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4Ps & 7Ps Marketing Mix

What is the Marketing Mix

The marketing mix refers to the set of actions or tactics a company adopts to promote its brand or product in the market. One typically refers to the marketing mix as the 4Ps – Price, Product, Promotion and Place. Nowadays, more Ps have been added to the marketing mix, such as Politics, People, Packaging and Positioning.

Marketing Mix – Price

Price is a very important element of the marketing mix. It determines an organization’s profit and survival. Any changes in price can have a big effect on the entire marketing strategy, as well as directly affecting the sales and demand of a product. Setting a price can be difficult, especially if a company is new and unknown to the market as it is unlikely that the target market will pay a high price for the product. Pricing always helps to shape the perception if a product – a low price generally gives the perception of low quality and a high price infers high quality.

There are three major pricing strategies: 1. Market Penetration Pricing 2. Market Skimming Pricing 3. Neutral Pricing

Marketing Mix – Product

A product is an item made with the intention of satisfying the needs of a certain group of people. It can be tangible or intangible as it can be in the form of services or goods. It is important to have the right product in the market; therefore extensive research is required during the product development phase so that an attractive product will be made. All products go through a product life cycle, which includes the growth phase, maturity phase, and the sales decline phase. To ensure the longevity of a product in terms of popularity, marketers must reinvent their products to stimulate demand. Overall, marketers must ask themselves the question “what can I do to offer a better product to this group of people than my competitors”.

Marketing Mix – Place

Placement or distribution is an important part of the product mix. Products should be positioned and distributed in a place that is easily accessible to potential future buyers. Doing extensive research on your target market, which will allow you to understand them inside and out, and ultimately discover the most efficient positioning and distribution channels that speak directly to your market.

There are many distribution strategies, including: • Intensive distribution • Exclusive distribution • Selective distribution • Franchising

Marketing Mix – Promotion

Another important component of the marketing mix is promotion. Promotion boosts sales and gives the product more recognition. It is comprised of several elements, such as: • Sales Organization • Public Relations • Advertising • Sales Promotion Advertising is the most typical form of paid communication in the form of television ads, print media, radio commercials etc. More recently, there has been more of a shift to the online world. However, public relations are communications that are not typically paid for. This includes press releases, exhibitions, sponsorships, events etc. Another important type of promotion is word of mouth. The sales staff plays a very important role in public relations and word of mouth. If harnessed effectively, it has the potential to be one of the most valuable assets. For example, online social media can have a positive effect in the minds of consumers.

For more on the Marketing Mix: The 7Ps of the Marketing MixPepsi Marketing Mix ExampleBenefits of using the Marketing Mix

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