What is the Marketing Mix - The 4Ps: Product, Price, Place, Promotion?

The job of marketing is to make potential customers aware of your products or services. And the Marketing Mix is consists of the different strategies for doing this.

Watching this video is worth 4 Management Courses CPD Points*.
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Marketing for Managers
This video is part of course module number 8.3.3
Program 8: Managing Customers & Clients
Course 3: Marketing for Managers
Section 2: Marketing Mix

Other videos in this section include:
🎬 Marketing Mix: Product - What is the Product Marketing?    • Marketing Mix: Product - What is Product M...  
🎬 Marketing Mix: Price and Pricing Strategy    • Marketing Mix: Price and Pricing Strategy  
🎬 Marketing Mix: Place    • Marketing Mix: Place and Distribution Chan...  
🎬 Marketing Mix: What is Promotion?    • Marketing Mix: Crafting a Message - What i...  
🎬 Marketing Mix: What is Positioning?    • Marketing Mix: The Fifth P - What is Posit...  
🎬 What is the Marketing Channel Mix?    • What is the Marketing Channel Mix? Promoti...  
🎬 What is Public Relations (PR)?    • What is Public Relations (PR)?  
🎬 Guy Kawasaki: What is Enchantment?    • Guy Kawasaki: What is Enchantment?  
🎬 Seth Godin: What are Tribes?    • Seth Godin: What are Tribes?  

LESSON NOTES
Marketing Mix is the set of marketing tools, actions, or tactics, that a company can use to get the response it wants, from the market.

James Culliton: marketers as ‘mixers of ingredients’.
Neil Borden: the term ‘Marketing Mix’
E. Jerome McCarthy: the ‘Four Ps of Marketing’.

Jerome McCarthy’s 4 Ps of Marketing
The original Marketing Mix formulation was:
• Product
• Price
• Place
• Promotion

Give me four Ps and I’ll find you more:
Physical Evidence
Process
People
Performance
Packaging
Politics
Partners
Positioning

Koichi Shimizu in 1973:
• Commodity (product)
• Cost (price)
• Communication (promotion)
• Channel (place)
Later, he expanded this to 7, adding:
• Corporation
• Consumer
• Circumstances

Robert Lauterborn in 1990. He chose a similar set, which he optimised for niche marketing:
• Customer Value (product)
• Cost (price)
• Communication (promotion)
• Convenience (place)


RECOMMENDED EXERCISE
1. Think about a product or service your organization produces and markets. What are the elements of its marketing in terms of the four Ps of product, price, place, and promotion? (4 MC CPD Points) - if your organization doesn't produce a product or service, then pick one you are familiar with either through your work or domestic life.

2. Now go through the other elements of the marketing mix for that product (4 MC CPD Points)


DOWNLOADS
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RECOMMENDED READING
📖 Very quick overview
Marketing: A Very Short Introduction https://geni.us/ozSJF
📖 Good general overviews
Kotler on Marketing https://geni.us/JNeVHy
Positioning: The Battle for Your Mind https://geni.us/kGj4KCA
The 22 Immutable Laws of Marketing https://geni.us/RVU1
Marketing For Dummies https://geni.us/sZXAw
📖 Small business marketing
The 1-Page Marketing Plan https://geni.us/Xb4wBk
📖 For a textbook, you can’t go wrong with Kotler’s name on it!
Marketing: An Introduction https://geni.us/q4gzVOw
Principles of Marketing https://geni.us/gsFeMT5
Marketing Management https://geni.us/i3FO

⭕️ Links to our book recommendations are affiliated through Amazon

Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-... (the links are affiliated)

MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
You can record your Management Courses CPD points on our free, downloadable CPD record log.
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