Marketing Mix – the 4 P’s of Marketing

Marketing Mix – The 4 p’s of marketing

October 6, 2011 By Hitesh Bhasin

http://www.marketing91.com/marketing-mix-4-ps-marketing/

The Marketing mix is a set of four decisions, which need to be taken before launching any new product. These variables are also known as the 4 P’s of marketing. These four variables help the firm in making strategic decisions necessary for the smooth running of any product / organization. These variables are

1. Product

2. Price

3. Place

4. Promotions

Marketing mix is mainly of two types.

1) Product marketing mix – Comprised of Product, price, place and promotions. This marketing mix is mainly used in case of Tangible goods.

2) Service marketing mix – The service marketing mix has three further variables included, which are people, physical evidence, and process. They discussed in detail in the article on service marketing mix.

Neil H Borden first coined the term marketing mix back in 1964 in his article “The concept of marketing mix”. Several strategic analysts over the years believe that the marketing mix can make or break the firm. Having the right marketing mix at the start of the marketing plan is essential. Over time, the concept of marketing mix has provided a steady platform for the launch of a new product or business.

As mentioned before, the marketing mix have characterized by four different but equally important variables. These variables are never constant and may have changed over time. However, a change in one of the variables may cause a change in all the other variables as well. The variables are as follows

1) Product – The first thing you need, if you want to start a business, is a product. Therefore Product is also the first variable in the marketing mix. Product decisions are the first decisions you need to take before making any marketing plan. A product can be divided into three parts. The core product, the augmented product and the tertiary product. Before deciding on the product component...