The Marketing Mix
(The 4 P's of Marketing)
Marketing decisions generally fall into the following four controllable categories:
Place
Product
The 4 P’s of
Marketing
Promotion
Price
The goal is to make decisions that center the four P's on the customers in the target
market in order to create perceived value and generate a positive response.
Product
The term "product" refers to tangible, physical products as well as services. Here are
some examples of the product decisions to be made:
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Brand name
Functionality
Styling
Quality
Safety
Packaging
Repairs and Support
Warranty
Accessories and services
Price
The process of determining what to charge for the product or service, as well as taking
into consideration what your consumers are willing to pay for. Look at variable such as
production costs/expenses, competition, etc. Some examples of pricing decisions to be
made include:
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Pricing strategy (skim,
penetration, etc.)
Suggested retail price
Volume discounts and wholesale
pricing
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Cash and early payment
discounts
Seasonal pricing
Bundling
Price flexibility
Price discrimination
Place (Distribution)
Distribution is about getting the products to the customer, where are your products
going to be sold or available. Products must be easily found by consumers, will your
product be sold all year long or just seasonally? Some examples of distribution
decisions include:
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Distribution channels
Market coverage (inclusive,
selective, or exclusive
distribution)
Specific channel members
Inventory management
Warehousing
Distribution centers
Order processing
Transportation
Promotion
Promotion represents the various aspects of marketing communication that is,
marketing your product to generate consumer awareness of information like what it is
and where it can be found. Deciding on a message to relay to consumers, and
advertising with the goal of creating a positive response. Marketing communication
decisions include:
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Promotional strategy (push, pull,
etc.)
Advertising
Personal selling & sales force
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Sales promotions
Public relations & publicity
Marketing communications
budget
The 2 C’s of Marketing
Customers
Competition
By understanding who we are selling to and who we’re competing against, we are more
likely to be successful in marketing our product.