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Usually referring to E. Jerome McCarthy's4 P classifications for developing an effective marketing strategy, which encompasses: product, price, placement (distribution) and promotion? When it's a consumer-centric marketing mix, it has been extended to include three more Ps: people, process and physical evidence, and three Cs: cost, consumer and competitor. Depending on the industry and the target of the marketing plan, marketing managers will take various approaches to each of the four Ps.
Marketing mix is normally referred to the '4 Ps',
To meet customers' needs a business must develop proper marketing mix for them. These entails products to satisfy them, charge the right price, get the goods to the right place, and it must make the existence of the product known through promotion.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
Description: What are the4Ps of marketing?
Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product. Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'. Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes. What is the importance of the marketing mix? All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.
Marketing mix is a strategy so as to make your offering successful in the market . It helps the manager to think about different aspects and make decesions that can help the organisation to achieve its goals .
Market selection
Product planning
Pricing
Place
Promotion
If marketing is an octopus, mix are its tentacles. There are many P's like Product, Place, Price etc. sometimes4Ps.7Ps or even8Ps. Leverage these Ps according to the situation is what is important for any product in any market.
For any recipe to be good, it is necessary to use the right quantity of ingredients and follow the right methods of cooking, to achieve the desired flavour, texture and look of the food to attract the attention of the public for consumption.
Just like that, if you want to sell any product, you will have to use the right marketing mix (which are the ingredients) consisting of the following4P's, as the determing factors that has a direct effect on sales of the intended product :-
In order to understand the importance of a good marketing mix, you will have to analyse the results of the sales figures at a given period which will indicate the clear reason, based on the4P's.
In other words, the4P's, can be used as a yardstick for analysis of success or failure of any product.
Marketing mix is the4Ps which is a tactical tools use for differentiate the product or services in the market place.
It is basically rhe tactics used by the marketer/company to promote its brand or product into the market. It is synonymous to4p's of marketing ie price,place,promotion, product.
Markeitng mix is a set of attributes called previously the4 P's, now in Korea they have5 P's up to7 P's, the extra P is for People and others directly related to the product. They are contibutors to the best condition for a product to be ready for sale in a competitive market. This is put in its simplest form.
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