The marketing mix consists of the Four Ps: product, price, promotion, and positioning. Each can be modified to meet the needs of the target market. The product, price, promotion, and place must be designed to offer customer benefits. Integrated marketing delivers a unified message.
The marketing mix is a way of looking at the elements of a company’s marketing activities. The marketing mix variables consist of what is called the “Four Ps”: product, price, promotion and positioning. Each of these can be modified to meet the needs of the product’s intended consumer group, also known as the target market. In some marketing systems, the marketer’s Four Ps correspond to what are called the customer’s “Four Cs,” which detail the buyer’s goals.
Each of the four Ps can be designed to offer a customer benefit described by one of the four Cs. The product corresponds to the customer’s solution. The price is related to the customer’s cost. Place matches with customer convenience and promotion with communication.
Marketing mix variables for products can be designed to provide solutions to customer problems or satisfy consumer desires. Components of a product include quality, design, features, packaging, and dimensions. A product’s brand, related services, and any warranties are factors that influence both the product and the consumer.
The price is closely related to the needs of the product’s target market. For example, if the product is made for high-end consumers, the item may have a higher price tag. Economy products are products for low-income consumers. The price of a product can be thought of as the cost to the consumer and consumers are often looking for the lowest cost for the highest value. Other potential pricing items include discounts, credit lines, and payment schedules.
Promotion encompasses the marketing mix variables associated with advertising and communicating product value to target markets. This includes advertisements on television, radio, magazines and online. Communicating the value of the product also involves commercial promotions, public relations and direct marketing. Members of the sales force, such as customer service representatives and sales associates, are responsible for personally communicating the value of the product to potential customers.
The “place” is where the customer goes to buy the product and how the product gets from the producer to the customer. In a conventional system, goods are shipped to retail stores where consumers ultimately purchase them. Increasingly popular online storefronts allow the customer’s computer to be the point of purchase.
In a system known as integrated marketing, each element of the marketing mix is designed to deliver a unified message. This is meant to capture the attention of the product’s target market and attract potential consumers. Sometimes, the nature of the product attracts specific members of the target market, other times the consumer requirements dictate the marketing mix variables.
Protect your devices with Threat Protection by NordVPN
