Four P's Of Marketing Mix In Management
The Marketing Mix is term to use and specification of the four P's of marketing management which describes the strategic position of a product in the marketplace. A Market Mix is the set of controllable, tactical marketing tools that work together to achieve company's objectives, they are as Product, Price, Place and Promotion. These Four P's of Market Mix of the Marketing Management is must important while we decide a new business to set up and run smoothly. So theses market mix is defined in brief below,
1. Product - A tangible object possessing utility or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often services based like the hotel industry and tourism industry. Typical examples of mass produced tangible objects are the motor car and disposable razor. A less obvious but omnipresent mass produced services is a computer operating system. It also involves core products also i.e. style, design, color, shape and other characteristics.
2. Price - The price is the amount a customer pays for the product. It is determined by a number of factors including market shares, competition, material costs, product identity and the consumer's perceived value of the product. The price mix decision involves decision regarding pricing strategy, pricing policy, basic price, terms of credit, discount, allowance.
3. Place - Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual store on the internet. It also involves intermediate likes - wholesalers, retailers, agents.
4. Promotion - Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relation, word of mouth and point of sale.
These all the 4 P's of the market mix in the marketing management where it plays an important role in every marketers life. This is the key of every marketers' success.
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| Four P's Of Marketing |
1. Product - A tangible object possessing utility or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often services based like the hotel industry and tourism industry. Typical examples of mass produced tangible objects are the motor car and disposable razor. A less obvious but omnipresent mass produced services is a computer operating system. It also involves core products also i.e. style, design, color, shape and other characteristics.
2. Price - The price is the amount a customer pays for the product. It is determined by a number of factors including market shares, competition, material costs, product identity and the consumer's perceived value of the product. The price mix decision involves decision regarding pricing strategy, pricing policy, basic price, terms of credit, discount, allowance.
3. Place - Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual store on the internet. It also involves intermediate likes - wholesalers, retailers, agents.
4. Promotion - Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relation, word of mouth and point of sale.
These all the 4 P's of the market mix in the marketing management where it plays an important role in every marketers life. This is the key of every marketers' success.
