The marketing mix: 4 p's of marketing

The marketing mix

The marketing mix is often referred to as the ‘4ps’ i.e. Product, Price, Place, Promotion. To meet customer needs a business must develop products to satisfy them, charge the right price, get the goods to the right place, and it must make the existence of the products known through promotion.

Product:

The product area is concerned with the developing the right product for the target market. The product, tangible or intangible, has to meet customer requirements. These products and services are produces according to the needs wants and demands of the consumer. For example, if a need is commuting the cars motorcycle can be the products because they satisfy the need of commuting.

Price:

The price includes what consumers and customers pay for a product or service. It is an important factor that creates revenue, makes profit and ensures the survival of an organization. Price is generally determined on the basis of what the customers perceive the value of an item is. Example a bottle of water is expensive in desert areas. A smart phone with many modern and hi-tech functions is expensive.

Place:

The place is concerned with various methods of transporting and storing goods and then making them available for the customers. Emphasis is placed on getting the right product at the right place at the right time. Example there is very minimal demand for sweater on summer in hot areas but those same sweaters may be of high demand in mountain regions even in summer.

Promotion:

 It includes the methods used to communicate features and benefits of products/services to target markets. It is the business of communicating with customers/consumers. It provides information to customers that will assist them in making a purchase decision. It involves advertisement, sales promotion, etc.