Marketing Mix 4P's

The marketing mix definition is simple. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. The difficult part is doing this well, as you need to know every aspect of your business plan.

As we noted before, the marketing mix is predominately associated with the 4P’s of marketing, the 7P’s of service marketing, and the 4 Cs theories developed in the 1990s.

Here are the principles used in the application of the right marketing mix:

Marketing Mix 4P's

A marketing expert named E. Jerome McCarthy created the Marketing 4Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes.

The marketing 4Ps are also the foundation of the idea of marketing mix.

#1 Marketing Mix – Product

#2 Marketing Mix – Price

There are three major pricing strategies, and these are:

·         Market penetration pricing

·         Market skimming pricing

·         Neutral pricing

#3 Marketing Mix – Place

There are many distribution strategies, including:

·         Intensive distribution

·         Exclusive distribution

·         Selective distribution

·         Franchising

#4 Marketing Mix – Promotion

Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like:

·         Sales Organization

·         Public Relations

·         Advertising

·         Sales Promotion