The Essentials of Tips – 101

The Essentials of Tips – 101

Mix Marketing 101: Understanding the Benefits of 4 Ps

Marketing mix is defined as the set of tactics or actions a company uses in promoting its products and services. The four Ps or broad levels of every marketing decision include the product, promotion, price, and place. With the rise of modernization, it is also important to consider other vital elements that contribute to the marketing mix which includes people, packaging, positioning, and politics. Among the 4Ps, product pertains to the actual item or product being sold that satisfies the wants and needs of customers. The price is the amount of the product or the amount a customer is willing to pay to acquire the product. Promotion includes all activities to let consumers know about a specific product or service. The point of sale is the place.

Because the 4Ps influence each other, they are the basis of a business plan to achieve greater success. When it comes to marketing mix, it needs a lot of understanding, market research as well as consultation with traders, manufacturers and customers. For the product element of marketing mix, the typical marketing decisions include product design (quality, features), product assortment (product mix, product lines, product range), branding, packaging and labeling, services (after-sales, service level, complementary services), warranties and guarantees, returns, and managing products through their lifecycle. The marketing decisions for the price element of marketing mix include price strategies, price-setting, price tactics, discounts, allowances, and payment terms. For the promotion element of marketing mix, the marketing decisions include promotional mix, message strategy, media or channel strategy, and message frequency. The place pertains to the geographical distribution, retail outlet, territorial coverage, catalogues, market location, order fulfilment, inventory, and logistics. The element of place involves marketing decisions such as distribution strategies, market coverage, franchising, channel member relationships, location decisions, inventory, assortment, warehousing, transport, and logistics.

Physical evidence, people, and process are the categories of modified and expanding marketing mix. When it comes to physical evidence, it refers to the environment surrounding the service, the space where service personnel and customers interact, tangible commodities (furniture, equipment), and artifacts reminding customers of a service performance. The marketing decisions of physical evidence involves spatial layout, facilities, interior design, signage, ambient conditions, artifacts and design of livery. The people element refers to the human actors participating in service delivery, service personnel representing the value of the company to customers, and interactions between customers and employees. The marketing decisions involved when it comes to people element are the recruitment, training, scripting, uniforms, handling customer complaints, queueing systems, and managing social interactions. The element of process of marketing mix include flow of activities, procedures, and mechanisms by which service is rendered. It is crucial for businesses to choose an advertising agency that implements marketing mix.

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