MARKETING MIX–THE 4 P's OF MARKETING

The marketing mix is the process of integrating and developing various elements of marketing in such a way that it helps the organization achieve its goals. 

It is the combination of the interrelated variables that an organization uses to satisfy consumer's needs better than their competitors.

It comprises of product, pricing structure, distribution system, promotional activities that help firms achieve their marketing objectives. 

Traditionally, the term marketing mix has been used to refer to the 4Ps of marketing: Product, place, promotion, and prices. 

But, with the advent of service marketing, three more mixes (people, physical evidence, and processes) have been added to the initial 4 marketing mix which makes it 7 marketing mix.

However, for today's topic, we will be limiting our scope of focus to the initial four marketing Ps.

PRODUCT

Because there is no marketing without a product, this is the most important aspect of your marketing strategy. 

Product is the goods or services offered for sales. A product is a marketing mix component that is used to meet the demands and desires of the target market.

In this twenty-first century when competition is only becoming more intense, a company must provide a high-quality product that meets the needs of its customers. 

A good product sometimes defiled high price. Apple products are priced high. However, it continues to make a lot of sales because such high prices are backed by great quality.

Companies should, therefore, know relevant information about the target market and create quality products that would be suitable for this market. In addition, they should package, design, and organize their product in such a way that satisfies the customer's needs.

PRICE

This is the amount a company receives for its goods on a unit basis. It is the economic value of the product usually expressed in monetary terms. 

Price encompasses not just the amount paid for goods, but also the retail price, any discounts or incentive offers, payment plans, and credit terms.

Often, Price could prove to be the most important marketing mix. Walmart, for example, is the most popular retailer among the majority of Americans because it sells at the lowest price. 

Another example is Globacom, which is known for its Slow network but has continued to gain market share because of its "low-cost data plans (price)".

Companies should, therefore, set prices in a way customers can pay and companies can earn adequate profit.

PLACE

It has been well said that production is not complete until it gets to the final consumer. The place is the means through which the product gets to the final consumer.

In a specific sense, the place is where the customer purchases the merchandise. It encompasses the methods of distribution used to get a product to a customer. 

The concept of place is concerned with delivering the right product through the right distribution channel. It consists of all activities that make the product available to the consumers.

The term "placement" refers to how you get a product to a customer-friendly location. It can include distribution, delivery, retail locations, download, logistics.

In short,  Place refers to the entire distribution system and method by which a product or service reaches the consumer. 

PROMOTION

Even with the right price and product, some form of communication is still needed to introduce or reintroduce a product.

Promotion is how a firm communicates information about a product to its target market.

Through Promotion, a marketer can communicate the value of a product to Prospective consumers.

The ultimate goal of promotion is to alert the customer to the features and functionality of a product and persuade consumers to buy the product.

Most promotional activities are done using the promotional mix or the set of activities that marketers used to achieve their promotional objectives. 

The promotional mix is a sub-set of the marketing mix and consists of these four elements: Advertising, direct selling, public relations,n, and sales relation.

Final words    

Marketers must focus on all areas of the marketing mix to get the most out of their marketing efforts. 

Marketers should avoid the boo-boos of focusing too much on advertising; instead, they should provide the appropriate product at the right price and deliver it conveniently to the customer. 

This is not to suggest that if one of these marketing mix elements isn't applied correctly, marketing cannot still be successful. 

The rule of thumb here is to outshine your competition and get the most out of your marketing mix. Even an average product can be sold if your pricing, placement, and promotional tactics are better than your competitor's 😏.

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