Where do buyers look for your product or service?.What is the most it can cost to provide and still be sold sufficiently profitably? (See also Price, below.).How is it different from products by your competitors?.What size(s), color(s), and so on, should it be?.What does it look like? How will customers experience it?.How and where will the customer use it?.What features does it have to meet these needs? Are there any features you've missed out? Are you including costly features that the customer won't actually use?.What does the customer want from the product /service? What needs does it satisfy?.Here are some questions that will help you understand and define each of the four elements: Product/Service McCarthy in his book, "Basic Marketing – A Managerial Approach." Ī good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make during the process of bringing a product or service to market. In fact, they are not necessarily the same thing. The marketing mix and the 4Ps of marketing are often used as synonyms for one another. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
The 4Ps of marketing is a model for enhancing the components of your "marketing mix" – the way in which you take a new product or service to market. In this article and in the video, below, we'll discover more about how you can use them to develop a successful marketing strategy.Ĭlick here to view a transcript of this video. The marketing mix and the 4Ps of marketing are great tools can help you to avoid these kinds of mistakes. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that's too high – or too low – to attract the people you're targeting.
PROMOTIONAL MIX BASE HOW TO
Then you need to figure out how to produce the item at a price that represents value to them, and get it all to come together at the critical time.īut if you get just one element wrong, it can spell disaster.
To achieve this effectively, however, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Sounds simple! You just need to create a product that a particular group of people want, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it and do all that at a time they want to buy. Marketing is all about putting the right product in the right place, at the right price, at the right time.
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