Marketing Mix Wednesday, September 23, 2009

Marketers use numerous tools to elicit desired responses from their target markets. These tools constitute a marketing mix.

Marketing mix is the set of marketing tool that the firm uses to pursue its marketing objectives in the target market.
McCarthy classified these tools into four broad groups that he called the four P’s of marketing: Product, Price, Place and Promotion. The particular marketing variables under each P are shown in figure 1.5. Marketing mix decisions must be made for influencing the trade channels as well as the final consumers. Fig 1.6 shows the company preparing the offering mix of the products, services and prices and utilizing a promotion mix of sales promotion, advertising, sales force, public relations, direct mail, telemarketing, and internet to reach the trade channels and the target customers.


Typically, the firm can change its price, sales force size, and advertising expenditures in the short run. It can develop new products and modify its distribution channels only in the long run. Thus the firm typically makes fewer period-to-period marketing-mix changes in the short run than the number of marketing-mix decision variables might suggest.

Note that the four Ps represent the sellers view of the marketing tools available for influencing the buyer. From a buyer’s point of view, each marketing tool is designed to deliver a customer benefit. Robert Lauterborn suggested that the seller’s four P’s correspond to the customer’s four Cs.

Four Ps - - - - - - - - - - - - Four Cs
Product - - - - - - - - - Customer Solution
Price - - -- - - - - - - - -Customer Cost
Place - - - - - - - - - - - - Convenience
Promotion - - - - - - - - Communication

Winning companies will be those who can meet customer needs economically and conveniently and with effective communication.



Quote : Marketing Management by Philip Kotler 10th Edition