research you have done, build a pricing strategy. Make sure that you have not overpriced or underpriced your product.

Choose Your Distribution Channels & Promotional Methods

Choose the channels you will be distributing your product through based on the type of your product or service and your target customer.

And select the promotional techniques you want to choose based on your budget, and again the customer and your product.

Create your promotion campaign with this editable mind map template ,

Edit the Promotional Campaign Template

What are Your Thoughts on Developing an Effective Marketing Mix?

We’ve covered everything you need to know about a marketing mix and developing an effective one for your business.

What are your experiences in selecting the correct marketing mix for your business? Share your thoughts with us in the comment section below.

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Better Knowledge. Your Insight Is Sharper

Understanding the Marketing Mix: Your Essential Guide

Updated: August 18, 2024 · Reviewed by: Ahmad Nasrudin

This post may contain affiliate links, meaning we may earn a small commission if you purchase through our links. This helps support our work.

In a competitive business, success hinges on understanding how to attract and retain customers. Marketing plays a crucial role in achieving this, and the marketing mix serves as a powerful framework for developing winning marketing strategies. Mastering the marketing mix is essential for excelling in understanding real-world marketing practices.

What is a marketing mix?

The marketing mix is ​​a set of elements for satisfying consumers profitably. In the conventional model , it consists of product, price, promotion, and place.

The experts then added three other elements: people, process, and physical evidence. The additions accommodate the intangible product (or service), which has a different key to success from the tangible product.

Companies consider these elements in making decisions and designing unique selling propositions. They are supposed to sell the right product at the right price in the right way at the right location and time. Because they face competition, they must also do better than competitors.

The marketing mix is ​​the main factor influencing whether a business can sell it profitably. The company considers it to suit the needs and preferences of consumers in the target market . It is essential because it helps companies to:

• Understand where they should focus their marketing efforts.
• Determine what products they can offer to customers, at what price, where, and how to attract customers.
• Develop and execute an effective marketing strategy.
• Allocate resources effectively and efficiently, avoiding unnecessary costs.
• Leverage company strengths and minimize threats to internal weaknesses.

The 7Ps of the marketing mix

The marketing mix encompasses seven key elements, often referred to as the 7Ps. Each element plays a crucial role in shaping the marketing strategy and achieving the desired outcomes. Let’s delve into each P and explore its significance:

• Product : What a company offers, aligned with customer needs (e.g., Apple’s tech-focused designs).
• Price : The value assigned to the product, considering costs, competition, and customer perception (e.g., Rolex’s premium pricing for luxury).
• Promotion : Communication channels to inform, engage, and persuade customers (e.g., Nike’s motivational campaigns).
• Place : How and where customers get the product (e.g., Amazon ‘s online platform).
• People : The company staff’s role in delivering a positive customer experience (e.g., Ritz-Carlton’s well-trained personnel).
• Process : Systems for consistent service delivery (e.g., McDonald’s standardized processes).
• Physical evidence : The tangible aspects of the service environment (e.g., a high-end restaurant’s ambiance).

A product is something offered by a company to satisfy customer needs and wants. It may be an existing product, an improvement of an existing product, or a newly developed one.

Products fall into two categories: goods and services. Goods represent tangible products, while services represent intangible products.

Consumers need the right product. So, companies have to think about features and quality that make their offering worthwhile. They design a unique selling proposition to meet customer needs and differentiate their products from competitors’ products.

Possible products are:

• Mass product
• Differentiated product

Mass products offer standard features and quality. They are relatively similar to competing products on the market. Thus, to attract customers, the company offers them at a lower price. The company usually adopts mass production, promotion, and distribution to achieve higher economies of scale, lower production costs, and profitability.

Differentiated products accentuate high quality. They offer uniqueness to entice people to buy and be willing to pay a higher price. Such products have a higher profit per unit margin than mass products.

Price is the monetary value of the company’s product. Consumers perceive it as a cost to obtain the product and fulfill their needs.

Pricing decisions are essential. If the price is too low, the producer’s profit will be less. Consumers may also lose confidence in the quality of the product. However, if it is too high, fewer consumers will be interested in buying.

Price is often associated with perceived value by customers. The price of the product should be proportionate to its value. If consumers perceive the price as higher than the value of the product, they are dissatisfied. Conversely, if it is lower, they are satisfied.

Pricing also depends on the company’s marketing strategy, especially under:

• Mass marketing
• Differentiated marketing

In mass marketing, companies charge low prices and offer standard product quality. The profit margin per unit is low, so to achieve their targeted total revenue, they have to sell at a high volume.

Under differentiated marketing, companies charge high prices and offer unique products. The uniqueness of the product makes consumers willing to pay more. Because it has a high profit per unit margin, it may achieve its revenue target with low sales volume.

How low or how high the company sets the selling price requires in-depth research. Whether for mass products or differentiated products, higher prices will prevent customers from switching to competing products. Conversely, too-low prices will result in less revenue.

Various factors are considered in setting a price, including:

• Production costs, including fixed and variable costs
• Characteristics of target consumers, whether they are quality-conscious or price-conscious consumers
• Product type, whether mas product or differentiated product
• Target market, whether it is a new market or an existing market
• Competition in the market, including the number of competitors and their strategies
• The price elasticity of demand, about how sensitive consumers are if the company changes the selling price

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Promotion encompasses all the activities and strategies companies employ to communicate their brand message, generate interest in their products or services, and ultimately drive customer purchases. It’s about creating a persuasive narrative to convince consumers that their offering is the ideal solution to their needs.

Effective promotion must convince consumers that the company’s products are the most appropriate choice. Companies use promotional and communication channels to inform consumers of product availability, create interest, and convince them to buy. Promotion involves advertising, sales promotion, public relations, and direct marketing (we call it a promotion mix).

Promotion mix

Companies utilize a diverse set of promotional channels, often referred to as the promotion mix, to effectively reach their target audience. These channels include:

• Advertising : Paid messages are disseminated through various media channels, such as television, radio, print media, or online platforms, to create widespread brand awareness and product visibility.
• Sales promotion : Short-term incentives like discounts, coupons, contests, or free samples designed to stimulate immediate sales and encourage product trials.
• Public relations (PR) : Earning positive media coverage and building strong relationships with stakeholders to enhance brand image and credibility.
• Direct marketing: Targeted communication channels like email marketing , social media marketing, or direct mail that allow for personalized messaging and relationship building with potential and existing customers.

Product packaging plays a crucial role in promotion beyond simply containing the product. Well-designed packaging acts as a silent salesperson, attracting customer attention, conveying brand identity, and influencing purchasing decisions. Effective packaging should be:

• Informative : Clearly communicate product information and benefits.
• Visually appealing : Attract attention and project the desired brand image.
• Functional : Ensure product protection during storage and transportation.
• Sustainable : Consider eco-friendly materials and production methods to resonate with environmentally conscious consumers.

Objectives of promotion

Effective promotion strategies strive to achieve a range of objectives critical for business success:

• Brand awareness & customer acquisition : Increase brand visibility and attract new customers to consider the product or service.
• Product trial & adoption: Encourage potential customers to try the offering and experience its benefits firsthand.
• Customer retention & loyalty: Foster positive relationships with existing customers, incentivizing repeat purchases and building brand loyalty .
• Brand differentiation: Highlight unique selling propositions that set the offering apart from competitors, influencing customer preference.

By crafting a compelling promotional mix, utilizing strategic packaging, and aligning promotions with specific objectives, companies can effectively communicate their brand message, spark customer interest, and drive sales growth.

This decision concerns where to sell and how the product is made available to consumers when needed. One approach is to consider a sales location close to consumers.

In addition, companies must consider how to distribute goods effectively and at a low cost. That includes deciding whether or not they are dependent on external distributors and retailers.

Find strategic locations for several businesses, such as retail and restaurants. They usually choose busy city centers, where many potential customers are available. Meanwhile, customers also feel comfortable because it is close to where they live or work.

Distribution channels

The choice of distribution channels determines the route the product or service takes from production to the final customer. Companies have several options:

• Direct sales : This approach involves selling directly to consumers, eliminating intermediaries. This can be achieved through the company’s online store, physical retail location, or a dedicated sales force. Direct sales offer greater control over brand image and customer experience but may require higher upfront investment and limited reach.
• Indirect sales : This leverages external channels like wholesalers, distributors, or retailers to reach a wider audience and potentially reduce distribution costs. However, companies relinquish some control over brand presentation and customer interactions.

Location strategy

The selection of a sales location is a crucial decision that directly impacts customer accessibility. Key factors to consider include:

• Target market: Understanding the ideal customer’s demographics and shopping habits is paramount. Busy city centers might be ideal for businesses targeting young professionals, while suburban locations could be more suitable for families seeking convenient access to everyday essentials.
• Product type: The inherent characteristics of the offering influence location selection. Perishable goods like fresh produce benefit from high-traffic, easily accessible locations. Luxury items, on the other hand, might thrive in upscale shopping districts that project a sense of exclusivity.
• Competitive landscape : Analyze the location of the competitors and consider strategic differentiation. While proximity to competitors can increase overall foot traffic, it’s also important to establish a unique brand presence.

Balancing cost and efficiency

Finding the optimal distribution channel and location involves striking a balance between effectiveness and affordability. Companies navigate this by:

• Cost-effectiveness: A key objective is to minimize distribution costs while ensuring products reach the target market efficiently. Indirect sales can be more cost-effective for wider distribution, while direct sales might offer greater control over brand experience.
• Control : The level of control desired over brand presentation and customer interactions also influences the decision. Direct sales offer more control but require a larger investment. Indirect sales offer a wider reach but require a careful selection of partners to ensure brand alignment.
• E-commerce retailer : A leading e-commerce retailer like Amazon has invested heavily in a robust online platform and efficient delivery network. This empowers them to conveniently deliver a vast selection of products to customers’ hands, regardless of location.
• Boutique coffee shop: A boutique coffee shop might prioritize a strategic location within a bustling business district, catering to professionals seeking a convenient pick-me-up during their workday.

By carefully considering distribution channels, location strategy, and cost-effectiveness, companies can optimize customer access to their products or services, maximizing sales opportunities and fostering brand loyalty .

This marketing mix refers to employees and business managers. It involves choosing and developing the right staff to deal with customers.

How staff interact and communicate with customers affects marketing success, especially services. Customers rate the company’s services based on the people who represent the organization.

Staff provides service, which creates customer relationships and trust. If they are proficient, this creates a positive impression, a willingness to use services, and perhaps a recommendation to others. Conversely, if not, it can lead to bad customer reactions and loyal customers.

Salespeople need to know what they are selling and how to sell it. It is determined not only by their education and skills but also by their attitude, appearance, body language, facial expressions, and speech.

Recruiting and nurturing a team with the right skills, attitude, and customer focus is paramount. Here’s what to consider:

• Skills & knowledge: Employees should possess the technical skills and product knowledge required to assist customers effectively.
• Customer service orientation: A genuine commitment to providing exceptional customer service is essential. This includes active listening, clear communication, and a willingness to go the extra mile to resolve customer issues.
• Positive attitude & professionalism: A positive and professional demeanor fosters trust and creates a pleasant customer interaction. This encompasses aspects like appearance, body language, and effective communication skills.

Building customer relationships

The way the staff interacts with customers directly impacts their perception of the brand. Positive interactions foster trust and loyalty, while negative encounters can lead to dissatisfaction and lost business.

Here’s how the team can build strong customer relationships:

• Active listening & empathy: Taking the time to truly understand customer needs and concerns demonstrates empathy and builds rapport.
• Clear communication: Providing accurate and easy-to-understand information ensures customers feel informed and valued.
• Problem-solving & resolution: Effectively addressing customer issues demonstrates the commitment to their satisfaction and strengthens brand loyalty .

Beyond transactions: building brand advocates

A well-trained and empowered team can become an extension of the marketing efforts. Their positive interactions and genuine enthusiasm for the brand can turn satisfied customers into brand advocates who recommend the products or services to others.

Investing in employee training and development programs equips the staff with the necessary skills and knowledge to deliver exceptional customer service. This not only benefits the customers but also fosters a positive and motivated work environment for the team.

By prioritizing people and fostering a customer-centric culture, companies can leverage the human touch to enhance their marketing efforts and achieve sustainable business success significantly.

Processes are systems, procedures, and policies for providing services. It is essential to provide a consistent standard of service to all customers, which creates loyalty and trust in the company. Processes also help increase efficiency, thus saving time and money.

These processes serve a critical role in ensuring consistent service quality, boosting customer satisfaction, and ultimately driving business success.

Consistency is key

Customers expect a consistent level of service quality regardless of who they interact with or when they interact with the company. Clearly defined and efficient processes help to achieve this consistency. Here’s how:

• Standardized procedures: Developing clear step-by-step procedures for each service interaction ensures all employees follow the same guidelines, resulting in a uniform customer experience.
• Training and development : Investing in comprehensive training programs equips employees with the knowledge and skills required to execute established processes effectively.
• Quality control measure s: Implementing quality control mechanisms allows the company to monitor service delivery and identify areas for improvement.

Efficiency & optimization: saving time and resources

Streamlined processes not only enhance service quality but also contribute to greater efficiency within the organization. Here’s how efficient processes benefit the business:

• Reduced errors & rework: Clear procedures minimize the risk of errors and rework, saving time and resources.
• Improved resource allocation: Efficient processes ensure resources are allocated effectively, enhancing overall productivity.
• Faster service deliver y: Optimized processes can lead to faster service delivery times, improving customer satisfaction and boosting the competitive edge.

Technology as an enabler

Technology can be a powerful tool for enhancing and streamlining the service processes. Here are some examples:

• Customer Relationship Management (CRM) systems: These systems can centralize customer data, streamline communication, and automate tasks, improving overall service efficiency.
• Appointment scheduling tools: Online appointment scheduling tools allow customers to conveniently book appointments at their own pace, reducing wait times and improving the customer experience.
• Automated payment systems: Secure online payment systems allow for faster and more convenient transactions.

By investing in process design, optimization, and leveraging technology, companies can ensure consistent, efficient, and high-quality service delivery. This translates to enhanced customer satisfaction, improved brand perception, and, ultimately, sustainable business growth.

Physical evidence

Physical evidence represents both tangible elements and the environment in which companies deliver services and interact with customers. It may be the physical space and its appearance and decoration. It can also refer to the appearance of employees and the way they dress and act.

Physical evidence extends beyond just the functional aspects during the service delivery. It’s about creating a holistic and memorable sensory experience for the customers. Consider the following:

• Ambiance & design: The layout, décor, lighting, and overall atmosphere of the service environment can significantly impact customer emotions and perceptions. A clean, well-organized space with soothing colors and comfortable seating can create a sense of relaxation and welcome. In contrast, a cluttered and noisy environment can be overwhelming and detract from the customer experience.
• Employee appearance & demeanor: The way the employees dress, act, and present themselves is also part of the physical evidence. A professional and courteous demeanor, coupled with appropriate attire, fosters trust and reinforces the brand image.

Differentiation through design

Physical evidence can help differentiate a company from its competitors. Lighting, layout, and interior design are one way to provide comfort for consumers. They influence consumers’ emotions when the interaction takes place. By carefully crafting a unique and memorable service environment, companies can create a lasting impression on the customers. Think about:

• Theme integration : For restaurants or retail stores, consider incorporating a theme that reflects the brand identity and resonates with the target audience.
• Sensory appeal: Engage multiple senses to create a more immersive experience. Pleasant background music, appealing aromas, and comfortable seating can all contribute to a positive perception.

How the 7Ps work together

The true power of the marketing mix lies in its holistic approach. Each element is interconnected and works in harmony to create a cohesive marketing strategy. For instance, a company may choose to sell high-quality, differentiated products (Product) at a premium price (Price) through exclusive retailers (Place). Their marketing efforts (Promotion) might emphasize the unique features and benefits of the product, targeting a specific customer segment. This creates a consistent brand image and a seamless customer experience across all touchpoints.

Let’s look at real-world examples:

GoPro, a manufacturer of action cameras, understands its target audience – adventure enthusiasts. They leverage the Product element by offering durable, waterproof cameras ideal for capturing action shots. Their Promotion strategy emphasizes the active lifestyle, featuring their cameras in adrenaline-pumping videos and partnering with athletes. This resonates with their target market, influencing Place decisions – GoPro cameras are often available at sporting goods stores frequented by their customer base.

Starbucks excels at creating a welcoming and comfortable environment (Physical Evidence). Its friendly baristas (People) contribute to a positive customer experience. Its process ensures consistent beverage preparation and efficient service. These elements, combined with its strategic store locations (Place) and targeted marketing campaigns (Promotion), have solidified Starbucks’ position as a leading coffee brand.

• A Comprehensive Guide to Promotion Strategies
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• Win Customers: Market, Target, and Product Strategy
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About Ahmad Nasrudin

Introverted writer with a passion for storytelling. Leveraged analytical skills from financial background (equity research, credit risk) at a leading rating agency to enhance writing with a unique statistical and macroeconomic perspective. Learn more about me

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The Importance of Marketing Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

It is common knowledge even among laypersons that marketing is an important factor in the success of any business. But not many realize it full importance that it has to a business. According to the American Marketing Association, marketing is defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (Definition of marketing: Marketing, 2008).

This definition stresses that marketing is an activity that should be beneficial for a whole range of people and not just the customer and the seller. The importance of marketing can be summed up in the words of the world famous economist Peter Drucker. He has said that “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation.

Marketing and innovation produce results; all the rest are costs.” (Trout, 2006). It is important for The Great Indoors to take these ideas seriously. Marketing is all the more important in today’s world because of the rising levels of competition that has come about as a result of globalization and free trade. Now cheap goods from many Asian and African countries are available in the country.

This is compounded by the fact that the internet is being used more and more as a method of purchase by customers. As the definition of marketing says, the important factors that are needed to make marketing successful is communication and delivery of the product or service that is to the satisfaction of all the people concerned. Communication can be through advertising, promotion, direct approach or marketing etc.

The next important factor is satisfaction especially for the customer. This is essential for creation and retention of customers. But the article mentioned above asks a question that why should a customer choose a particular company or brand when there are many alternatives to choose from. The author says that the most important thing is differentiation. The product has to be different or innovative to be noticed by the customer in the first place. The plan laid out by The Great Indoors as mentioned in the previous section follows such a strategy of innovative marketing. The products sold by the company are manufactured by well-known brands and hence customer satisfaction will not be a problem.

The innovative (differentiating) approach where customers can come and actually cook on six different ranges will be very attractive to them. They can actually feel out the product before they make a decision. The availability of free advice, tips and demonstrations from expert chefs is also an added attraction. Differentiation is the key and we have focused on it very well. Other factors that are very important in marketing are also being taken seriously. They are satisfaction of customers, retention of customers, market segmentation, building brand loyalty, information about competitors and their strategies, gathering market intelligence and personal rapport with customers.

It can be seen that The Great Indoors has taken this function very seriously. Eminent persons like Peter Drucker have stated how important the marketing function is in today’s competitive environment. This section can be concluded with the words (taken from the above article on marketing). The words given were spoken by David Packard who was the founder of Hewlett-Packard. His words about marketing were “marketing is too important to be left to the marketing people.” (Trout, 2006). In fact the whole organization in this case will get themselves involved in some way or other to make this strategy a success.

Definition of marketing: Marketing . (2008). American Management Association, marketingpower. Web.

Trout, Jack. (2006). Peter drucker on marketing . Forbes. Web.

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What Are the 4 Ps of Marketing?

• Understanding the 4 Ps

4. Promotion

How to use the 4 ps of marketing in your marketing strategy, example of the four ps of marketing, the bottom line.

• Business Essentials

4 Ps of Marketing: What They Are & How to Use Them Successfully

Product, price, place, and promotion are the four Ps in a winning "marketing mix"

The four Ps or marketing are a “marketing mix” comprised of four key elements—product, price, place, and promotion.

These are the key factors that are involved in introducing a product or service to the public. Often referred to as a marketing mix , they provide a framework that companies can use to successfully market a product or service to consumers. Since the four Ps were introduced in the 1950s, more Ps have been added to the mix, including people, process, and physical evidence.

Key Takeaways

• The four Ps are the four essential factors involved in marketing a product or service to the public.
• The four Ps are product, price, place, and promotion.
• The concept of the four Ps has been around since the 1950s. As the marketing industry has evolved, other Ps have been identified: people, process, and physical evidence.

Investopedia / Julie Bang

Understanding the 4 Ps of Marketing

Neil Borden, an advertising professor at Harvard, popularized the idea of the marketing mix—and the concepts that would later be known primarily as the four Ps—in the 1950s. His 1964 article "The Concept of the Marketing Mix" demonstrated the ways that companies could use advertising tactics to engage their consumers.

Decades later, the concepts that Borden popularized are still being used by companies to advertise their goods and services.

Borden's ideas were developed and refined over a number of years by other key players in the industry. E. Jerome McCarthy, a marketing professor at Michigan State University, refined the concepts in Borden's article and named them the "four Ps" of marketing. McCarthy co-wrote the book Basic Marketing: A Managerial Approach , further popularizing the idea.

At the time the concept was introduced, it helped companies breach the physical barriers that could hamper widespread product adoption. Today, the Internet has helped businesses to overcome some of these barriers.

People, process, and physical evidence are extensions of the original Four Ps and are relevant to current trends in marketing.

Any successful marketing strategy should be revisited from time to time. The marketing mix you create is not intended to be static. It needs to be adjusted and refined as your product grows and your customer base changes .

Creating a marketing campaign starts with an understanding of the product itself. Who needs it and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so compelling in its design or function that consumers will have to have it when they see it.

The job of the marketer is to define the product and its qualities and introduce it to the consumer—the basic marketing of a product (or service).

Defining the product also is key to its distribution. Marketers need to understand the life cycle of a product , and business executives need to have a plan for dealing with products at every stage of the life cycle.

The type of product also dictates in part how much it will cost, where it should be placed, and how it should be promoted.

Many of the most successful products have been the first in their category. For example, Apple was the first to create a touchscreen smartphone that could play music, browse the internet, and make phone calls. Apple reported total sales of the iPhone for FY 2022 at $205.4 billion. In 2021, it hit the milestone of two billion iPhones sold.

Price is the amount that consumers will be willing to pay for a product. Marketers must link the price point to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup.

In some cases, business decision-makers may raise the price of a product to give it the appearance of luxury or exclusivity. Or, they may lower the price so more consumers will try it.

Marketers also need to determine when and if discounting is appropriate. A discount can draw in more customers, but it can also give the impression that the product is less desirable than it was.

UNIQLO, headquartered in Japan, is a global manufacturer of casual wear. Like its competitors Gap and Zara, UNIQLO creates low-priced, fashion-forward garments for younger buyers.

What makes UNIQLO unique is that its products are innovative and high-quality. It accomplishes this by purchasing fabric in large volumes, continually seeking the highest-quality and lowest-cost materials in the world. The company also directly negotiates with its manufacturers and has built strategic partnerships with innovative Japanese manufacturers.

UNIQLO also outsources its production to partner factories. That gives it the flexibility to change production partners as its needs change.

Finally, the company employs a team of skilled textile artisans that it sends to its partner factories all over the world for quality control. Production managers visit factories once a week to resolve quality problems.

Place is the consideration of where the product should be available—in brick-and-mortar stores and online—and how it will be displayed.

The decision is key: The makers of a luxury cosmetic product would want to be displayed in Sephora and Neiman Marcus, not in Walmart or Family Dollar. The goal of business executives is always to get their products in front of the consumers who are the most likely to buy them.

That means placing a product only in certain stores and getting it displayed to the best advantage.

The term placement also refers to advertising the product in the right media to get the attention of its target audience of consumers.

For example, the 1995 movie GoldenEye was the 17th installment in the James Bond movie franchise and the first that did not feature an Aston Martin car. Instead, Bond actor Pierce Brosnan got into a BMW Z3. Although the Z3 was not released until months after the film had left theaters, BMW received 9,000 orders for the car the month after the movie opened.

The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall media strategy for introducing a product.

Marketers tend to tie together promotion and placement elements to reach their core audiences. For example, in the digital age, the "place" and "promotion" factors are as much online as offline. Specifically, that means where a product appears on a company's web page or social media, as well as which types of search functions will trigger targeted ads for the product.

The Swedish vodka brand Absolut sold only 10,000 cases of its vodka in 1980. By 2000, the company had sold 4.5 million cases, thanks in part to its iconic advertising campaign. The images in the campaign featured the brand's signature bottle styled as a range of surreal images: a bottle with a halo, a bottle made of stone, or a bottle in the shape of the trees standing on a ski slope. To date, the Absolut campaign is one of the longest-running continuous campaigns of all time, from 1981 to 2005.

The four Ps provide a framework on which to build your marketing strategy. Think through each factor. And don't worry when the factors overlap. That's inevitable.

First, analyze the product you will be marketing. What are the characteristics that make it appealing? Consider similar products that are already on the market. Your product may be tougher, easier to use, more attractive, or longer-lasting. Its ingredients might be environmentally friendly or naturally sourced. Identify the qualities that will make it appealing to your target consumers.

Think through the appropriate price for the product. It's not simply the cost of production plus a profit margin. You may be positioning it as a premium or luxury product or as a bare-bones, lower-priced alternative.

Placement involves identifying the type of store, online and off, that stocks products like yours for consumers like yours.

Your promotion strategies can only be considered in the context of your target consumer. The product might be appealing to a hip younger crowd or to upscale professionals or to bargain hunters. Your media strategy needs to reach the right audience with the right message.

To put this into perspective, let's consider a fictional skincare company that produces organic skincare products. Here's how the four Ps might be utilized:

• Product : The company offers a range of organic skincare products, including cleansers, moisturizers, and serums. These products are formulated with natural ingredients, free from harsh chemicals, and designed to promote healthy and radiant skin.
• Price : The pricing strategy for these skincare products is positioned as premium, reflecting the high quality of ingredients and the company's commitment to sustainability and ethical sourcing.
• Place : The products are sold through multiple channels, including the company's website, select retail stores specializing in organic products, and high-end spas and salons. This distribution strategy ensures accessibility to environmentally conscious consumers seeking natural skincare solutions.
• Promotion : The company's promotional efforts focus on emphasizing the benefits of organic skincare, such as nourishment, hydration, and skin rejuvenation. This includes social media campaigns, influencer partnerships, and educational content highlighting the importance of using non-toxic products for skincare routines.

What's the Difference Between the 4 Ps and the 4 Cs of Marketing?

The 4 Ps of marketing are product, price, place, and promotion. The 4 Cs replace the Ps with consumer, cost, convenience, and communication. The 4 Cs are of more recent vintage, proposed as an alternative to the 4 Ps by Bob Lauterborn in an article in Advertising Age in 1990. The 4 Cs are designed to be a more consumer-focused model that places more emphasis on customer needs and experience.

To better understand the consumer (product), marketers develop detailed buyer personas of the ideal customer, with an eye toward improving communication and sales. Cost (price) is considered from the consumer point of view—what customers are able and willing to pay, including for "extras" such as taxes and shipping costs. Communication (promotion) shifts the focus from one-way advertising to engagements with customers, especially on social media. And convenience (place) is all about improving the accessibility of your products, making it easier for customers to buy them.

Now there is an even newer marketing mix known as the 4 Es: experience, exchange, evangelism, and everyplace. They give a nod to the importance of creating memorable experiences and emotional connections between consumers and brands.

How Does Apple Use the 4 Ps of Marketing?

Apple utilizes the four Ps of marketing by focusing on:

Product innovation : Evident in its continuous development of cutting-edge technology like the iPhone, MacBook, and Apple Watch.

Pricing strategy : Apple often positions its products as premium offerings, targeting a more affluent consumer base.

Place : Apple emphasizes distribution through its own retail stores, online platforms, and strategic partnerships with authorized resellers.

Promotional efforts : Apple emphasizes sleek design, user experience, and aspirational branding, creating a sense of exclusivity and desirability around its products.

How Do You Use the 4 Ps of Marketing?

The model of the 4Ps can be used when you are planning a new product launch, evaluating an existing product, or trying to optimize the sales of an existing product.

A careful analysis of these four factors—product, price, place, and promotion—helps a marketing professional devise a strategy that successfully introduces or reintroduces a product to the public.

When Did the 4 Ps Become the 7 Ps?

The focus on the four Ps—product, price, place, and promotion—has been a core tenet of marketing since the 1950s. Three newer Ps expand the marketing mix for the 21st century.

• People places the focus on the personalities who represent the product. In the current era, that means not only sales and customer service employees but social media influencers and viral media campaigns.
• Process is logistics. Consumers increasingly demand fast and efficient delivery of the things they want, when they want them.
• Physical evidence is perhaps the most thoroughly modern of the seven Ps. If you're selling diamond jewelry on a website, it must be immediately clear to the consumer that you are a legitimate established business that will deliver as promised. A professionally designed website with excellent functionality, an "About" section that lists the principals of the company and its physical address, professional packaging, and efficient delivery service are all critical to convincing the consumer that your product is not only good, it's real.

What Are Some Examples of the 4 Ps of Marketing?

• Place refers to where consumers buy your product, or where they discover it. Today's consumers may learn about products and buy them online, through a smartphone app, at retail locations, or through a sales professional.
• Price refers to the cost of the product or service. Properly determining product price includes an analysis of the competition, the demand, production costs, and what consumers are willing to spend. Various pricing models may be considered, such as choosing between one-time purchase and subscription models.
• The product a company provides depends on the type of company and what it does best. For example, McDonald's provides consistent fast food in a casual setting. The corporation may expand its offerings, but it wouldn't stray far from its core identity.
• Promotion refers to specific and thoughtful advertising that reaches the target market for the product. You might use an Instagram campaign, a public relations campaign, advertising placement, email marketing , or some combination of all of these to promote your products and reach the right audience in the right place.

The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other. Considering all of these elements is one way to approach a holistic marketing strategy .

Neil Borden. " The Concept of the Marketing Mix ."

E. Jerome McCarthy. "Basic Marketing: A Managerial Approach." Richard D. Irwin, Inc., 1960.

Apple. " Condensed Consolidated Statements of Operations (Unaudited) Q4 2022 ," Page 1.

Apple Insider. " At 2 Billion iPhones Sold, Apple Continues to Redefine What Customers Want ."

Harvard Business School: Technology and Operations Management. " UNIQLO: What’s Behind the Low-Cost High-Quality Casual Wear? "

Smart Insights. " Campaign of the Week: The Longest Running Print Ad Marketing Campaign in History ."

Stevens & Tate Marketing. " Introducing the 4C Marketing Model and Why You Should Follow It ."

LinkedIn. " Marketing Evolution: 4P's to 4C's to 4E's ."

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Importance of a Marketing Plan

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Words: 586 |

Published: Jan 15, 2019

Words: 586 | Page: 1 | 3 min read

Works Cited:

• Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data. (1995). Official Journal of the European Union, L281, 31-50. https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:31995L0046:EN:HTML
• Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). (2016). Official Journal of the European Union, L119, 1-88. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0679&from=EN
• O'Hara, K. (2018). The European Union's General Data Protection Regulation: A practical guide. OUP Oxford.
• Dixon, P. (2018). The EU General Data Protection Regulation (GDPR): A commentary. Oxford University Press.
• Solove, D. J., & Schwartz, P. M. (2014). Privacy law fundamentals. IAPP.
• Macnish, K. (2018). Privacy by design: Origins, meaning, and prospects for the GDPR. Computer Law & Security Review, 34(2), 193-204.
• Cavoukian, A., & Jonas, J. (2011). Privacy by design: Essential for organizational accountability and strong business practices. Identity in the Information Society, 4(2), 247-252.
• Bennett Moses, L., & Chan, J. (2018). Algorithmic decision-making and the GDPR. Computer Law & Security Review, 34(3), 496-516.
• Mitrano, T. S. (2017). The right to be forgotten: An insider’s perspective. Harvard Journal of Law & Technology, 31(1), 1-29.
• Ausloos, J., & Baele, S. J. (2018). GDPR and the risk management of data breaches. Computer Law & Security Review, 34(2), 308-328.

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More From Forbes

The future of e-commerce: trends to watch in 2024.

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Denis Sinelnikov is the CEO of Media Components and Curis Digital, an award-winning, full-service digital marketing agency.

E-commerce is a dynamic industry that has transformed the way we shop and conduct business. With rapid advancements in technology and changing consumer preferences, your business must stay ahead of the curve to remain competitive.

Several emerging trends are set to reshape e-commerce in 2024. I’ll focus on the ones that are worth keeping an eye on this year and then share some tips for taking advantage of them.

Which Trends To Watch

Augmented reality shopping experiences.

AR enables customers to have immersive shopping experiences from the comfort of their homes. It allows them to visualize products in a real-world context, making informed decisions before making a purchase. Ikea has been using AR technology with its app for a few years now , proving that it isn’t merely a short-lived fad.

Ikea doesn’t have to be an outlier. We have the frameworks to apply AR technology to e-commerce on a broader scale than we currently do. TikTok and Instagram filters alone prove that we can do this easily, and relatively inexpensively. What we need is for companies that can most benefit from this tech—salons, clothing retailers and more furniture and home improvement retailers—to provide this interactive and engaging shopping experience.

Blockchain For Supply Chain Transparency

Blockchain technology is not new to the e-commerce industry, but its application is evolving. While we tend to think of blockchain in terms of cryptocurrency and NFTs, it has more potential uses. A blockchain is an append-only ledger, meaning that data can be added to the chain but not removed. The accountants and security professionals among you undoubtedly recognize the term and can immediately see the transparency a blockchain ledger can provide.

Logistics companies could greatly benefit from a blockchain ledger. It would provide transparency to their shipping clients and improve communication with their contracted owner/operators. The benefits could even extend to the customers of their clients, who could use the blockchain to provide real-time updates for restocking and shipments.

Customized Loyalty Programs

Personalization has been a hallmark of e-commerce; however, its scope has been historically limited to cross-selling through product recommendations. In 2024, I want to see us bring personalization further as retailers harness data analytics and AI. This could involve large retailers offering more personalized content to users and allowing users to customize loyalty programs to meet their specific shopping habits and needs. Ultimately, increased personalization can forge stronger connections between brands and their customers.

Eco-Friendly E-Commerce

The focus on sustainability and eco-friendliness has gained momentum in recent years. In 2024, this trend will likely intensify in the e-commerce industry. Customers expect e-commerce platforms to offer eco-friendly options, reduce packaging waste and embrace sustainable practices. I want to see retailers align with these values to improve their businesses and gain a competitive edge in the market.

Stronger Security And Privacy Measures

In 2024, I see consumers gravitating toward platforms that prioritize their personal data security, and governments are likely to introduce more stringent regulations. Retailers must invest in advanced security technologies and adopt transparent practices to build trust with their customers.

More Personalized Subscription Models

Subscription services have become increasingly popular in the e-commerce industry, but in 2024, I expect retailers will offer subscriptions tailored to individual preferences, not only in terms of product selection but also in the frequency and timing of deliveries. These highly customized subscription models can enhance customer loyalty and supply a steady revenue stream for businesses.

Taking Advantage Of The 2024 Trends

Knowing the trends isn’t enough. The companies that will rise to the top in 2024 are the ones that position themselves to implement them successfully. We are well past the era of “move fast and break things.” This needs to be the year that you build consumer trust as you take advantage of these trends.

The Considerations

Before you begin jumping on these trends, you need to consider which ones fit your brand, your industry and your customer needs. Ask yourself questions before you start looking at bringing these trends into your e-commerce strategy. Here are some key questions to get you started:

• Who is our consistent customer base, and what keeps them loyal?

• What new markets do we want to expand into this year?

• What security measures do we have in place for customer data, financial data and company data?

• What weaknesses do we have in our security?

• How are we collecting data, and are we continuing to receive valuable information on customers and leads?

• Which trends match our company vision, goals and culture?

• What is our process for converting leads to customers, and how do these trends fit into this process?

The Technology

Once you have an idea of what trends you want to implement and what roadblocks may be ahead of you, let’s look at what you will need to have in place to make these trends work for you.

• Have a solid data collection strategy and software. Several of the strategies I’ve discussed revolve around customer data. If you don’t have a reliable program that can run reports, monitor customer activity and interpret data, you will fall behind on these trends. Tools like Qualtrics that use AI can help companies not only capture information but use it to create the personalized experiences consumers want.

• Improve your data encryption and security. No matter how good your current security is, you need to improve it this year. Because so many of these trends rely on consumer habits and customer data, it’s more important than ever that you can safeguard that data. Not only will the increased security improve consumer trust in your brand, but it will also protect that valuable data from competitors.

• Invest in AI technology. Investing in AI tools for security, data collection and analysis and customer service interactions is a vital step to help you take advantage of each trend we have looked at here.

E-commerce in 2024 is characterized by several trends that I expect to reshape the industry. From the integration of augmented reality and blockchain for transparency to subscription models with increased personalization and a heightened focus on sustainability, e-commerce is set to offer customers innovative and socially responsible shopping experiences. By figuring out which trends best fit their brand and then investing in technology to enable them, businesses can navigate the e-commerce world of 2024 with confidence and enthusiasm.

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