Marketing Mix 4P
This article explains the marketing mix 4P by E. Jerome McCarthy in a practical way. After reading you will understand the basics of this powerful marketing strategy tool.
What is the Marketing Mix 4P?
Organizations often wish to use the traditional marketing mix in order to deploy their marketing strategy as effectively as possible. In the 1960s, the American marketeer, E. Jerome McCarthy, provided a framework by means of the marketing mix: the 4 P's.
The 4P 's include Price, Promotion, Product and Place. According to McCarthy, marketeers can draw up a good marketing plan and improve operating results visibly by using the right combination and variables. The 4 P's are also know as the basic marketing mix.
Marketing mix 4P 's are multi usable
McCarthy’s 4P 's are especially relevant in the marketing of consumer goods (B2C), such as supermarket products or durable goods like white goods and cars.
Nevertheless, the marketingmix (4P 's) are also used for B2B marketing. For example, stationery supplies for companies, in which the 4P 's are used in the best possible way. However, it is a fact that the 4P 's mainly target the sales of products and apply to the sales of services to a lesser extent.
As the terms product, price, place and promotion also start with the letter ‘P’ in many languages, the marketing mix (4P 's) are known all over the world and they are therefore a much-used marketingmix model.
This ´P´ is called the ‘product mix’. This applies to both physical products and services. Sometimes the product is split up into:
The basic product. It is purely about the functional and aesthetic-al characteristics such as dimensions, function and life.
The physical product with added qualities such as packaging, brand name, service and guarantee.
The extensive product plus emotional, instrumental and expressive qualities and/or values that the consumers attach to this. The product is final for the short term. Changing the product by changing the packaging or new innovations, however, takes time.
The price is an important factor for both the supplier and the consumer and is mainly determined by the proportional relationship between supply and demand. The price can be adjusted quickly, as a result of which this marketing instrument is frequently used. This involves costs. In micro-economics they are referred to as menu costs; whenever a price increase has to be implemente...
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