Introduction Marketing Mix (4Ps)

The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.

The marketing mix is often referred to as the “Four P’s” – since the most important elements of marketing are concerned with:

  1. Product – the product (or service) that the customer obtains
  2. Price – how much the customer pays for the product
  3. Place – how the product is distributed to the customer
  4. Promotion – how the customer is found and persuaded to buy the product

It is known as a “mix” because each ingredient affects the other and the mix must overall be suitable to the target customer.

For instance:

  1. High-quality materials used in a product may mean that a higher selling price can be achieved
  2. An advertising campaign carried in one area of the country requires distribution of the product to be in place in advance of the campaign to ensure there are no disappointed customers
  3. Promotion is needed to emphasize the new features and benefits of a product

What makes for an effective marketing mix?

An effective marketing mix is one which:

  1. Meets customer needs
  2. Achieves marketing objectives
  3. Is balanced and consistent
  4. Creates a competitive advantage for the business

The marketing mix for each business and industry will vary; it will also vary over time.

For most businesses, one or two elements of the mix will be seen as relatively more important than the others, as illustrated below:

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