Download Marketing mix. product. price. place. promotion.

Marketing mix.
To achieve desired results from the target markets, marketers use various tools. These tools are
known as marketing mix. It is the set of marketing tools that organization uses to pursue its
marketing objectives. McCarthy classified these tools into four broad groups that are known as four
P’s of marketing. They are

Product.

Price.

Place.

Promotion.
Robert Lauterborn suggested that the sellers’ four P’s are equivalent to customers’ four C’s. They are
as given below.

Product – customer solution.

Price – customer cost.

Place – convenience.

Promotion – communication.
product.
price.
place.
promotion.
Each of the four tools are described in detail as given below.
1. Product : product is anything which can satisfy a need or want and has market value.
Product decisions include
a. Product variety.
b. Quality.
c. Design.
d. Brand name.
e. Features.
f.
Sizes.
g. Services.
h. Warranties.
i.
Returns.
j.
Packaging etc..
2. Price : price is the exchange value of the product. Price decisions include
a. List price.
b. Discounts.
c. Payment period.
d. Allowances.
e. Credit terms etc..
3. Place : place means channels through which products reaches to consumers. Place decisions
include
a. Channels.
b. Coverage.
c. Locations.
d. Transport.
e. Inventory.
f.
Assortments etc..
4. Promotion : promotion is communication to customer favouring product, organization or
related things. Promotion decisions include
a. Sales promotion.
b. Advertising.
c. Public relations.
d. Publicity.
e. Sales force.
f.
Network marketing.
g. Direct marketing etc..
For service marketing, there are more three P’s in addition to the above given four P’s. They are
process, physical evidence and people. In service marketing process is even important and not only
final product unlike goods marketing. Even physical evidence is required that service is provided. The
people providing and receiving services are also important in service marketing.
There are many P’s developed after abovementioned P’s. They are relatively new and can no
establish their importance as the abovementioned P’s. They are pace, politics, power, performance
etc.. But, the basics include four P’s for goods marketing and in addition to that, three more P’s for
service marketing.