Marketing mix concept embodies 4Ps viz a product, its price, its promotion, and its availability to customers. A product is a tangible offering created to solve a particular market problem. A nominal amount of money customers need to pay in order to use a product is called price. Informing potential customers through various media viz a television, newspaper, social media, etc is its promotion and allowing customers to acquire it is place.
The purpose of marketing mix is to enhance customer’s experience and it is possible when all 4Ps augment with each other. When a change is required to bring in one element, other three elements go well with it. There should be no contradictions in all 4Ps otherwise competitors might overtake and serve customers better than you. For example, if you change a particular feature of a product, can you afford to sell it at the same price? like questions should be looked across all 4Ps.
Marketing mix elements
A typical marketing mix contains 4 essential elements such as product, price, promotion and place. Here we have described all four elements of marketing mix in detail so that you have no problem in understanding their importance.
Product – A product could either be a good or service customers are given to serve their basic needs and wants. Customers derive primary value from a product. For example, a detergent is sold to help customers get rid of dirt while washing their clothes. The remaining 3 elements should reinforce with its value proposition.
Price- We can’t win a race without efforts and likewise we can’t use a product unless we pay a price. Price is all the costs a customer is willing to bear in order to acquire a product. When marketers decide to price a product, they should keep all considerations in mind that have an influence on product price.
Promotion- Once production and price setting is done by marketers, it has to be followed with communications to inform potential customers about it. They may use advertising or personal selling or public relations to convey core benefits of their product to their target market.
Place – Place element of marketing mix ensures product or service avaiability and accessibility to customers. Marketers will be choosing suitable distributional channels, outlet locations where customers can come and buy a product, transportation methods and inventory levels that need to be held. The purpose of place element of marketing mix is to make availability of a product in the right quantity, at the right time, and most importantly at the right place.