The Concept of Marketing Mix- 4p’s.
The term “Marketing Mix” was coined by Marketer E.Jerome McCarthy in late 1940s. Marketing mix is a tool which helps in strengthening the product’s brand value which consequently helps in increasing the sales of the product or the services. It helps in promoting the brand and let it stand out from its competitors.
The Marketing mix helps in making a business plan according to the requirement of the consumer. It is mix of tactics which are designed to decide the pricing of the product, target places to sell and promotional strategies to be used. If used properly, the market mix strategies can make a business highly successful.
4 Ps of Marketing are
The 4 Ps of marketing are Product, Price, Place and Promotion. Other than these 4 PS there are 3 more Ps, i.e., Process, People and Physical evidence, they are also vital elements of marketing mix. All these Ps helps in meeting the consumer expectations and thereby, achieving success for the business.
The 4Ps basically address the following questions.
- What customer wants from your product or service?
- How does your product suffices customer needs?
- Where are the maximum buyers of your product located?
- How you differentiate yourself from customers?
- Is the price feasible given the current market conditions?
- Are the promotional strategies aligned to your product and customer’s needs?