The Marketing Mix: The 4P, 7P, 4C

Definition of Marketing Mix

The marketing mix is a marketing tool that combines a number of components to strengthen a product's brand and help sell the product or service.

Companies need strong strategies to sell their products and coming up with a marketing mix is one of them.

The term "marketing mix" first appeared in the late 1940s. Marketer E. Jerome McCarthy came up with the first of the marketing mix theories.

This was called "The 4Ps", representing product, price, promotion and place (location). [English version: pfruit, price, promotion, pwhat]

In the 1990s, however, the definition of the marketing mix became the four C's.

These 4Cs vary, but are based on either Lauterborn's theory (consumer, cost, communication, convenience) or Shimizu's theory (commodity, cost, communication, and channel).

Most recently, a new theory has been proposed: people, processes, programs and performance.

All of these components are considered part of marketing mix theories because they are considered to be things that companies must consider when marketing their product or service.

E.g; in the 4Ps, when it comes to "product", the company must consider product type, life cycle, and have a product mix.

As for "price", the company must look at the perceived value of the product or service and adjust its prices to match the target market.

The 4Cs are similar to the 4Ps, with "place" corresponding to "convenience" (product distribution, where and how it is sold) and "promotion" corresponding to "communication".

Promotion/communication is where the seller creates a dialogue with customers through advertisements, press releases, personal selling, direct mail, etc.

To use any marketing mix, all you have to do is consider the criteria related to your product or service, your company, and your customers.

E.g; when talking about Promotion, ask yourself where and when you can promote your product?

How can you maximize your reach? How do competitors promote their products?

This is true for all marketing mixes.

The importance of a marketing mix is that it reminds you that there are a lot of factors that need to be considered in order to be successful in business.

It is not enough to just promote that product.

You should ensure that the product is of good quality, is sold at a price that suits its target market and audience, and is easy to purchase.

E.g; if you want to promote your product online, you should also be able to buy it online.

Once you have this marketing mix in place, consult your customers about your plans online through opinion polls.

Also, don't forget to evaluate the results from time to time to keep everything current, relevant and interesting for customers.

What is the Marketing Mix?

Everything in life is about timing. The same is true of the marketing mix.

You can have all the right puzzle pieces, but if they are executed at the wrong time, it is useless.

The marketing concept is based on the rule that puts the right product in the right place, at the right price and at the right time.

It changes a bit when defined as the four P's. They become; product, place, promotion and price.

The product must serve a specific population of people. For example, a floral and elegant dress will target women who like this style of clothing.

The willingness of the respective people to spend will determine the price for which the product can be sold.

The price might reflect the value they charge for the dress.

Another idea is that marketing efforts are successful if they can find potential customers at a time when they are willing and able to buy the product you are offering.

• Consumer market research

However, more important than anything else is intensive research to determine exactly where, promotion, product and price when customers shop.

The next challenge is to determine how you will produce the product at a price that consumers are willing to pay.

• The difference between the Marketing Mix and the 4Ps

The exact definition of the marketing mix becomes a bit confusing when it becomes clear that it is different from the 4Ps.

What then is the marketing mix? It's a general way to define the actual decisions about how to bring a product to market.

The 4Ps are more process oriented in that they collectively define what needs to happen.

There are certain questions that need to be asked when you want to define the marketing mix.

For example, regarding the product, you can ask, what does the customer want the product to do for them. In other words, what needs does it satisfy?

Additionally, what features will they provide for the product's needs? Another rule of thumb is to add features to your product that cost a lot or are useless because the customer won't use them.

During your research, find out how the customer uses the product and where. You also get a good picture of how they will experience the product.

You have to decide what brand you will assign to it and what you will call it. In addition, this requires determining how the product will look, from what color, to what size it will be.

Always know the competition and what features they offer and thus, you need to discover how your product provides more value.

Also, find out who you need to help you sell your product. Ask yourself if attending industry trade shows or going to conferences would be helpful.

• Pricing models

If you overestimate the product, it could affect sales. Even a small price drop can make a product more affordable for millions more customers.

Make sure you do your research, compare the price of competitors and get the right price.

• Promotion

The way you reach your target audience comes from promotions.

Today, online customers are all over the Internet, all over social media, and sharing content with their friends and followers.

It doesn't matter in which order you define the four Ps for the purposes of the marketing mix, because they are the building blocks of defining the marketing mix.

• Additional aspects of the marketing mix

Of course, over the years, other easy-to-remember tips have been used to help with the marketing mix. There are also concepts like the 7Ps or the extended marketing mix.

Basically, it is based on the original 4Ps, with the addition of people, physical appearance and processes.

However, Lauterborn's 4Cs are another style of looking at the marketing mix, this time from the buyer's perspective. Its focus is on cost, customer needs, convenience and communication.

Finding the basics of the marketing mix is important for anyone learning about marketing or preparing a product for market launch. It can be approached from either the customer or marketing perspective.

The 4Ps include price, promotion, place and product. The extended variant includes three more points, such as physical appearance, people and processes.

The other way is to use Lauterborn points which include communication, cost, customer needs and convenience. These are the main points.

Marketing mix examples

A simple understanding of marketing is basically taking the right product, and putting it in the right place, at the right price, at exactly the right time.

At first, it might seem simple and effortless, but it takes a lot of work and research.

If one of the above-mentioned elements does not exactly meet the specific criteria, the company can accumulate a lot of losses.

Using a marketing mix is the best way to guarantee all four elements mentioned above.

It is an important tool to help you understand the benefits of your product as well as how to plan ahead for future benefits.

A good marketing mix usually follows the 4Ps which are place, promotion, price and product.

• Elements of a marketing mix

1. The product

This is either a service or a good that has been manufactured to meet specific customer needs or requirements.

During development, products follow a certain life cycle, and that's why it's important for marketers to plan the product every step of the way.

This starts with understanding what kind of problem the product is trying to solve. Potential and target customers must be identified and understood for the product to be successful.

2. The price

This is the amount the consumer has to pay for using the product. The price of a product will have a significant impact on how the product sells in the market.

Basically, it is the perceived value of any product to a customer, rather than putting any price on it and expecting it to sell.

In most cases, if the product is priced based on customer value, it could sell for even more than its apparent value.

On the other hand, if the product is undervalued by customers, the price must be lower for the product to be sold.

Other factors that affect the overall price of a product include value chain costs, markups, distribution plans and also competitors' prices.

3. Promotion

This involves all the marketing techniques and strategies that exist. These include sales promotions, advertising, public relations, special offers, etc.

Each marketing channel used must be appropriate for the product, the price of the product, and the consumer to whom the product is being marketed.

Basically, promotion is the communication part involved in the whole marketing equation.

4. The place

It refers to how the product is used by the end consumer. A key element of placement is product distribution.

A good placement strategy will help you evaluate the most appropriate channel to use for your product.

Depending on how a customer accesses the product will also determine the entire marketing strategy.

• An example of a marketing mix

Of course, all of the above terms may not be easy to understand unless you have a marketing mix to study.

This article will go through an example of the marketing mix of a popular beauty and skin care company.

At first, the company targeted older people who need to keep their skin looking younger forever.

However, after extensive research, they later discovered that young people also need to be cared for.

This led to the development of a beauty and skin care product aimed at young people.

In accordance with all the elements of the marketing mix strategy, the company identified the product, assigned a fair price to it, carried out effective promotions and offered it to customers.

An example of this type of marketing mix belongs to the Gerovital brand, one of the most famous companies in Romania, in the beauty and skin care niche.

Another example of this type, in the same niche, is Nivea, a brand recognized globally and loved by the whole world.

Market research

Market research is the main pillar to benefit from using the marketing mix or the four (4) main tools to market your products or services.

It is what will lead you to identify the essential and critical information you need to use the 4Ps – product, price, promotion and place/placement (consumer, cost, communication and convenience). Therefore, it is better to invest in marketing research.

Here are 8 great reasons why you should invest in market research:

1. Researching your potential or existing market allows you to identify your consumer or understand what product would bring your company high profits.

You will be able to find out what product your target market needs or wants or who your potential customers are. If your business is already in operation, you will learn from marketing research all the information to identify the limitations or defects of your product or products or the expectations of your customers.

1. By researching the market, you will find out the best price for your products or the cost at which you would make a profit.

It can give you key information about your competition so you can set your price reasonably and competitively. You can also use the research results to reduce costs and increase your profit margin.

1. Reduce risks and make better decisions using the analyzed data from your market research.

Decisions based on instinct are acceptable, but there are certain decisions that require a scientific way to arrive at them and prevent losses.

1. Investing in market research allows you to make good strategies to reach your target audience. You will be able to promote your business or communicate with your customers more effectively.

To create your business promotion strategy, you need the demographic profile of your target audience. You can obtain this information through research such as surveys, online questionnaires, and telephone or personal interviews.

1. Success in using product placement as an effective marketing tool or strategy is highly dependent on research.

Promoting your product(s) using unconventional methods becomes profitable when you collect the necessary data through research.

1. Find opportunities through research. The business world is dynamic and every passing moment can bring opportunities. Why let these opportunities pass when you can decide to invest in marketing research?

Through data and statistics collected and analyzed from research, you will know the preferences of your target market. You can also anticipate what their future needs or wants are and create the right solution for them. You will be able to stand out or distance yourself from the competition this way.

1. In your market research, you will overcome the challenges you will face by getting the right answers. The answers will serve as your key to creating the right solutions for these challenges.

Market research can give you the solutions you need to address challenges such as:

a. How current trends influence your company,

b. How to increase your market share,

c. How customers or potential market make their buying or purchasing decisions,

d. How your customer service compares to that of your competition,

e. How you can attract and acquire new customers,

f. What is the best marketing strategy to reach your audience and increase the profitability of your business.

1. You need research to get the necessary funds for your business.

Whether you are starting a small business or expanding your existing business, you need the information and statistics you can get from market research to create your business plan.

The goal of every business is to get a return on their investment. You can do this by making smart business decisions. The insights you need, as well as the statistics and data to support your decisions, can come from investing in market research.

Marketing mix strategy

Marketing is the action of businesses to sell products or services that contribute to their turnover. It is important for every business, small or big, to understand and implement the right marketing mix strategy that can help them sell the items they make or sell.

There are four areas of marketing that contribute to the marketing mix and are considered the four Ps of marketing. Are:

• Product
• Price
• Place
• Promotion

Each of these factors has its own variables and once they are defined correctly, they give you a way to market your product or service.

But first of all, the product or service you are selling must be correctly defined. Its features as well as the way it is packaged must be clear and then the benefits that customers can get from using them must be identified.

Price is the next aspect of your marketing mix strategy to define, as it plays a very important role in the image your product will have and the branding it will create.

This can be quite difficult and there are a lot of factors to consider, and it becomes even more difficult if there are a lot of variables in the industry you are in.

You need to have a pricing strategy for both wholesale and retail and if you are in a position to offer discounts to ensure customer loyalty.

Product distribution is determined by how you intend to distribute the product. Can you set up a system to sell directly to customers or do you need to go to retail stores?

You also need to decide at this stage how you will store your inventory, process orders and the channels you will use to ensure your product is available in the areas you want to market your product to.

These three items, product, price and place, must be thoroughly researched before proceeding to the promotion aspect of your marketing mix strategy.

Each of these, including promotion, must be coordinated with the other and can influence the marketing effort to its own extent. Promoting a product should be researched as well so that potential customers know about the availability of the item from your business.

This can require a number of strategies and the use of different channels, and the strategies that can be used for this aspect of marketing are so varied and numerous that it requires a constant awareness of the effect of any adapted strategy on the final sales.

You may need to constantly review the success of each strategy and find new ones to consistently increase sales. Public relations and how your business is perceived by customers and the market in general can also play a role in implementing appropriate promotional activities that are guaranteed to be successful.

All four of these aspects of a marketing mix must be constantly reviewed and improved because they can make a substantial contribution to your bottom line sales figures and bottom line. A product can always be improved to give it that unique element that other competitors struggle to find.

Promotional activities can be constantly changed and each product promotion approach must focus on different aspects of the product, which customer feedback can help identify.

Proper research of potential markets and the purchasing power of the various sections of society that need your product can help focus your marketing efforts so that it has the right mix to enable your business to grow and expand.

The promotion mix

Product promotion is essential for every business because of the lasting impact that promotion has on customers. The promotion mix is essentially what the promotion entails as well as how the promotion is effectively carried out. It covers 5 critical aspects to ensure success: personal selling, advertising, public relations, sales promotion and direct marketing. Using the right mix of promotional mix ensures that a company will continue to win customers and achieve success in both the short and long term.

1. Personal selling

This is usually the most expensive tool, but it is one of the most effective tools in the promotional mix. It is effective because it builds a long-term relationship between the customer and the employee that will keep them coming back. This is of great benefit, especially when dealing with customers who want to spend a large amount of money or purchase in large quantities. Cultivating this relationship will increase the chances of future opportunities if his expectations are met.

However, this method involves some risks. The customer may decide that they no longer need the services or products, thus causing the loss of the company. Companies invest heavily in this method and take on more risk because they depend on cultivating a relationship with a customer who may eventually become a loyal customer. Direct marketing is comparable to personal selling.

2. Direct marketing

Direct marketing uses technology to target customers individually through various means: phone calls, apps, email, and catalogs. Direct marketing is useful because it targets people who spend small amounts of money at different times because they don't want to spend that much money as often.

Different companies use email to send promotions and offers to customers. Some companies like Amazon use past purchases to provide recommendations. Others send referrals to everyone on their distribution list. Direct marketing is great especially when marketing to the masses, but tailor your message to each recipient.

3. Public relations

Every business needs public relations, but many companies often ignore it because they usually associate it with managing negative situations that can affect a company.

A good public relations manager for a business should be dynamic to deal with both positive and negative situations.

On the positive side, a public relations campaign is implemented through newsletters, social media, press releases, grand opening events. Social media is a particularly useful tool for public relations because most people use it and love it.

On the negative side, handling these negative situations is something that a public relations director should be able to handle efficiently and resolve those issues.

4. Promotional discounts

They provide a great way to get customers to buy a particular service or product.

• The attraction factor

Promotional discounts are especially useful in the service industry because many people are unwilling or unable to pay full price for a particular product. However, once they get a 20% discount promotion, they immediately become attracted to the offer. Restaurants can also use discounts to increase sales by bringing more people into the restaurant. These discounts can be applied in any industry and field. For example, you can find stores offering 20% discounts on selected items or different salons offering 15% discounts on selected packages.

• Promotional packages

You will also find companies that bundle offers. For example, you may find a restaurant that offers two full meals, an appetizer and dessert for a fixed price. The best thing about this is that the menu prices don't have to change because of the promotion. Similarly, you can find stores that bundle different items together for the same price, such as a bottle of juice that comes with a gift glass for the same price. This means that grouping is applicable across industries.

5. Advertising

Advertising plays a key role when you want to promote a business. Newspaper, radio, television, and social media advertising play an important role in determining how to target customers and how they will respond to the advertising message.

1. Social media marketing

Social networks are currently taking the place of traditional forms of advertising. Focusing on social media is essential especially when communicating with customers. For this reason, Facebook is one of the most visited websites worldwide every day. Plus, it's instant. As soon as a business posts something on its Facebook page, it becomes immediately available to everyone. Additionally, Facebook offers the option to target users based on their interests, such as gender, location, age, and any other demographic you can think of. In the 21st century, social media marketing is the surest way to go.

Conclusion

The promotional mix is an essential element for the success of a business, as all businesses naturally want to generate more revenue through their growth and promotion. By using promotional tools, companies can gain additional customers and encourage them to return by providing high quality service. Follow the above tips and surely, your efforts will be successful.

The 4Ps of Marketing

Marketing is a business function that determines consumer needs. It also identifies target markets and applies services and products suitable for such markets.

In addition, it involves promoting services and products in the market.

People planning to start a business, no matter how big or small should learn about marketing.

Marketing is crucial to the success of a business, emphasizing customer satisfaction, quality and consumer value.

Marketing mix is one of the most used strategies. Combine integral variables together to achieve ideal results. It is composed of four variables called the 4 Ps of marketing:

1. Product

A product is a good or service that a business owner offers for sale to his target market. When it comes to product development, design, quality, packaging, features, after-sales service and customer service should be considered.

If you want to start a business, you need to know what you are going to sell. The 4Ps of marketing may seem easy, but they can be difficult if you don't know what they're all about.

You may think that you can sell any product that you think will appeal to your target audience. However, you need to research and study the market before you can actually figure out what to sell.

You should think carefully about what you are going to offer. Remember to define the features of your service and ensure that you meet the requirements and needs of your customers.

It is important to note that warranty, service and support are very important.

1. placing

This refers to the location, distribution and means of delivery of the product to the customer.

Place can include your business location, distributors, storefront, possible internet usage and logistics.

It is important for you to have a good understanding of the strategy behind your positioning or place.

Remember that positioning is about creating a beautiful image of how you want your product to be seen by your customers.

1. Price

Price is the amount of money customers have to pay to purchase products or avail services. There are several factors to consider when it comes to price.

These include discounting, pricing, credit collection, and cash and card purchases.

Before investing in a new business, make sure you have carefully defined the 4Ps of marketing.

Otherwise, you will not be able to achieve brilliant results.

You can have a public survey or send out questionnaires to help you determine your price. However, you shouldn't set your price too low or too high.

If your price is too low, you may lose potential customers who are suspicious of bargain prices, and if your price is too high, you may not attract customers on a budget.

Therefore, you should base your prices on the range of services you offer, as well as your level of training and expertise.

1. Promotion

Promotion is about communicating the values and benefits of your products to your customers.

This involves using various methods such as direct marketing, sales promotion, advertising and personal selling to convince customers of your business.

If you want to save money, you should consider self-promotion. Also, when it comes to creating a promotion for your business, you should motivate your target market.

Put yourself in their shoes so you can find out how they view your business. Remember that advertising, promotion and public relations will keep your service or product ahead of the competition.

All these factors are part of promotion.

These 4Ps of marketing are very useful when it comes to starting a business. You must have the necessary knowledge and skills to be successful in a particular enterprise.

The product

A business starts with a need. The company should provide the solution to this need of a specific market.

This solution is a product or service that the company has the resources to provide.

Product is one of the Ps mentioned in the marketing mix listed in the basic theories of marketing.

Companies need to take the time to develop a quality product that meets the needs of their intended target market.

It also needs to be relevant, accessible and convenient for their market.

1. What constitutes a product?

A product can be tangible in the form of goods or intangible in the form of a service.

Goods can also be classified into three groups. These are convenience goods, shopping goods and specialty products.

Convenience goods are those that are readily available and do not require much time or effort for consumers to make a purchase decision.

Basic needs can fall into this category.

Shopping items, on the other hand, are those products that consumers tend to spend more time deciding on.

These are high-involvement products that require time and effort to research before customers can make an informed purchase decision.

Finally, there are specialty goods that meet the needs of a narrow segment of the consumer market.

1. How are products born?

There are basically 7 steps involved in developing a new product.

These are as follows: strategy development, idea generation, screening and evaluation, business analysis, product development, market testing and commercialization.

While following these steps is ideal, the reality is that new product development tends to be more complicated.

Rather than a step-by-step process, companies tend to go back and forth between these stages.

1. Strategy development

Before thinking about creating a new product, a company must establish its own strategy.

After all, developing a new product requires huge expenses and the ultimate goal should be to create profit for the company.

1. Generating ideas

Ideas don't just come from internal parties or top management.

Ideas can come from different departments. It may appear in response to market demand or may come as a suggestion from a regular employee.

Ultimately, the company must decide which idea is worth investing in.

1. Screening and assessment

There are a lot of great ideas that may seem appropriate, but some are not feasible.

Great ideas cannot be considered for the simple reason that they do not mix well with the company's core competencies.

Validating new product ideas through market research is also a very good idea.

1. Business analysis

After determining which ideas are consistent with the company's core competencies and determining feasibility, further evaluation and analysis of how the product can help the company achieve its business goals is required.

Factors such as risks, potential market size, profit projections and possible competitive response, among others, must be properly considered.

1. Product development

Based on the identified features of the "best" product to meet customer needs, a team of experts should be able to come up with a product design.

The product development process differs from one industry to another.

Regardless of what industry the company belongs to, however, the product development process will need to conform to industry quality standards.

The prototype or samples from product development will then have to go through market testing to determine its quality.

1. Market testing

To ensure that the product will be well received by the company's target market, it is necessary to conduct market tests.

Compared to initial product tests conducted in laboratories or company premises, this test is conducted in a specific market.

Some firms sample in retail outlets and solicit consumer feedback, but there are plenty of other methods of market testing.

1. Marketing

Depending on the outcome of market testing, a company may decide to expand its distribution and launch the product to a wider market, either nationally or internationally.

How is your product better than the competition?

One of the challenges of this element of the marketing mix is being able to stand out among competing brands.

The consumer market is full of many products in the same category vying for customers' attention.

To gain as much interest and market share as possible, a product must find its differentiating factor.

A SWOT analysis can help you in this case.

SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses can come in the form of features and benefits and can also be based on price.

Opportunities refer to possibilities in terms of product improvement or revenue growth.

Threats, on the other hand, include anything that could hinder how the product is received by the market or generates revenue for the company.

The best way to differentiate one product from another is to look at them from the customer's perspective.

It is important to know why customers prefer one brand over another and what other features they look for in a product.

With this information, companies can improve their products and make them more suitable for their customers.

The customer's opinion on what exactly makes a product stand out from the rest is very important.

With regard to the product and all other elements of the marketing mix, the ultimate goal for effective marketing is to satisfy the customer's needs.

price

Price is the amount of money your customers have to pay in exchange for your product or service.

Determining the right price for a product can be a little tricky.

A common strategy that start-up businesses employ is creating a low-cost impression by pricing lower than their competition.

While this may increase initial sales, low price usually equates to low quality, and this may not be what customers want to see in your product.

Your pricing strategy should reflect your product's positioning in the market, and the resulting price should cover your cost per product and your profit margin.

Low prices hinder your business growth, while high prices eliminate you from the competition.

There are a number of pricing strategies you can follow. Some strategies may require complex calculation methods and others may be intuitive decisions.

Select a pricing strategy based on the product itself, the competitive environment, customer demand, and other products you offer.

• Price addition

Price addition or Cost Plus means taking the cost of production and adding a certain percentage of profit. The resulting amount will be the price of the product.

You must consider variable and fixed production costs for this pricing method.

• Based on value

Instead of using the cost of production as a basis, consider the customer's perception of the product's value.

Buyer perception depends on product quality and company reputation, in addition to cost factors.

• Competitive

Survey the pricing implemented by your competitors for a similar product you are trying to market, and then decide whether you want to price your product lower, the same, or higher than your competitors.

• • Growth rate

This pricing strategy is more common in selling environments where companies have little or no control over the market price. Price the product based on the continuous growth rate of similar products

• • lower

Introduce a high-quality product, put a price on it and target customers with a higher budget. When the market has gone down, then drop the price accordingly.

• • Reduction

Most commonly used for inventory of old products or when you are clearing your inventory. Take the advertised price and reduce its amount. A good example is a discount coupon.

• • "Loss Leader"

Take the production price and put the product price even lower. The idea is to attract customers to your store, where they can be persuaded to buy other products from you.

• • Psychological

You may have noticed that you rarely see prices rounded to the nearest whole number. This is a psychological pricing strategy. 5.99 lei looks a lot better than 6.00 lei, although you only save a single penny.

The actual money you will receive as payment for your product may be determined by certain pricing factors, so you may receive more or less than the advertised price.

To come up with the right price you need to determine:

• Payment period

This is the amount of time before you get paid.

• Contribution

Give a portion of the advertised price to the retailer in exchange for promotional activities, such as in-store display, featuring your product.

• Seasonal discounts

Reduce the price of certain products ordered during low sales seasons to entice customers to buy during weaker sales periods.

• Packages of products / services

You bundle together similar or even different products and sell them as a package at a discounted price

• Commercial discounts

Offer price discounts as payments to your distribution channels for performing tasks such as shelving and warehousing your products.

• Price flexibility

Allow the reseller or seller to change the price within an agreed range.

• Volume discounts

Offer discounts for people who buy in larger quantities.

• Payment deadline

Allow consumers to pay for your products at a later date.

Base your pricing strategy on the methods mentioned above to come up with the right price for your product.

You should also know that Price is the only P of the "4Ps of Marketing" that actually generates profit for you, the rest are cost factors.

promotion

Promotion is the part of marketing where you use advertising to market your product, also known as promotional strategy.

Through it, you let potential customers know what you're selling.

To convince them to buy your product, you need to explain what it is, how to use it, and why they should buy it.

The trick in promotion is to let consumers feel that their needs can be met by what you sell.

An effective promotional effort contains a clear message that addresses a specific audience and is carried out through appropriate channels.

Target customers are the people who will use, influence or decide on the purchase decision of the product.

Identifying these people is an important part of market research.

The marketing image you are trying to project must match the message of the ad.

It should attract the attention of the target customers and either convince them to buy or at least express their opinion about the product.

The promotional method you choose to deliver your message to your target customers may likely involve multiple marketing channels.

• advertisement

It is a key promotional strategy and can be achieved by:

• Radio

Relatively cheap, but very effective, radio advertising is a great way to reach local customers and inform them about your business and products. The best day to run a radio ad is Wednesday through Sunday.

• Television

If you want your ad to reach customers regionally or nationally, television is the way to go, although it can be more expensive than the other options.

• Print ad

Print advertising can be distributed through direct mail or printed materials including newspapers, leaflets, trade magazines, etc. You can also send letters, contests, fact sheets, brochures and coupons to current or potential customers across the country. Print ads let people know what, where, when and why they should buy your product.

• Electronic

You can also advertise electronically through your company's website and thus provide important and relevant information to customers and consumers. You can protect some parts of your website with passwords and provide access to member customers. You can also send direct mail ads as part of your promotional strategy.

• The spoken advertisement

It is said that the best advertisers are satisfied customers, and the reverse is also true. When customers like or dislike your products, they will definitely tell others about it.

• Generic

This type refers to advertising that does not mention or promote a specific brand, but the entire industry. You may have seen generic ads for beef, pork and milk.

• Public relations or PR

Public relations usually focuses on building a favorable image of your business.

You can do this by doing something good for your neighborhood or community, such as holding an open house or getting involved in community activities.

You can engage with local media and hold press conferences as part of your promotional strategy.

• Personal sale

You can hire salespeople to promote and sell your products as part of your business communication plans.

These salespeople play an important role in building customer relationships through tailored communication.

Personal selling can be a bit expensive, however, because you'll need to hire professional sales people to do the promoting for you.

But, done right, by all accounts, the return could outweigh the cost.

• Sales promotions

This promotional strategy is done through special offers with a plan to entice people to buy your product.

Sales promotions may include coupons, free samples, contests, prizes, loyalty programs and discounts.

You can also do sales promotions by displaying products during a public event or by socializing at business or civic meetings.

Nowadays, trade is not exactly what it used to be. Thus, new methods of promotion and commercialization were discovered, giving birth to this term "e-commerce".

E-commerce has also changed the way companies and customers do business.

Social networking sites like Facebook reach a very large audience and advertising through them can lead to increased customer numbers, but there are plenty of other channels through which you can promote your products, such as Google AdSense.

The place

Place refers to how you distribute your product or the methods and location you use to make your products or services easily accessible to your target customers.

Your product or service dictates how it should be distributed.

1. Direct sale

Direct selling can be a good place to start, especially if your product supply is limited or you only sell seasonal products.

An advantage of selling your products directly is that you get a more personal feel of the market because you interact directly with customers, so you can easily adapt to changes.

Another thing is that you control the prices of your product and the methods by which it should be sold.

Distribution methods may include: door-to-door, retail, e-commerce, mail order or website.

You can sell either electronically or in person.

If this requirement is not suitable for you, you may need to consider selling through a reseller (distributor) or intermediary.

1. Selling through a distributor

If you want to have wider distribution for your product, you can sell it through a third party, either a retailer or a wholesaler, who will resell the product to their customers.

This distribution strategy also reduces the pressure to perform a distribution system.

Distributor sales also reduce the storage space required for product inventory.

However, you will lose the personal touch and even the company identity, in some cases, with the customers, as they will only talk to your distributors from then on.

Some resellers may require your product to be sold under their own brand name.

But if you agree with these terms, you might consider selling through intermediaries as a distribution strategy.

• Market coverage

Market coverage refers to how wide or varied you want your products to be distributed.

This applies to either direct sales or through intermediaries. There are three types of market coverage that you may want to adopt.

• Intensive distribution

This ensures the widest possible distribution for your product or service.

With this method you sell your products in as many locations or markets as possible. And sometimes you have to lower your prices.

This is the method most commonly used by large companies or manufacturers to reach customers nationally or even globally.

Examples of products effectively distributed using this distribution strategy are common products or things we buy regularly, such as candy or chewing gum.

• Selective distribution

Maybe you only want to sell to a few companies or select customers.

This is called selective distribution and is the strategy commonly used to sell luxury products and is sold by resellers who only deal in high quality products.

It is easier to build relationships with consumers using this distribution strategy compared to intensive distribution.

• Exclusive distribution

This strategy restricts the distribution of your product to a single distributor.

The reseller will have exclusive rights to sell your product or service, and instead you could be the sole supplier.

This works more effectively with specialty products that you can promote as prestigious because you are the only supplier and the middleman is the only reseller.

• Other factors to consider

The volume of product sales and its characteristics will influence the stocks you should maintain and also how the products should be transported.

You can opt for bulk shipping to multiple countries or do it retail to individuals.

Each of the distribution strategies has its own characteristics, advantages and disadvantages.

The important thing is to choose one that best applies to your product and business.

The new 4Ps

We talked about the concept of the 4Ps of Marketing and explained what each one means.

For more than 60 years, the concept of price, place, product and promotion has helped marketing executives.

People were more than happy to share all their private details – but fast forward to today and it's a whole different ball game altogether.

The old 4P concepts of the marketing mix

If you haven't heard of or have forgotten about the original 4Ps, here's a quick refresher.

• Price

Price is most often one of the most important considerations a consumer will have when considering purchasing a product.

Equating this to the marketing mix, it is the responsibility of the company's marketing team to observe and research established price points in their industry and perform competitive analysis to determine a price point that is both competitive and fair to the consumer.

• Product

You can't expect to sell a product similar to a hundred other products, so marketers need to research how your product can stand out from the crowd.

This process provides a constant evaluation of the customer experience, collecting data about how the customer will use the product in order to refine and improve it.

• Place

Where you place your product is just as important as how good the product itself is!

Put it in the wrong place and you increase the risk of losing your target customers who will never even see your product.

• Promotion

This is what drives the advertising industry. Advertisements, billboards, television, radio, newspapers – these media existed at the same time as modern marketing.

Over the decades, media has moved towards adopting digital fronts, but the core concept of promotion remains the same – be seen and heard where your target market can be found!

• The new 4Ps of the marketing mix

With progress comes change, and change is often inevitable.

The earlier 4Ps of the marketing mix have been adopted as a mainstay for decades, and for good reason, they have worked.

But now, more people than ever are on digital platforms like Facebook, Twitter and Instagram – and each of these platforms gives each person a voice capable of reaching every corner of the globe through retweets or shares.

Here are the new 4Ps of the marketing mix:

1: Process

Thanks to the power of the Internet, the concept of the global market has become an absolute reality.

This means that CMOs have come under increasing pressure to deliver when it comes to building brand awareness – which has become one of the key factors for the digital customer when choosing a brand to support.

2: Platforms

Modern business success is based on building loyal relationships with your most valuable customers.

To foster these relationships effectively, marketers need to choose the right tool – a CRM (customer relationship management) that can help them manage consumer data and deliver the right message at the right time to the right segment of their customer base data.

However, according to a survey conducted by Harvard Business Review, 55% of all CRM projects do not produce results.

This means that choosing a platform that doesn't suit your business could turn out to be a very expensive mistake, so do your research and choose wisely!

3: People

It goes without saying that the modern consumer craves this human connection and more often than not expects brands to provide their customers with this connection in the form of a personalized customer experience.

It's obvious that mass or general messages don't work as well as they used to.

According to studies, consumers are 80% more likely to buy an item when a brand offers a personalized experience.

4: Performance

KPIs (performance indicators) have changed from past values, currently the data that matters are: customer engagement, response time, conversion rates, customer loyalty and actively engaging about a specific topic across platforms social.

A hyper-connected world only means that potential customers expect quick responses and live chat whenever they have a question about your business service or product.

• Conclusion

There's no doubt that technology has certainly changed the market since the birth of the original 4P concept over 60 years ago – but when it comes to customer-business relationships, the basic principles have remained pretty much the same.

Customers want to feel valued by companies and in turn will support companies that add value to their lives with their products or services.

By connecting the progressive technological concepts of the new 4Ps and the time-tested strategies of the original 4Ps, you will be able to rediscover customer-business relationships for years to come.

The 4Cs of the Marketing Mix

The 4C marketing model was developed by Robert F. Lauterborn in 1990. It is a modification of the 4P model.

It is not a core part of the marketing mix definition, but rather an extension.

These are the components of this marketing model:

1. Communication

According to Lauterborn, "promotion" is manipulative while communication is "cooperative". Marketers should aim to create an open dialogue with potential customers based on their needs and wants.

1. Consumer needs

A company should only sell a product that meets consumer demand. So marketers and business researchers should carefully study consumer wants and needs.

1. Comfort

The product should be readily available to consumers. Marketers should strategically place products in multiple visible distribution points.

1. Cost

According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of awareness or opportunity cost is also part of the cost of owning the product.

Whether you use the 4Ps, 7Ps or 4Cs, your marketing mix plan plays a vital role.

It is important to devise a plan that balances profit, customer satisfaction, brand recognition and product availability.

By understanding the basic concept of the marketing mix and its extensions, you'll be sure to achieve financial success, whether it's your own business or supporting your business success at work.

The ultimate goal of business is to make a profit, and this is a safe, proven way to achieve that goal.

communication

You already know about the 4Ps of marketing: product, price, promotion, and place or distribution.

But over the years, these concepts have evolved into the 4Cs: consumer, cost, convenience and communication. In the case of this marketing mix, it does not start with the product, but focuses on the consumer and their needs.

Specifically, instead of developing the product and then trying to fit it for the customer, a company makes the product based on the customer's needs.

The second C, Cost, replaces Price. Cost is an important factor in product use.

It does not only mean how much will be sold in the market, but also speaks about the customer's inconvenience in the process of switching to the new marketed product.

The third C would represent convenience. This is the process of making the company's product accessible or convenient to the consumer.

This means that this is the part of the marketing plan where the company has to plan where to place its product so that it is convenient for the customer or consumer to buy it.

And the final C, and probably the most important, would be communication.

This is the process by which the company reaches out to its audience not only through one-way promotion, but also listens to feedback or advice on how to further improve the product.

Why is it so important?

First, communication is a two-way process. Instead of the usual marketing mix that only involves promotion, it involves listening to the customer's requirements and needs and coming up with a message to send about how the product meets their needs.

Instead of how promotions simply send out slogans or campaigns and don't really care how their messages are received by the public, communication involves trying to listen to how the original message is received by the public.

This could be possible through feedback, surveys or even personal interviews.

So, in this way, a company can take a deeper look at how their product is being received by the public and how it compares to its competitors.

Another fundamental reason why it is important is that it makes product promotion or marketing a growing, pragmatic and ever-changing process.

By considering how a product is received, one can shape and change the message correctly every time so that the product's message, brand and reputation are transformed into a message that is well received and ultimately a reliable product in the eyes of the people.

Third, it promotes improvement of the product itself. Take for example a fast food restaurant that launches a new burger, through surveys and feedback, it can find out what is wrong with it and change the recipe accordingly to make it better.

Marketing is always changing and always dynamic. And the best way to approach marketing is not just to push the product one-way to the customer, but to make it a two-way process.

Communication is an effective tool in this regard. It opens the door not only for a company to listen and see how their product is doing, but also to see how their products can be improved.

Consumer

Nowadays, marketers are starting to find more ways to put consumer needs first and make their marketing approach more consumer-oriented.

• Who are the consumers?

More than any of the other aspects of the 4Cs of marketing, it is the customer that plays the biggest role. Consumers are the ones who will purchase your products and keep your business afloat. As such, it is essential to find ways to satisfy their wants and needs.

The main difficulty with such an idea, from the businessman's point of view, is that they will always be focused only on the wishes of their customers.

We always see products launched, similar to hundreds of other products or companies, but to stand out from the crowd and be the first to reach the consumer, you need innovative ideas and unique products.

To make a profit in such a customer-centric market, a company will need to know the exact preferences of its market to increase the possibility of being selected by the buyer.

• Consumer power

The previous marketing approach was focused on the product, but in reality, the most important are the consumers, they are the ones for whom the product is intended, after all.

The current market is already filled with a lot of products that are undoubtedly excellent, but do not serve any particular purpose. To make production more efficient, companies need to spend enough time and research to understand consumer behavior well.

Any product developed for today's market should be customized according to the needs of the consumer and developed according to the results of the market research carried out.

• How to find your target market

The easiest way to succeed in a customer-oriented market is to clearly identify your target customer or target market.

The main factors you will need to consider in determining your target market are the real value of the product or service, its competitive advantage in the market and its position in the market.

• Determine the value of the product

The final factor that will determine the fate of your product is the value your customers place on it. You will not have the power to manipulate the product and instead will be entirely dependent on the value or opinion your customers perceive of it.

• Find your market position and market advantage

Considering the needs and wants of your customers, they should be given the highest priority if you want to achieve maximum profitability. A product or service will be given a better chance of achieving market interest and visibility if it is able to fully satisfy what your buyers want.

As with any choice you make in a customer-centric market, your customer will drive the product, not the other way around.

• The importance of knowing the customer

To meet the ever-changing needs of consumers, marketing must be in constant flux and evolution. It is a world where only those who are able to keep up with the changes will be able to survive.

Today, the consumer has replaced the product as the most important aspect of the world of commerce and industry.

Consumers now have the ability to choose not only what or where they want to make a purchase, but also have the power to select the actual time and method of purchase and communication.

• Real-life application of consumer-centric marketing approach

In a market that puts the customer's needs first, a product will no longer be manufactured without a specific target market for which it is intended. Instead, companies will put themselves in the shoes of their consumers and aim to think about what their buyers might perceive as desirable and valuable.

Consumers place a lot of value on authenticity, and the more different and unique you are with your product or service idea, the greater your chances of success in your chosen niche.

Finally, the idea of the "consumer" concept, from the 4Cs, is to put the customers' needs before the product and to see things from their point of view.

Convenience/convenience

In marketing, there is a strategic mix called the four Cs, which stand for consumer, cost, communication, and convenience.

The four Cs focus on the consumer and are best suited for niche marketing.

In case you haven't learned about these concepts yet, here's a quick recap:

"Consumer" primarily means the person (customer) who uses the product or service.

"Cost" is equivalent to price, but has additional factors to consider.

"Communication" refers to the interaction between the seller and the buyer, which includes promotions, plus advertising, public relations, personal selling and viral advertising.

Finally, "Convenience" is similar to place ("Place" from the 4P's), but it doesn't exactly refer to the store or place itself, but rather how you get there. They also place importance on the ease of purchasing the item, finding information and even installing the product if such a need exists.

• The importance of convenience in the marketing mix

In today's fast-paced and busy lifestyle, it's important to consider how consumers can find out about and get your product to their liking.

That's why e-commerce is so successful, in the way it allows consumers to buy with just one click, without having to go to an actual store.

In addition, the Internet has given the consumer a wealth of options available from around the globe.

The key element in the "Convenience" aspect of the four C's is to make it easy for the customer to get the product. Here are some things to think about when considering making your product purchase more convenient for everyone.

• The first thing you need to do is make a list of the barriers that could prevent customers from learning about your product or service and buying it.

For each obstacle, try to find a solution for it.

You can try to see if creating a website and online store can help you increase your market presence and even sales or if availability in physical stores is adequate to solve this problem.

• Then ask yourself: In relation to online and/or in-store availability, would it be cost-effective to grow distributors or outlets nationwide to reach those areas without internet or those potential markets that have yet to find out about your product?
• It would also be nice to have a quick response system for any questions about the product and provide customer service depending on the item.

Experts cite the example of Amazon.com as a model for convenience because this website prioritized customer convenience above all else.

It includes offers of "free two-day shipping", "one-click shopping" and "no-questions-asked return policy". In this way, there is complete satisfaction from the customers regarding the services.

In conclusion, it is good to know that this concept of Comfort or Convenience covers all aspects of a sale – from before the sale process, during it, to the completion of a sale.

Cost

It is important for companies to see their products from the perspective of current and potential customers in order to develop and execute the most effective pricing strategies.

• The concept of customer cost and its importance

Cost, in the new marketing mix, considers the total amount that a customer needs to be able to own a product or to benefit from a service.

This is assessed against the availability of competitive products or substitutes in the market and the customer's budget (ie how much the customer can afford to spend).

By default, the price charged by the company is only a portion of this total amount for a customer. This concept shifts the focus from profit and the cost of producing the product to the customer's willingness and ability to pay.

E.g; A jewelry company may offer a pair of earrings for 20 lei, but if it takes 2 weeks for the order to be delivered, the customer may not be willing to wait that long or may no longer need that product , thus there is a time cost in addition to the product price of 20 lei.

Apart from transport, waiting and switching costs, the price of ownership can include psychological and environmental costs, taxes, maintenance, storage, interest and disposal.

A seller who knows the customer's total property price and ability to pay can price their products correctly to generate sales and increase profit.

Similarly, a seller might charge a person more than initially for certain products because of that person's extended willingness to pay and the psychological cost of maintaining a certain lifestyle or keeping up with fashion .

Clearly, not knowing the total cost of ownership of customers can be disastrous or disadvantageous (at least) to a company's profitability.

• Special cases: basic products

Quick service restaurants such as McDonalds or KFC and household goods manufacturers such as Lenor can rely on other factors such as packaging, image and taste (or fragrance, in the case of Lenor) to manage the perceived value of their products.

However, for staples such as potatoes and apples, which cannot be effectively differentiated from the same items sold by another supplier, competition is largely based on price.

Therefore, a seller of goods should pay more attention to other costs related to shipping, insurance and processing in order to price the products accordingly.

Questions you can ask in your customer cost assessment:

• What are the other costs of owning my product during purchase, use or storage and disposal?
• How much do these expenses add to the price I charge?
• How much can the customer pay and how much is the customer willing to pay?
• How much are competitors charging for the same or a similar product?

The 7Ps of the Marketing Mix

The 7P model is a marketing model that modifies the 4P model, or rather, adds some concepts to it.

The 7Ps are generally used in service industries.

Here are the additional elements that transition the 4Ps to the 7Ps marketing model.

• The 5th P of the Marketing Mix – People

Both target market and personas are directly related to a business.

In-depth research is important to discover whether there are enough people in your target market who would be interested in certain types of products and services.

Also, the company's employees are important in marketing because they are the ones who provide the service.

It's important to hire and train the right people to deliver superior customer service, whether they're running a help desk, customer service, copywriters, programmers, everyone in the company has a role.

When a business finds people who truly believe in the products or services a particular business creates, employees are more likely to be motivated and perform at their best.

In addition, they will be more open to honest feedback about the business and will introduce their own thoughts and passions to grow the business.

• The 6th P of the Marketing Mix – Processes

The organization's systems and processes affect service execution.

So you need to make sure you have a well-tailored process to minimize costs overall.

This could be either the entire sales process, a payment system, a distribution system, and other systematic procedures and steps to ensure that a business runs efficiently.

• The 7th P of the Marketing Mix – Physical evidence

Physical evidence also refers to how a company and its products are perceived in the market.

It is the physical proof of the presence and establishment of a business.

A concept in this sense is branding, for example; when you think of "fast food," at least nationally, you think of McDonalds or KFC.

When you think of sports, the names Nike and Adidas come to mind, maybe Puma too, and you immediately know what their market presence is.

They are generally market leaders and have established physical and psychological evidence in their marketing.

They have manipulated consumer perception so well to the point that their brands come up as the first choice when an individual is asked to "name a brand" in their niche or industry.

People

In the marketing mix, people are also very important. In fact, without them, the products would not exist. Without them, no one would be responsible for selling and bringing those products to market.

However, more often than not, the importance of people in marketing is neglected.

This is because not everyone knows what kind of behavior they should have towards their customers.

How many times have you seen businesses fail because of the people running them?

Both your target market and personas are directly related to your business.

That's why there are a few things that could help you find the best people for your team.

• Training is essential

According to Marketing Mix People expert Jim Collins, a business could be thought of as a vehicle stuck on a road and unable to move forward due to excess baggage.

Now, to move forward, you need to start letting the right people stay in the vehicle and let the wrong people – the excess baggage – out.

Company employees are important in marketing because they are the ones who provide the service.

That's why it's important to hire and train the right people to deliver superior customer service, whether they're running a help desk, customer service, copywriters, programmers, etc., each person has a role to play in any company.

• Adequate customer service

Speaking of customer relations, you must remember that a great company is one that has the best customer service available.

You should always keep in mind that you should try to please your customers and make sure that they are worth buying from your company.

If they end up having problems with your products, they need to feel that you care about solving them and that your customer service staff is willing to meet their needs.

When you have amazing customer service, people are sure to talk about your company – in the right way – and you'll be able to win more customers in the future!

• The sales process

And perhaps the biggest reason why people are important in marketing and any type of business is that they can help sell and promote your products.

Basically, there are two types of salespeople: the "order taker," who, as the name suggests, is responsible for knowing what customers want and making sure it gets met.

Then there is the shipper, the one who has to make sure that those products are delivered or reach the buyers.

You need to make sure these two "sellers" work together so that your marketing efforts are more effective. You also need to make sure they get as creative as possible when it comes to letting people know about your products.

Creative people can certainly change the world – and if you have a business, you'll be able to prove it.

Keeping the right people with you is important and your business will be on the right track.

The processes

The organization's systems and processes affect service execution.

So you need to make sure you have a well-tailored process to minimize costs.

It could be the entire sales process, a payment system, a distribution system and other systematic procedures and steps to ensure a business that runs efficiently and correctly.

Different types of processes

The marketing mix process refers to the different types of processes you can use to best market your products. These include:

• Electronic processes

This includes the use of barcodes, receipts and other shapes or graphics or logos, and the product or company information that comes with them. They may also include using those codes that you can scan using an app on your phone.

• Technological processes

This sounds vast, but it's really about the process of creating products that are tangible – that your customers can actually feel. Not only should the manufacturer create products that he wants, but he should also keep in mind that the products he produces should be the ones that would satisfy the needs of the customer.

• Direct activities

It's mainly about your customers' reactions as they test your products and how you feel about what they have to say. Think about the present tense. That's when direct activities happen.

• Indirect activities

Meanwhile, indirect activities talk about the support that happens before, during or after the service has been given. In short, this process is long – it can take a lifetime.

But if you get these processes right, you can be sure that:

• You will be able to satisfy various needs or desires of as many people as possible. In short, your audience reach will be larger and you will be able to earn more income over time. And of course, if you already have a large audience, you'll know your marketing tactics worked!
• There will be a certain sense of loyalty. This is due to the fact that when people like your products, they would want more of them and thus stay in the market for a while. When there's a high demand for your products, you'll know you've done the right thing. After all, demand should always exceed supply, instead of the other way around.
• You will receive feedback. And feedback is good and helpful. It can help you change what needs to be changed and help transform your business for the better!
• Deliver the right products and keep people close at hand. When there is a proper and effective business process, the other things will follow. And when that happens, your business is sure to thrive.

Physical Evidence

Most often, you choose to buy or choose products based only on what you see, on their physical appearance.

People rarely research information beforehand about the products they want to buy.

So, image matters a lot!

Consider, for example, the impact that well-known brands have on all people.

Have you heard of the term corporate branding?

Well, basically, it's about creating a certain face (image) for your brand.

That way, when people hear the name of your company or the products and services you offer, a logo or image of your brand would easily come to mind.

A concept in this sense is the branding of globally known companies, for example; when you think of "fast food" you think of McDonalds or KFC.

When you think of sports, the names Nike, Adidas or Puma come to mind.

They have manipulated consumer perception so well, to the point that their brands come up as the first choice when an individual is asked to "name a brand" in their niche or industry.

They are generally market leaders and have provided physical and psychological evidence in their marketing over time.

This is what you should aspire to for your company as well.

This means that if you want people to remember your company, you need to be consistent with the logos and images or color schemes you use for your packaging and promotional materials.

These include:

• banners
• Logos
• Tarpaulins
• Web Pages/Web Sites
• Employee uniforms (where applicable)
• Wrapping papers
• Business cards

In other words, in order to pique the interest of your customers or potential customers, you need to make sure that you don't follow the rules and stay put like everyone else.

I'm not saying you don't have to follow the rules exactly, but you have to be able to do something different.

No company ever became successful just trying to be what everyone expected them to be, right?

So you need to put in the extra effort – and prove that you can impress people and make money at the same time.

Frequent questions

• What is the marketing mix?

Marketing mix refers to the set of actions or tactics that a company uses to promote its image or product in the market. This mix is made up of a classification of 4 terms, called the 4Ps: product, price, place (placement) and promotion.

• What do the 4Ps mean?

The 4Ps are the terms used to characterize the basic elements of the marketing mix: product, price, place and promotion.

• What do the 7Ps mean?

The 7Ps represent key elements of a marketing mix done right.

Specifically, 3 more elements are added to the already known basic 4Ps.

The 7Ps are: product, price, place, promotion, people, processes and physical evidence.

• What is a SWOT analysis?

SWOT analysis is a method used in the business environment to help project an overview of the company. SWOT stands for Strengths, Weaknesses, Opportunities and Threats.

• Why is the marketing mix important?

For a profitable and successful business, it is necessary to identify and compose the elements of the marketing mix. These decisions help a business to:

– develop their strengths and test their limits as well as weaknesses

– to become more competitive and adapt to the market.