A definition of marketing that I like is “putting the right product in the right place at the right price at the right time ”. Each of these points seems simple, but hides a lot of work behind it. And for the product to work, you need all of them to be on point: a single element out of place can be a complete disaster for your brand.
The marketing mix is a concept that we use to refer to the entire set of decisions that organizations must make to bring a product or service to market. There are different ways to classify these decisions. The 4 Ps is probably the best known and most useful, but there is also talk of the 7Ps (an expanded version of them) or even the 4Cs (from the consumer’s point of view).
The 4Ps of Marketing
As we have just seen, the 4Ps are a simple formula for identifying and working on the core elements of the marketing mix . Although it is by no means new (it was first proposed by EJ McCarthy back in the 1960s), it is still a highly desirable classification to quickly clarify the central points of your marketing strategy. It is based on four different elements (whose names begin with pe in English):
1# Product or service (Product)
The product or service is at the root of any marketing strategy, since it is the means through which the needs of the target audience are satisfied: what can we offer them?
From the point of view of modern marketing, it is preferable to define the product from the needs and motivations of the customer and the benefits it provides, rather than from the “objective” characteristics or attributes.
Within this P of marketing we must define the Philippines Phone Number List company’s product portfolio, what its life cycle is and how they differ from the competition. The image, brand, packaging or after-sales services also fall within this key element.
2# Point of sale or distribution (Place)
Distribution deals with defining and managing the channels for a product to reach consumers. The strategic marketing points can range from an e-commerce to a distribution chain with physical stores in several countries.
The purpose of the distribution strategy is TR Numbers both to facilitate customer access to the product or service and to help sales by providing a good brand experience.
Within this P we have all kinds of decisions regarding storage, inventory management, transportation, location of sales point, off and online order processes.
