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The Marketing Mix Streamline
- فبراير 6, 2024
- Posted by: admin
- Category: Uncategorized
The Marketing Mix Streamline
The marketing mix is the combination of tools and methodologies used by marketers to achieve their marketing objectives.
In other words, “marketing mix” equals “4 Ps,” which refers to Product, Price, Place, and Promotion
. These four factors are the base of any successful marketing strategy.
The History of the 4 Ps concept:
The 4 Ps concept was first formally conceptualized in 1960 by Jerome McCarthy in his famous “Managerial Approach,” while the “Marketing Mix” was actually conceptualized earlier in 1948 and 1950 by Professor Neil H. Borden and James Culliton. McCarthy streamlined this concept from “Marketing Mix” to “4 Ps” to help marketers design plans that match the dynamic realities.
The 4 Ps:
1- Product:
The product is the foundation. When working on your product, it’s important to consider potential customers in the targeted market and take care of the product’s nature, the need for the product, the target audience, and the differentiation strategy.
2- Price:
It’s important to pick a suitable price for your product or service, using the ultimate pricing strategy depending on the cost, the profit margin, market elasticity, and, of course, the competitors’ price. Don’t ignore the purchasing power of your target audience and the market value and price. Avoid using different pricing models for the same product category.
3- Place:
After identifying the product and picking the best price, you have to decide where you will sell your product and what your distribution channels will be. Depending on your target audience, you can choose the place after knowing the following:
– Where do they usually shop?
hat are their digital channels?
– What is their consumption information?
4- Promotion:
Promotion is your way to advertise your product through promotional activities
. You can use traditional methods such as word of mouth, TV, print advertisements, or you can use digital methods such as social media marketing, Google, email marketing, and SMS marketing.
Answering some questions may better help you choose the best advertising strategy and methods:
– What is the best time to reach your target audience?
– What marketing channels are most effective for your target audience?
– What marketing messages would most resonate with your target audience?
– What advertising approaches are most persuasive to your target audience?
The four Ps aren’t the only marketing mix used today. Some other modern marketing mixes include the five Ps, the seven Ps, and the 5 Cs. Although each of these reflects certain aspects of the four Ps, they also each possess some unique elements that alter their emphasis on the marketing process.
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