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Marketing Mix : the meaning of 4 P’s | A Step-by-Step Guide

Marleting Mix

Marketing Mix

Ever heard of the four P’s that makes a business successful? Marketing Mix is basically a combo of several P’s that are effective in the marketing process. You can read this article about « Marketing Mix » and all you need to know about it in Miskshops on www.miskshops.com

What is Marketing Mix? 

Going for shopping runs, grocery stores run and online ordering, ever wondered what the product goes through before it gets to you?

Well, the process might just be a little complicated than it looks. Marketing Mix has been applied to the product. In fact, experts have studied, analyzed, designed and finalized the product before it launches and gets exposed for sale to you!

As globally known, Marketing Mix is a compound term used to describe a combination of these four following elements. That all alphabetically start with P. Popularly known as “The 4 P’s “:  Product/ Price/ Promotion/ Place. They are considered to be the main tools of a certain company to attain certain goals besides a certain target market.

Marketing Mix

Photo by Scott Graham on Unsplash

How do the 4 P’s function in the marketing process?

Let’s have an overview of each element, starting off with the first P that is Product.

Product

Product: is the item offered for sale, it can either be a physical item or simply a service. When we talk about a product we automatically talk about the quality, the design, the packaging, the value, and most importantly the brand as www.miskshop.com for example. The product concerns would go from matching with the needs and wants of target costumers. Modification in terms of performance and features, to the product lifestyle.

Price 

Price: our second P, is the economic value that purchases a finite quantity, weight, or other measures of the product. It also refers to any discounts, payment plans, credit terms adopted by the company. It requires a specific decision taken by the marketing manager, as studying pricing policies and strategies face to competitors and determining the product development costs and so on.

Promotion

As for Promotion, it is the way a company communicates what it can do for the customers and offer to them. It includes all kinds of promotional activities such as advertising, personal sales, public relations etc. Which are all to be considered special offers to the customers. It aims to attain these tasks: Advertising, personal selling, publicity, and sales promotions.

Place 

Last but not least, the place is generally where customers buy a product as to say www.miskshops.com is a place where customers can purchase their desired products, and benefit from its diverse services that have to provide. It focuses on studying the geographical concentration of customers, types of distribution channels, and channel members and other concerns such as insurance, banking and warehousing.

 

Purpose of Marketing Mix

The purpose of marketing mix relies on the mix itself. Experts have developed marketing into certain P’s over the years, just to make the right combination; which delivered the 4 P’s. That is to ensure the creation of a successful marketing strategy. The goal is to satisfy both the consumers and the seller. Not to mention the biggest target; which is, gaining the advantage over competitors and maintaining it.

Marketing mix

Photo by Patrick Perkins on Unsplash

Strategies commonly used beside Marketing Mix

Reviewing marketing mix constantly is a must, in other words, the marketing managers have to observe and review in a constant way the mix and the conditions of the market, and be able to make necessary and instant changes according to the changing conditions of the market.

Here are some of the marketing mix strategies and ways that companies use to stay on the top list of the market, in order to compete with other companies.

positioning Marketing

Positioning is basically putting the product in an advantaged position; to seek and reach the audience largely, to make big profits for the company.

It’s a very important tool in the marketing mix. For instance, it assures the effectiveness of marketing strategic planning. It creates a certain image of the product in the sight of the consumers. But most importantly, it marks the company’s product from similar products of other companies. Product positioning seeks to match the market standards with an extra value such as quality, innovation, price and functionality.

Street Marketing 

Street marketing is the promotion of the company’s products and services in a nontraditional way. Creativity is the main ingredient in order to practice street marketing; it has to offer consumers something they have never seen. In addition, it takes a good full study to reach a larger number of people, concerning the right time and the right place. A good context influences the success of street marketing.

Direct Marketing 

Another type of marketing that is also non-traditional. It is a personalized targeting method that concerns for divided audiences, a specific unity or even a single individual. It shows how a company cares for its consumers in order to gain their trust and fidelity. We all have once received a customized text message, a door mail, or an e-mail made especially for us that has our name on it, which made us feel considered and lowkey special. 

Trade  Marketing 

Trade marketing is a discipline that is wider and more general. It aims to increase demand with supplying partners, and also at the level of distribution, rather than just the customer level. For instance, it attempts to ensure the consistency of the trade process and the availability of the product to the end consumer. Trade marketing provides effectiveness in sustaining the company’s growth and the brand’s development.

 Wrap-up

The four P’s refer to the main elements that make Marketing Mix. Marketing managers make a set of actions and adjustments in order to increase sells and make bigger profits. However, the marketing mix includes other several P’s, and other types of strategies that improve and makes the process more effective, such as, such as positioning, and other features for the sake of the same purpose, that is to build a successful business and maintain its position in the market generally.

Each company adopts at least one of the types of marketing to stay reliable, accurate to the market needs and standards.

Images source:

Cover: Photo by Austin Distel on Unsplash

 

 

 

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