A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: What needs does it satisfy? What features does it have to meet these needs?
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: What needs does it satisfy?
What features does it have to meet these needs? How and where will the customer use it? What does it look like? How will customers experience it?
What size scolor sand so on, should it be? What is it to be called?
How is it branded? How is it differentiated versus your competitors? What is the most it can cost to provide and still be sold sufficiently profitably? See also Price, below. Place Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both?
Or direct, via a catalogue? How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs?
Or make online submissions? Or send samples to catalogue companies? Price Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin?
What discounts should be offered to trade customers, or to other specific segments How will your price compare with your competitors? Promotion Where and when can you get your marketing messages across to your target market?
Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards?Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People, which refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.
The key elements of any successful marketing plan include the concepts of product, price, place and promotion, also known as the four Ps of marketing.
The marketing mix of the four Ps functions as. Elements of the marketing mix The marketing mix is the combination of product, price, place and promotion for any business venture.
No one element of the marketing mix is more important than. The marketing mix simply refers to the planned mix of the controllable elements of a product’s marketing plan.
These elements are usually referred to as the 4Ps .
THE EXTENDED MODELS OF MARKETING MIX The traditional marketing mix comprised of the 4Ps of product, price, place and promotion has enjoyed tremendous popularity over the years. When it Over the years, the traditional marketing mix has also been redefined and extended.
A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation.