Marketing Mix | The 4Ps

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Generating the optimal response in the market. Explanation of the 4Ps of E. Jerome McCarthy.

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What is the Marketing Mix? Description

The Marketing Mix model (also known as the 4 P's) can be used by marketers as a tool to assist in defining the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 5, or 7) variables in an optimal way. It is important to understand that the Marketing Mix principles are controllable variables. The Marketing Mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.


Product

Historically, the thinking was: a good product will sell itself. However there are no bad products anymore in today's highly competitive markets. Plus there are many laws giving customers the right to send back products that he perceives as bad. Therefore the question on product has become: does the organization create what its intended customers want? Define the characteristics of your product or service that meets the needs of your customers. Functionality; Quality; Appearance; Packaging; Brand; Service; Support; Warranty.
Price How much are the intended customers willing to pay? Here we decide on a pricing strategy - do not let it just happen! Even if you decide not to ask (enough) money for a product or service, you must realize that this is a conscious decision and forms part of the pricing strategy. Although competing on price is as old as mankind, the consumer is often still sensitive for price discounts and special offers. Price has also an irrational side: something that is expensive must be good. Permanently competing on price is for many companies not a very sensible approach. List Price; Discounts; Financing; Leasing Options; Allowances.
Place Available at the right place, at the right time, in the right quantities? Some of the recent major changes in business have come about by changing Place. Think of the Internet and mobile telephones. Locations; Logistics; Channel members; Channel Motivation; Market Coverage; Service Levels; Internet; Mobile.
Promotion (How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Direct Marketing, Public Relations, etc. While the other three P's have lost much of their meanings in today's markets, Promotion has become the most important P to focus on. Advertising; Public Relations; Message; Direct Sales; Sales; Media; Budget.

The function of the Marketing Mix is to help develop a package (mix) that will not only satisfy the needs of the customers within the target markets, but simultaneously to maximize the performance of the organization. There have been many attempts to increase the number of P's from 4 to 5P's in the Marketing Mix model. The most frequently mentioned one being People or Personnel. Booms and Bitner have suggested a 7-Ps approach for services-oriented companies.


Book: Nirmalya Kumar - Marketing As Strategy: Understanding the CEO's Agenda.. -

Book: David A. Aaker - Strategic Marketing Management -


Marketing Mix | The 4Ps Forum
  Necessary Skills of Marketers
According to Kotler (1972), effective marketing consists of analysing, planning, organising and controlling marketing efforts:
  • ANALYSIS: marketers have to be good at
    - Market analysis to identify the characteristics and demands of the...
     
 
  New Marketing Mix Concept: SAVE
We are familiar with the concept of 4P of marketing, Product, Place, Price and Promotion.
We are finding that these are no longer the same and it's time to replace them by a new marketing mix concept: SAVE:
- SOLUTION replacing Product: Do...
     
 
  Add a Living Element to the Marketing Mix
Ask any MBA student on the fundamentals of marketing and he will tell you about the 4Ps, Product, Price, Place and Promotion. As you know it was expanded to 7Ps, 11 Ps and so on Ö an endless list! But for s...
     
 
  How the Marketing Mix Influences Operations
Can anyone explain the relevance of the marketing plan to operations management in an organization with an example?...
     
 
  What are the Implications for 4Ps if the Exchange Rate Changes
What are the implications for international marketing in case the exchange rates change?
How do changes in exchange rate affect Product?
How do changes in exchange rate affect Price?
How do changes in exchange rate affect Promotion?
     
 
  Marketing Mix Modelling
Hi all... What statistical techniques are used in marketing mix modelling?
How are they used? Please share your best practices and worst nightmares :-) Thanks......
     
 
  What is the 5P's Marketing Mix?
I want to know the following about the 5P model:
Where exactly does it fit in marketing and marketing research? Thank you....
     
 
  4P Implementation Steps. Order of Implementing the 4Ps?
I would like to know what steps one takes in a 4P implementation. Is there any particular order? Please inform me....
     
 
  4th P includes Image and Reputation
Note that image and/or reputation are part of the P of Promotion....
     
 
  Impact of Marketing Plan on Employees?
Does a marketing plan have any impact upon the employees? Which?...
     
 
  Marketing Mix P's for Online Companies
I have a question, how will you prioritize the p's for an online company like for amazon.com?...
     
 
  Marketing Mix in Recession
In view of the recession, how have the marketers adjusted their marketing strategies in terms of the 4P's in marketing in order to cater for the needs of the bottom of the pyramid consumers?...
     
 
  What About This Period
In the current situation of recession I think even the top marketing methods are not working. These days the customer looks at the mandatory requirements rather than going in to schemes and advertisements. I am sure almost none of the offers are work...
     
 
  Marketing Mix Alternatives
Are there any credible alternatives to the marketing mix?...
     
 
  Marketing Mix for Business Planning
Define the service, develop a benefit list, focus on what makes the business different from the competition, develop the positioning of the service provided, calculate financial benefits for the advantages and develop them as solutions to the custome...
     
 
  Add Image to Marketing Mix: 4P + I
The four P`s needs an additional I for Image. This is especially relevant for high-involvement products....
     
 
  Examples of Marketing Mix
I would like to see an example of the 4 ps of marketing with an example of air condition?...
     
 
  The five V's for Marketing Mix
Value, Viability, Volume, Variety, Virtue,...
     
 
  Marketing = Marketing Mix + Customers = 4P's + C
My teacher said that Marketing is the 4Ps plus a C (Customers). And he didn't explain it, so I really don't understand it too much. Can you help me explain it?
Thanks....
     
 

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Best Practices - Marketing Mix | The 4Ps Premium
  Promotion Mix | Marketing Communications Mix
The term Promotion Mix (PM), also called Marketing Communications Mix, must not be confused with the Marketing Mix (4 Ps). In fact, the Promotion Mix breaks down one of the 4 Ps: Promotion.
...
     
 
  Before using the Marketing Mix
Most marketers emphasize the marketing mix. In my opinion, The most important part of the marketing plan is knowing what are the customer requirements. Firstly, you must drill down to your target's behavior before analyzing the appropriate ma...
     
 

Expert Tips - Marketing Mix | The 4Ps Premium
 

A Marketing Mix that Recognizes the Power of the Customer

Chekitan S. Dev and Don E. Schultz - like Lauterborn's 4C's -argue that today the customer has the power and can vote with his or her purse, wa...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

How to Determine the Right PRICING?

One of the 4 P's is Pricing. To help managers find the right price for a product/service, Kim and Mauborgne have developed a tool called the Price ...
Usage (application): Steps to Strategic Pricing
 
 
 

The Most Complete Marketing Mix

The 'Total Marketing Mix' includes 4Ps, 4Cs,4As and 4Os:
4Ps: Product, Price, Promotion and Place
4Cs: Customer needs, Cost to user, ...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

The Renewed 4P Marketing Mix

Arussy suggests in his article "Congratulations, You Are at Par: The New Four P's" that the traditional 4P's are no longer applicable and shoul...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

Understanding your Customer's Needs

In order to transform your customerís experience and to better understand your customerís needs, it is helpful to construct a hypothetical cons...
Usage (application): Customer Targeting and Strategy
 
 
 

Are the variables really controllable?

A key assumption of the 4PS model is that the 4 variables are controllable and can be 'mixed' by the marketer into an optimal recipe. In realit...
Usage (application): Marketing Strategy
 
 
 

Marketing Mix from the Customer Perspective

In contrast to the 4P's Marketing Mix by McCarthy, Robert Lauterborn suggests a 4C's Marketing Mix model in order to consider a marketing strategy fro...
Usage (application): Marketing, Strategy, Marketing Mix
 
 
 

The Role of the 4P's in an Online Enviroment

Although the 4P's are not the critical factors in an online environment, they are still more or less important and necessary elements of the total web...
Usage (application): E-Marketing, Strategy
 
 
 

The Goals of Marketing

No matter your words combination, according to marketing consultant Don Debelak (  
 
 

Going Global: Adaptation of Marketing Mix Components

As we all know, companies that conduct business internationally are often adapting their products to the markets served. Operating in international ma...
Usage (application): Marketing Strategy, Global Marketing, International Marketing, Marketing Mix, 4Ps
 
 
 

Don't Forget Internal Marketing

Besides external marketing, dealing with the image, look and view how customers see or define your organization, internal marketing of y...
Usage (application): Involving your Employees, Internal Marketing Best Practices
 
 

Resources - Marketing Mix | The 4Ps Premium

How Integrated Marketing Works

Integrated Marketing Communications (IMC) is designed to leverage the intrinsic strengths of each communication discipline in order to achieve a great...
Usage (application): Marketing, Promotion, Branding, 4 Ps, 7 Ps
 

External Environment In-depth: Sub-types and How to Manage Them

This presentation covers the topic of external environments and includes the following sections:
1. Environmental Scanning and Environmental Mana...
Usage (application): External Environment, Environmental Scanning, Environmental Management, Competitive Environment
 

Overview of Pricing and Pricing Strategies

This presentation contains an overview of various pricing strategies, including for example pricing based on competition; psychological pricing; cost-...
Usage (application): Pricing
 

Product Packaging

In-depth presentation about packaging and sustainable packaging. The presentation is very extensive and uses head sections that are further subdivided...
Usage (application): Marketing, Sustainable Business, Environmental Sustainability, Packaging
 

The Importance of Noncustomers

Even the biggest enterprises (other than a government monopoly) has many more noncustomers than it has customers". Peter Drucker in "Management Challe...
Usage (application): Market Research, Customer Strategy, Innovation Strategy, Customer Survey Pitfalls
 

The 2 Worlds of Marketing and Sales

Funny explanation of Marketing versus Sales by contrasting and comparing them with short sketches....
Usage (application): Making Sales and Marketing Work Together, Understanding the Differences
 

What is Integrated Marketing?

In short, Integrated Marketing Communication (IMC) is the application of consistent messages on a company, brands, products and services across both t...
Usage (application): Integrated Marketing, Communication, Promotion, Branding, IMC
 

Funny Intro to Marketing Concepts in 2 Minutes

Funny explanation of direct marketing, advertising, telemarketing, public relations, brand recognition, customer feedback, demand and supply gap, comp...
Usage (application): Initial Understanding of Marketing Terms, Marketing Intro, Marketing Fun, Trainings, Workshops
 

Introduction and Summary of the 4P's

Short, very basic introduction of the 4 Ps or the Marketing Mix, a business framework that helps marketers to consider 4 aspects needed to satisfy cus...
Usage (application): Initial Understanding of the 4P's, Trainings, Workshops
 
 

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Compare with the 4-Ps: Extended Marketing Mix (7-Ps)  |  4S Web Marketing Mix  |  3C's  |  Product/Market Grid  |  SERVQUAL  |  Competitive Advantage framework  |  BCG Matrix  |  Bass Diffusion Model  |  Positioning  |  Co-Creation  |  Disruptive Innovation  |  Relationship Marketing


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