Concept of Marketing Mix
It is one of the most important concept of the marketing. The concept of 4 Ps are widely used in the field of marketing. It is related to the marketing of goods and services. There are various factors of 4 Ps. These factors are price, place, product and promotion. It is also commonly known as the marketing mix. In the overall business environment, these factors of 4Ps are controlled by the external and internal environment. These four factors interact with each other in a business environment.
The concept of 4Ps introduced in 1950s. Though, initially these factors are only part of the marketing mix. Now, some other factors are also added in the list. These factors are also considered as the important factors to influence the marketing. These marketing products are process, people and physical evidence.
When the goods and services are marketed to the public. These four factors of the marketing mix comes into play. They play a major role. Here, the product is the goods or services. Likewise, the place is the location when the goods service are marketed. In addition, the promotion is the advertising of the goods and services. All these factors are important in a business environment. The business environment is incomplete without these factors.
Therefore, the 4Ps later extended to become 7 Ps. In case of service marketers, sometimes it leads to 8Ps, where the performance is also added in the marketing mix. The product is major part of the business. The goods and services are able to generate huge profits for the firms with the help of marketing tools.
The product market involves the factors such as brands, packaging and services. In the marketing, the brand plays a vital role. The brand may influence the sell and marketing of the goods and services. The service offer by the goods and services also essential to affect the sale of the product. Another important factors is the packaging. Packaging is part of the marketing tool because it helps to attract the customers.
The price of the products mainly depends on the factors such as offer price, credit policy and discount. Credit policy available in the market affects the price of the product. The sale of the product will depend on the offer price and discount valuable on the product. Therefore, the increase of offer price and discount will attract more customers in the market.
Another significant part of the 4Ps is promotion, which influences by the factors such as sales promotion, advertising and publicity. More the product will be known by the people through advertising, sales promotion and publicity, mote it will attracted by the customers.
Customers are significantly influenced by the marketing tool used in promotion. Advertising changes the mindset of the customers. Good advertising spread the product in the market. More people wants to buy the products due to attractive advertisements.
In order to promote the sales of the product and make people aware of the product, the tool such as publicity is used. It is essential in marketing. Another important measure taken by the marketing people is sales promotion. Promotion of sale is pivotal in the marketing mix.
In addition, marketing mix also deal with important factors of place. The role of the place is important as it is where the products are exchanged. Three essential factors of the place are channel, market and distribution. In order to strengthen the marketing tool, strategies such as selective distribution, intensive distribution and exclusive distribution are taken into consideration.
Under channel, selection of the member of the channels and relationship between the members of the channels are established. Market coverage is a vital feature of the place. The decision of location affects the sales of the products. Sometimes products are franchised. Some major factors which also contributes largely in the marketing process are logistics, inventory, transport and warehousing. It is essential to control these factors.
Therefore, marketing communication is restored with the help of promotion. The convenience of the customers are maintained by the place. It provides access to the customers. In addition, there is a direct relationship between the price and revenue. The particular amount a customer is willing to pay for a product is denoted by price. The need of the customer is fulfilled with the help of the product. It satisfies the need of the customers. Therefore, these four factors are major part of the marketing mix. Thus, these factors influences the business environment as a whole.