What Is The 4P Marketing Matrix?

      161
Marketing is simplistically defined as ‘putting the right hàng hóa in the right place, at the right price, at the right time.’ Though this sounds lượt thích an easy enough proposition, a lot of hard work và research needs lớn go into lớn setting this simple definition up. And if even one element is off the mark, a promising sản phẩm or service can fail completely and over up costing the company substantially.

Bạn đang xem: What is the 4p marketing matrix?

The use of a sale mix is an excellent way lớn help ensure that ‘putting the right hàng hóa in the right place,…’ will happen. The kinh doanh mix is a crucial tool khổng lồ help underst& what the product or service can offer và how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, và Place.

These have sầu been extensively added khổng lồ và expanded through additional P’s và even a 4C concept. But the 4Ps serve as a great place lớn start planning for the hàng hóa or even khổng lồ evaluate an existing sản phẩm offering.


*

In this article, we will look at 1) the four P’s, 2) history of the marketing phối concept & terminology, 3) purpose of the kinh doanh mix, 4) key features of the sale mix, 5) developing a sale mix, 6) key challenges, & 7) kinh doanh set example – Nivea.

THE FOUR P’S

Product

The product is either a tangible good or an intangible service that is seem khổng lồ meet a specific customer need or demvà. All products follow a logical hàng hóa life cycle & it is vital for marketers lớn understand & plan for the various stages & their quality challenges. It is key to lớn understand those problems that the product is attempting lớn solve. The benefits offered by the hàng hóa and all its features need khổng lồ be understood & the chất lượng selling proposition of the sản phẩm need lớn be studied. In addition, the potential buyers of the sản phẩm need khổng lồ be identified và understood.


Price

Price covers the actual amount the end user is expected lớn pay for a hàng hóa. How a product is priced will directly affect how it sells. This is linked to lớn what the perceived value of the sản phẩm is to the customer rather than an objective sầu costing of the product on offer. If a hàng hóa is priced higher or lower than its perceived value, then it will not sell. This is why it is imperative khổng lồ underst& how a customer sees what you are selling. If there is a positive sầu customer value, than a hàng hóa may be successfully priced higher than its objective monetary value. Conversely, if a product has little value in the eyes of the consumer, then it may need to be underpriced to sell. Price may also be affected by distribution plans, value chain costs & markups và how competitors price a rival hàng hóa.

Promotion

The kinh doanh communication strategies & techniques all fall under the promotion heading. These may include advertising, sales promotions, special offers và public relations. Whatever the channel used, it is necessary for it lớn be suitable for the sản phẩm, the price & the kết thúc user it is being marketed to. It is important lớn differentiate between marketing and promotion. Promotion is just the communication aspect of the entire marketing function.

Place

Place or placement has to lớn do with how the sản phẩm will be provided to the customer. Distribution is a key element of placement. The placement strategy will help assess what channel is the most suited lớn a product. How a hàng hóa is accessed by the end user also needs to lớn compliment the rest of the sản phẩm strategy.

The Marketing Mix

*

HISTORY OF MARKETING MIX CONCEPT AND TERMINOLOGY

The marketing phối concept gained popularity following an article titled “The Concept of the Marketing Mix” by Neil Borden published in 1964. Borden explained how he started using the term inspired by James Culliton who in the 1940s described the sale manager as a ‘mixer of ingredients.’ Borden’s article detailed these ingredients as product, planning, price, branding, distribution, display, packaging, advertising, promotions, personal selling aước ao many others. Eventually E. Jerome McCarthy clustered these multiple items inkhổng lồ four high màn chơi categories that we now know as the 4 P’s of marketing. “Its elements are the basic, tactical components of a marketing plan”. Together, elements in these four categories help develop marketing strategies and tactics.

PURPOSE OF MARKETING MIX

The 4P’s were formalized và developed over the years by experts to ensure the creation và execution of a successful kinh doanh strategy. Through the use of this tool, the attempt is khổng lồ satisfy both the customer & the seller. When properly understood and utilized, this phối has proven khổng lồ a key factor in a product’s success.

KEY FEATURES OF MARKETING MIX

Interdependent variables

The sale phối is made up of four quality variables. These four variables are interdependent and need khổng lồ be planned in conjunction with one another to ensure that the action plans within all four are complimentary & aligned.

Help Achieve sầu Marketing Targets

Through the use of this mix of variables, the company can achieve sầu its kinh doanh targets such as sales, profits, and customer retention & satisfaction.

Xem thêm: Danh Sách Các Máy Tìm Kiếm Tốt Nhất Trên Internet, Danh Sách Các Công Cụ Tìm Kiếm

Flexible Concept

The marketing mix is a fluid and flexible concept and the focus on any one variable may be increased or decreased given chất lượng kinh doanh conditions & customer requirements.

Constant Monitoring

It is vital lớn keep an eye on changing trends and requirements, within the company as well as in the market lớn ensure that the elements in kinh doanh phối stays relevant and updated.

Role of Marketing Manager

A mature, intelligent and innovative sầu kinh doanh manager needs to lớn be at the helm of the marketing phối. This pivotal role means that this manager is responsible for achieving desired results through the skill manipulation of these variables.

Customer as a focal point

A vital feature of the sale phối is that the customer is the focal point of the activity. The value of the product is determined by customer perceptions & the goal is to achieve sầu a satisfied và loyal customer.

This đoạn Clip shows how you can create value by using the kinh doanh phối.

DEVELOPING A MARKETING MIX

Intuition and creative thinking are essential job requirements for a kinh doanh manager. But relying on just these can lead to lớn inaccurate assumptions that may not kết thúc up delivering results. To ensure a kinh doanh mix that is based in research và combines facts with innovation, a manager should go through the following systematic process:

Step 1: Defining Unique Selling Proposition

The first thắng lợi on the marketing manager’s agendomain authority should be lớn define what the sản phẩm has lớn offer or its unique selling proposition (USP). Through customer surveys or focus groups, there needs to be an identification of how important this USPhường. is to the consumer và whether they are intrigued by the offering. It needs lớn be clearly understood what the key features và benefits of the product are and whether they will help ensure sales. This applies khổng lồ physical goods, services, và online businesses.

Step 2: Understanding the Consumer

The second step is to underst& the consumer. The hàng hóa can be focused by identifying who will purchase it. All other elements of the kinh doanh set follow from this understanding. Who is the customer? What bởi they need? What is the value of the sản phẩm khổng lồ them? This understanding will ensure that the hàng hóa offering is relevant và targeted.

Step 3: Understanding the Competition

The next step is to underst& the competition. The prices & related benefits such as discounts, warranties and special offers need to lớn be assessed. An understanding of the subjective sầu value of the sản phẩm & a comparison with its actual manufacturing distribution cost will help mix a realistic price point.

Step 4: Evaluating Placement Options

At this point the marketing manager needs to lớn evaluate placement options khổng lồ underst& where the customer is most likely to lớn make a purchase và what are the costs associated with using this channel. Multiple channels may help target a wider customer base và ensure east of access. On the other h&, if the hàng hóa serves a niche market then it may make good business sense to concentrate distribution to a specific area or channel. The perceived value of the product is closely tied in with how it is made available.

Step 5: Developing Communication / Promotion strategy

Based on the audience identified và the price points established, the sale communication strategy can now be developed. Whatever promotional methods are finalized need lớn appeal khổng lồ the intended customers and ensure that the key features và benefits of the hàng hóa are clearly understood and highlighted.

Step 6: Cross-check of the Marketing Mix

A step bachồng needs khổng lồ be taken at this point khổng lồ see how all the elements identified and planned for relate khổng lồ each other. All marketing mix variables are interdependent & rely on each other for a svào strategy. Do the proposed selling channels reinforce the perceived value of the product? Is the promotional material in keeping with the distribution channels proposed? The marketing plan can be finalized once it is ensured that all four elements are in harmony và there are no conflicting messages, either implicit or explicit.