No business can survive without successful marketing, no matter how good a product or service may be without perfect marketing it’s hard to survive and knowing this is not just enough and that’s why in this article I will show you the MARKETING MIX ( the 4ps to successful marketing)
The marketing mix is a major concept in modern marketing, it is the term used to describe the combination of the four variables which constitute the CORE of a company’s marketing system, via the product price, the distribution system, and the promotion activities.
A firm marketing mix has been defined as the particular blend of controllable marketing variables that the firm uses to achieve its objectives in the target market. It can also be defined as a combination of those controllable internal marketing variables compromising of the four Ps (price, product, promotion, and place).
This is the major object of the organization, other marketing mixes are built around the product .the firm decides what to produce, when to produce it, how to produce it, how to package it. Managing the product variables embraces planning and developing the right goods or services to be marketed by the company or person. Decisions need to be taken such as product quality, features, options, styles, branding, packaging, sizes, services, warranties, and returns.
This is the monetary expression of the value of the product or services. The firm decides the price after taking certain marketing factors into consideration management must be decided on the right BASE price of the products it is offering to the market, and then set up policies on discount allowances, payment periods, freight payment, credit terms and many other price-related situations which ultimately affect the list price.
This refers to the channels for distributing and selling the product. organization scouts out-negotiate decide and chooses suitable intermediaries, salesman, and locations, market,( distribution). the management must develop the distribution system for physically handling and transporting the product through these channels. A decision also has to be made on where housing and storage location and levels of stocks-inventory management are the responsibility of the management to select and manage the trade channels through which the product will reach the right market, in time, in the right quantity and quality and at the right price.
The organization has great power over this; they can decide which of the promotion mix that needed to be used so as to effectively create awareness and also stimulate patronage. This is a component used by the organization to inform, educate, and persuade the market regarding the company’s offering. Advertising personal selling, sales promotion, publicity, and public relations are the major variables of promotion.
We should not make the mistake of thinking that the concept of marketing is applicable only to business or profit-oriented organizations, it is applicable to non-business and non-profit oriented organizations.
There you have it again grab this 4ps and say no to cut back on marketing and reaching out to your clients, customers prospective customers. Also, do subscribe to get updates and remember to leave a comment for they are highly welcomed.