Introduction
The cycle Basic Marketing Rules that will be available in this website, is created to provide to each the same basic background information on marketing allowing afterwards to approach the more dynamic reflexion on marketing.
The marketing Mix or also called the 4P’s are part of these basic rules, such as also: the SWOT analysis, Positioning & Segmentation and the Marketing Plan & Business Plan.
The 4 what ???
The 4 P’s more precisly is one of the most known standard abbreviation in marketing. The four stand for:
- Product
- Price
- Place
- Promotion
To confuse some readers right away, there is a "5th P": "After Sales" (Post Sales if you would like to have a "P")
According to the way you combine or mix these parts you will have a product that will have a complete different marketing approach. However, this issue is focusing on the 4P’s only. You can find some illustrations with case studies and the reason for having a Mix in the article Al Ries
Understand the different "P"
Product:
The product - or service ofcours - is the basic part of the clients’ purchase. If you need clothing you buy clothes, if you need to clean, you might want a vacuumcleaner etc. But there are many types of a vacuumcleaner and different qualities..... It is therefor important to understand the basic need of a customer and what he aims to satisfy. Sometimes the product may satisfy various needs or might also cover needs the client is not aware of.
Price:
A crucial part of the marketing mix is the price. It is the balance of the needs for the product combined with the annexed values and the importance the client makes of it. The price a client is worth paying for a product depends a lot on the image of the product and the satisfaction - even underlying - that it brings.
Place:
Place indicates all that is linked to the ways of distribution and the places where the product is sold. It is not only about the fact of selling in a supermarket or a specialised outlet, but also on what possible ways - channels - to approach the client.
Promotion:
Promotion is all the means that you use to make your product as well as its key advantages known. Sometimes you must communicate to get your product known in a first stage. But even afterwards you will probably have to continue with communication if you want to continue selling the same product or in case you have modified a part of it.
After - Sales:
Being part of the Marketing Mix, though not always mentioned, the after-sales can entirely influence the Mix and the success of a product. The way after sales services is appreciated and offered on a product can make a substantial difference in its positioning or pricing.
To learn how these elements influence each other you are advised to read the article on the Marketing Mix
