Notes Desk

Marketers use different tools in order to get the desired response from the customers or best satisfy their needs. These tools are known as. Marketing Mix is probably the most famous term inmarketing.

Marketing Mixis a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals. McCarthy classified all thesemarketing toolsunder four broad categories:

These four elements are thebasic components of a marketing planand are collectively called4 Ps of marketing. 4 Ps pertain more to physical products  than services.  Below is an illustration formarketing mix.

The important thing to note is that all thesefour Ps (variable) are controllable, subject to internal and external constraints of marketing environment. Marketers, using different blends of these variables, can target different group of customers having different needs. So, acustomer may call  marketing  mix the offering.

Product is the actual offeringby the company to its targeted customers which also includes value added stuff. Product may be tangible (goods) or intangible (services).

While formulating the marketing strategy,product decisionsinclude:

Price includes the pricing strategyof the company for its products. How much customer should pay for a product? Pricing strategy not only related to the profit margins but also helps in finding target customers. Pricing decision also influence the choice of marketing channels.Price decisionsinclude:

Using price as a weapon for rivals is as old as mankind. but its risky too. Consumers are often sensitive for price, discounts and additional offers. Another aspect of pricing is that expensive products are considered of good quality.

It not only includes the placewhere the product is placed,  all those activities performed by the company to ensure the availability of the product tot he targeted customers. Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.

Promotionincludes all communication and selling activities to pursuade future prospects to buy the product. Promotion decisions include:

As these costs are huge as compared to product price, So its good to perform a break-even analysis before allocating the budget. It helps in determining whether the new customers are worth of promotion cost or not.

It often takes time and requires market research to develop a successful marketing mix. You should not depend on one mix always try new mixes. While designing the mix, make changes to all mixes in such a way that all conveys the same message. Dont confuse your customers by just changing one variable and keeping the rest same.

Marketing mix (4 Ps)was more useful in early 19s when production concept ws in and physical products were in larger proportion. Today, with latestmarketing concepts, marketing environment has become more intergrated. So, in order to extend the usefulness of marketing mix, some authors introduced a fifth P and thenseven Ps(People, Packaging, Process). But the foundation ofMarketing Mixstill stands on the basic 4Ps.

this was really helpful in order to get my assignment done, but the limitations in the 4Ps can be expalined further and also about the 4Ps in a better way.. I anyways got the basic idea on this and developed it further with the other knowledge that i have gained..

if there is anyone out there who wants any more information about the 4Ps and its limitations, dont hesitate to contact me.

Thanks for any other excellent article. Where else may just anyone get

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It,s good and very simple nots on marketing mix(4p,c)

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All four are the key to the success but I think promotion should be at the top. After the product is designed, priced and target market is selected, then comes the real marketing strategies how to sell it.

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