The four Ps of marketing mix and their importance in business

¶ … Marketing Mix in Marketing

Importance of Marketing Mix

Discussing Four P's

Importance of Marketing Mix in Marketing

Product

Price

Promotion

Need of Marketing Mix in a Business

Need of Marketing Mix in Marketing

Organizations are driven by customers who are the basic revenue generators and give the organizations an opportunity to launch the products and services. Marketing mix is a plan that enables the organizations to convey their presence and offers to the customers. It is to attract customers so that the objective of profit maximization can be fulfilled and businesses can sustain in the market.

Importance of Marketing Mix in Marketing

An important part of the external stimuli, which formulates the perception of the buyer, is the marketing mix part of the marketing plan (Botha, Strydom, Bothma, & Brink, 2006). These are the inputs launched by the marketers to attract the target market. They are commonly known as 4Ps. The description is provided below.

Product

The offer of any company, which initiates the whole plan, and fulfills the needs and wants of the customer, is the product. A marketing department should be able to define the product in an organized manner so that the customer is not confused (Gordon, 2009).

Price

Studying the price on which the customer makes a purchase decision is also an essential element of the whole marketing plan. The marketers need to consistently keep a check on the quality and price of their product, like marketers of Marlboro, once did, and gained their market share once again just by decreasing the price of their cigarettes (Botha, Strydom, Bothma, & Brink, 2006).

Place

Distribution techniques and placement of the product is also an essential element needed by a marketer to fulfill the basic priority that is to attract and retain customers and to maintain their loyalty. Place offers convenience to buy the particular product from and enjoy the service. Shelf-space has a great impact on the sales of a product, and if the marketer does not study this with respect to the allocated budget, may lose his goals (Gordon, 2009).

Promotion

It is the duty of a marketers, to convey their prospected customers with the features of their product or service, or tell them that a company named "ABCD" exists in this world or their country now, and also let the customer know the modes through which they can contact and avail the service if they need to (Botha, Strydom, Bothma, & Brink, 2006). Every company has a message or vision to be delivered by the marketer which cannot be done without the help of this P. Of marketing mix. Today's world of 21st century, is the world of media, there are various mediums to convey the product or service through and a marketing department can't put its hands away from advertising and promoting its product as it also establishes a place of their name in the subconscious of the customer, like soft drinks have done.

Need of Marketing Mix in Marketing

As discussed in the earlier paragraph, marketing the product or service requires the company to use the "5 M's," i.e.: manpower, machinery, materials, methods and the most important of all is money. These tactics require money to be incurred as a cost, this cost is required for methods, which can be an out of pocket budget and also a free method of promotion (Gordon, 2009).

These four variables are highly essential for the marketers to form a marketing plan and forming suitable strategies for the idea or product which they have to promote (Talloo, 2007) . Without this mix, and variables, they cannot justify their marketing and these are the basis of their strategies. In the recent literature, 3 more variables have been added as, people, physical evidence and process and now the eighth element as partnering is also considered to be the part of marketing mix.

In short, before investing money, there is strong need to formulate a research which finds the best marketing mix which is suitable for their company or brand. This is an important part of decision making too, by the upper management who, has to finalize all strategies (McDaniel & Gates, 1998). This is a part formulated by a decent research carried out by the marketing department, and this information has all the data related to the target customers and when given the shape of marketing mix, has the most accurate information gathered by the employees, and form the base of marketing (McDaniel & Gates, 1998).

This vision can be studied with an example of a brand, as if marketers do not consider the placement of a brand which has unique features and is meant for elite class, and place it in a market where no upper class comes for shopping, then that product or service will be a flop one and as a result, the brand will never form an image or retain its name.