Marketing Mix and 4P’s of Marketing
Marketing mix is a term used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The four P’s of marketing best describes the marketing mix.
- Product (or Service).
It is the value given to the product to launch in the market. The price is specially decided upon the costs of production, segment targeted,ability of the market to pay, demand and supply of the product in the market etc. Pricing also depends on the business plan and can be decreased or increased as the market value and brand value. It can be used as a demarcation, to differentiate and enhance the image of a product.
For example, the cost of dairy milk chocolate for 50gm chocolate pack is Rs 100 but to increase the sale it has reduced the price to Rs 80 and also provides Dairy Milk celebrations pack during multiple festivals at low price. This has increased sales due to the low price during festivals.
it is the item that is being sold. The product shows the level of performance and also must deliver the minimum level of performance. The product is the property that any company is delivering and the customer knows the company based on the product.
For example : DDC is the company that provides all the dairy products and it is popular on the service that it provides.
It is the point where the product is being sold. Place is always the good and best distribution channel. Catching the eye of the consumer and making them easy to buy is the main aim of a good distribution or ‘place’ strategy. For example a specific place or store to buy product of same place. Like DDC lainchour area is the place and a dealer for DDC products which is at cheap cost and we can find international products at YOYOSO and MINISO.
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.
For example Many movies create a short video for the ad to show the audience about their movie, multiple companies create videos and posters for marketing.
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