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The Marketing Mix and the 4 Ps
Transcript of The Marketing Mix and the 4 Ps
Define the objective
A good way to understand the 4Ps is by the questions that you need to ask to define your marketing mix. Here are some questions that will help you understand and define each of the four elements: -
What if we do nothing?
Is in-house marketing mix analysis is right for your organization?
Using the 4Ps Marketing Mix Model
Describe the desired state
Marketing is...Putting the right product in the right place,
at the right price, at the right time.
Where and when can you get across your marketing messages to your target market?
Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards? By using direct marketing mailshot? Through PR? On the Internet?
When is the best time to promote?
What is the value of the product or service to the buyer?
Are there established price points for products or services in this area?
Is the customer price sensitive? Will a small decrease in price gain you extra market share?
Where do buyers look for your product or service?
If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?
How can you access the right distribution channels?
Challenges and opportunities
Start by identifying the product or service that you want to analyze.
What and Why?
Try asking "why" and "what if" questions too, to challenge your offer. For example, ask why your target audience needs a particular feature. What if you drop your price by 5%? What if you offer more colors? Why sell through wholesalers rather than direct channels? What if you improve PR rather than rely on TV advertising?
Well-defined marketing mix
Does it meet their needs? (product)
Will they find it where they shop? (place)
Will they consider it's priced favorably? (price)
And will the marketing communications reach them? (promotion)
Keep on asking questions and making changes to your mix until you are satisfied that you have optimized your marketing mix, given the information and facts and figures you have available.
Show how things would improve
Review you marketing mix regularly, as some elements will need to change as the product or service, and its market, grow, mature and adapt in an ever-changing competitive environment.
Based on Jim Harvey's speech structures
Product (or Service)
What does the customer want from the product/service? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you've missed out?
The marketing mix model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, follow the steps below help you define and improve your marketing mix.
Now go through and answer the 4Ps questions – as defined.