The marketing mix
The 4ps of marketing
The concept of marketing began in 1964 containing the mixer of ingredients. These ingredients included product planning, pricing, branding distribution channels personal selling , advertising, promotion, packaging, display servicing , physical handling, fact finding and analysis. These were grouped together in the 4ps of marketing. These are for the use of a marketing manager so the can control internal and external constraints of the marketing environment. Their goal is to make a decision for the benefit of their target market in order to get the best response of their product.
Product Decisions
The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
- Brand name
- Functionality
- Styling
- Quality
- Safety
- Packaging
- Repairs and Support
- Warranty
- Accessories and services
Price Decisions
Some examples of pricing decisions to be made include:
- Pricing strategy (skim, penetration, etc.)
- Suggested retail price
- Volume discounts and wholesale pricing
- Cash and early payment discounts
- Seasonal pricing
- Bundling
- Price flexibility
- Price discrimination
Distribution (Place) Decisions
Distribution is about getting the products to the customer. Some examples of distribution decisions include:
- Distribution channels
- Market coverage (inclusive, selective, or exclusive distribution)
- Specific channel members
- Inventory management
- Warehousing
- Distribution centers
- Order processing
- Transportation
- Reverse logistics
Promotion decisions
In the context of the marketing mix, promotion represents the various aspects of the marketing communication, the communication of information about the product with the goal of generating a positive consumer response. Marketing communications decisions include:
- promotional strategy
- Advertising
- personal selling and sale force
- sales promotion
- public relations, publicity
- marketing communications budget.
These are 4 examples of companies that would use this marketing strategy.
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