Marketing Mix (4P’s of Marketing)

Marketing mix is an important concept in the marketing strategy

Marketing is delivering the right product at the right place at the right time and to the right person. This brings us to the very famous concept in marketing which is marketing mix or the P’s of the marketing.

Marketing Mix

What is Marketing Mix?

Marketing mix is a combination of factors which affects the way consumers buy their products. We have listed down some P’s which we need to focus on the Target audience. Marketing mix is generally considered as the basic knowledge for Marketing but it is the foundation of marketing. Let’s find out the different P’s of marketing

1. Product

RIght Product

During the manufacturing of the product the companies should keep the following points in mind. This product can be tangible or intangible

  • Target Audience
  • Should satisfy the needs of the customer
  • USP (Unique selling proposition) of your product
  • Quality
  • Promotional strategies of the product

2. Price

Price plays an important role in any business. If we look at numbers around 5% of the people in the world possess 95% of worlds economy so you have to make sure that the product is available to all the communities at a reasonable rate. Pricing of the product depends on various factors like cost of the production, supply-demand and type of market.

We have to understand if we are raising the price of any product, what is that unique quality we are offering to the market which would let the customers to buy it in spite of the increased price.

There are big brands in the market which have established themselves well in spite of their high prices. One of them is Apple, it just does not sells the product it builds emotional connect with the customers from their quality.

3. Place

Marketing means to let the customers know that you exist. Obviously, you would want to know the best market for your product. The place where you are selling the product depends on the type of product. It play’s an important role in the marketing of the product.

4. Promotion

It means how you are publicising the product in the market. This includes promotional strategies(Types of Marketing) like word of mouth, online marketing, C T A marketing etc. How you go about your promotional strategies depends upon your budget.

The above 4 P’s have now been extended to 7 P’s of marketing:-

5. People

It refers to the people who are going to offer the services and the product to the people. People provide a physical connection between the company and the customers. They will be the first point of contact and would serve as the representative of the company.

It is important to choose and recruit the right kind of resources for your company and train them well.

6. Process

The Process involved in manufacturing and delivering the product is crucial in marketing as the process is closely related to the quality of the product. Moreover the ways by which you deliver the product builds relation with the customer. A process should be optimized to minimize the extra costs.

7. Physical Evidence

Physical Evidence

In the Marketing industry, physical evidence is needed to know if the product or a service was delivered. This gives genuineness to the product and the company.

For example Nike, when you think of Nike what comes to your mind? We quickly think of Nike as the high-quality sports shoes. It has shown the Physical evidence in the Market.