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Importance of Marketing Mix!!

Some people have brilliants idea about new product or about the business but the problem is how to go about it. Planning is important and implanting plan with a right strategy is more important. In my, this post I would like to brief you, about importance of marketing i.e. 4 Ps of marketing.

Importance of Marketing Mix!!
“Importance of Marketing Mix!!”

Importance of Marketing Mix:


In this modern era people talks about the Marketing Mix but what it is exactly? Marketing mix  is a set of 4 Ps , Product, Price, Place and promotion, that company or product uses to promote it in the market.

 The Four Ps Marketing:

  • Product: A product can be either a tangible good or an intangible service that fulfills a need or want of consumers.
  • Price: Price refers to the amount a customer pays for a product.
  • Place: Refers to providing customer access. Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right time.
  • Promotion: Promotion refers to marketing communications .Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more.

A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix for e.g.

Product: jag 24

  • Does it meet Customer needs?

Price: jag 241

  • Will the customer consider that the price is favorable?

Place:jag 2412

  • Will the customer find it where they shop?

Promotion: jag 24122

  • Will the marketing communications reach them?

More Three Ps marketing:

  • Physical Evidence: It is the proof and a reassurance that a service was performed.
  • People: People are the employees who deliver the service.
  • Processes: Processes are the methods through which a service is executed and delivered to the customer.

4 Ps and 4 Cs

jagmal 22

  • Product (Customer Value): – A company should only sell a product that addresses consumer demand.
  • Price (Customer Cost): The cost of the product should be  favorable to the customer.
  • Place (Customer Convenience): The product should be readily available to the consumers.
  • Promotion (Customer Communication): “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open information flow with potential clients based on their needs and wants.

 

ALSO SEE: 7 Wonders of Marketing Research!!

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