Importance of Marketing Mix
It's importance are highlighted below
- Satisfies customer needs
- Increase sales volume
- Helps in publicity
- Helps to achieve marketing goals
- Build image
Marketing Mix -4P's
4Ps of Marketing Mix is a foundational concept in marketing. It represents the four key pillars that a company should consider and balance when marketing a product or service. Here's a brief explanation of each 'P':
1. Product
- Variety: Different types or models of the product.
- Features: Specific attributes or capabilities of the product.
- Quality: How well the product is made and how well it performs.
- Design: The aesthetic and functional design of the product.
- Sizes: The available sizes of the product.
- Brand: The brand name and what it represents to consumers.
- Packaging: How the product is packaged.
- Services: Any additional services offered with the product.
- Warranties: Guarantees provided with the product purchase.
2. Price
- List Price: The official price of the product before any discounts.
- Discounts: Any reductions in price to encourage purchase.
- Allowances: Additional financial incentives, like trade-in allowances.
- Payment Period: The time frame given to the customer to pay for the product.
- Credit Terms: The terms under which credit will be extended to customers.
3. Place
- Channels: The pathways through which the product is sold.
- Coverage: The geographic area where the product is available.
- Assortments: The mix of products offered.
- Locations: Specific places where the product is sold.
- Inventory: The amount of product kept in stock.
- Transport: How the product is shipped and delivered.
4. Promotion
- Sales Promotion: Short-term incentives to encourage purchase.
- Advertising: Paid announcements to inform or persuade customers.
- Public Relations: Efforts to create a positive image and customer preference through publicity.
- Direct Marketing: Direct communications with targeted individual consumers to obtain an immediate response.
These four elements are used by marketers to help determine a brand's offering and are designed to meet the needs of the marketplace. Each 'P' has to be considered in relation to the others to ensure a comprehensive strategy.
