Marketing Mix and 4 Ps of Marketing

Marketing Mix is one of the most important concepts in Marketing Management. Every marketer needs to attend carefully to certain elements relating to marketing to attract customers and improve sales. These elements are 

(1.) Product, (2.) Price,  (3.)Place and (4.)Promotion.

The right combination of these four concepts is the key to successful marketing. These four elements are called ' 4Ps' of marketing and the appropriate combination of the same for optimising sales is known as 'marketing mix'

Marketing Mix can thus be defined as the combination of the four inputs, which constitute the core of a company's marketing system, the inputs being product, price, place and promotion.

The important aspects which should be taken care of regarding the 4Ps are given below.

1. Product:

• Style, shape, design, colour, quality and other physical features of a product.
• Product Range
• Packing and labeling of the product
• Branding and trade marking the product
• Product improvement and innovation and
• Product servicing.

2. Price:

 Pricing plays a critical role in marketing of a product. Its variables and determinants are

• Pricing Policies
• Discounts and other concessions offered to attract customers and capturing the market.
• Conditions for credit sale.
• Terms of product delivery and 
• Selection and use of pricing strategy.

3. Place (Distribution Channel): 

Delivery of goods at the right time and right place should be the aim of the right distribution system. The determinants of a good distribution channel are 

• Types of intermediaries like wholesalers and retailers available for distribution of products.
• Availability of marketing channels for distribution.
• Transportation, storage and controlling inventory for making the product available to customers easily and economically.

4. Promotion:

Promotion can be considered as the persuasive communication by the manufacturer/ marketer about the product to the consumer. It determinants are

• Sales promotion measures at various levels.
• Publicity and advertisement for the product.
• Public relation tactics for establishing and enhancing cordial relations with consumers and dealers.
• Display of products for sales promotion.

Each of the 4 Ps is important in its own way for successful marketing of the product, which can be achieved only with a proper combination of the same.

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