Marketing is an integral element of business success. It is the business function that identifies the costumer’s needs, determines the target market and promotes the products and services within a market place. The specific elements that make up a marketing strategy are basically referred to as ‘ the marketing mix.’
Marketers incorporate different tools in order to get the desired response. They aim to satisfy the end customers and to achieve their organizational goals. Marketing mix is a crucial part of every business marketing strategy and comprises most of the core elements of marketing.
The Four P’s of Marketing Mix:
Marketing mix is indeed one of the fundamental concepts in marketing management. It is a combination of the following four ingredients that influence a customer’s decision to buy: Product, price, promotion and place are the four P’s of marketing mix. This recipe was developed by marketer E. Jerome McCarthy, in the year 1960, and has since been used by multitudes of marketers across the globe.
It is the tangible or intangible item or service which the manufacturer intends to sell in the open market. The product is targeted to customers who find it valuable. When developing a product one should consider quality, design, features, packaging, customer service and of course after sales support.
Television, cars, computers etc., are good examples of tangible products whereas repairs, laundry, transportation and telecommunication are perfect examples of services.
This is considered a critical component in marketing mix; the pricing strategy for your products or services. The price is assigned to the product by the company based on the raw materials implemented, labor utilized, competition faced, cost of the product, sale services and the government policies and regulations that prevail. Some price considerations include discounts and concessions to capture the market, terms of credit sale and terms of delivery.
Promotion is a tool used by marketers for marketing the products or services to potential customers. This includes all the exciting promotional and selling techniques you are going to adopt to persuade the prospective buyer to buy the product or service. Promotion includes every aspect of advertising and publicity of the product, sales promotional measures, personal selling, public relation techniques and direct marketing.
It not only includes the place where the product is advertised but also encompasses all those activities undertaken by the company to ensure the availability of the product to the end customers. It includes distribution channels, analyzing the extent of market coverage, managing inventories, transportation and logistics. Availability of the product to the customers at the right time, right place and in the right quantity are some crucial decisions in placement of a product.
Market mix strategic plan is a good starting point for anyone who is into business. According to the marketing mix strategy the above four P’s are the ingredients that must be attended with care and diligence in order to market a product or service effectively in this competitive business world.