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The Marketing Mix: Product, Price, Place and PromotionTweet

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View a powerpoint slide Marketing Mix | Take a quiz on marketing mix

The marketing mix principles (also known as the 4 p’s.) are used by business as tools to assist them in pursuing their objectives. The marketing mix principles are controllable variables, which have to be carefully managed and must meet the needs of the defined target group. The marketing mix is apart of the organisations planning process and consists of analysing the defined:

• Product strategies. How will you design, package and add value to the product. When an organisation introduces a product into a market they must ask themselves a number of questions.
  1. Who is the product aimed at?
  2. What benefit will customers expect?
  3. How does the firm plan to position the product within the market?
  4. What differential advantage will the product offer over their competitors? Read More

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• Price strategies What pricing strategy is appropiate to use . Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. Read More

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• Place strategies.Where will the firm locate? This refers to how an organisation will distribute the product or service they are offering to the end user. The organisation must distribute the product to the user at the right place at the right time. Read More

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• Promotion strategies. How will the firm promote its product? A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. Read More

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Other marketing mix related links:

Service Marketing Mix: The service marketing mix or 7p's as they are also known take into account people, process and physical evidence. Read More

E-Marketing Mix: Traditionally the marketing mix is co-ordinated so efficient product, price, promotion and place strategies are developed for products purchased over the counter.The internet is changing the way we sell our products and services. That’s a fact. Consumers now use the internet to research and purchase products/services online. Read More

Environmental Marketing Mix. An increased focus on environmental issues, has contributed to a rise in the demand for environmentally friendly products and services (EFS). The spotlight on sustaining the environment has created new terminology such as “carbon footprint” and “offsetting”. Many organisations have adapted their marketing strategies to capitalise on the consumer appetite for EFS. Read More

Introducing the Marketing Mix

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Further reading:

Principles of Marketing by Philip Kotler

Principles of Marketing by Frances Brassington

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