Marketing Mix

Promotion

Promotion is a way of communication to pass message to customers about firms products and services. The other 3Ps (product,price and place) message is transferred via the 4th P(promotion), target market feel happy to know about the new product and services offered to them. Price factor in marketing mix encompassed the following factors channels, coverage, assortments,l ocations, inventory. transportation and logistics.

Marketing mix perspectives

There are two perspectives of marketing mix one is from buyer point of view and other is from customer point of view.

Seller marketing mix

The firm see themselves as the seller of the product the above discussion about the 4P’s tells the benefits of the seller not the customer.

Buyer marketing mix

Buyer looking toward the offering not as 4P’s, buyer is searching a solution within the product if the needs and wants are meet then first P(product) match the customer first C(customer solution). Buyer always wish to get a good retail price for the product to increase his profit margin  but its not the thing most of the customers are not rarely bother about the price of the product,what they are looking for? is cost of the product which they have to pay by acquiring,using, maintaining, storing and disposing the product. The second P(price) should take care of second C(customer cost) will lead the product towards the success, customer feel easy to buy the product at good market price.

Firm offer their product at many location does not means that their availability is high, deep analysis is required before selecting the location for firm products and services. Firm must look third customer C(convenience) for the buyer third P (place). Firms most of the times promote their products by spending huge amount on advertising, personal selling, sales promotion and public relation. Marketing budget is not the only thing to promote the products,what  matters is the communication message to the target market, seller should find out whether the message is quite clear to change the perception of buyers,to make them understand about the product,to communicate merits of the products, channels are appropriate or not. If the firm find the answers of these questions then their promotion strategy will work otherwise its a waste of money as well as time.

Criticism on Marketing Mix

There are several criticism on marketing mix due to this reason many versions of marketing mix are available on different text books. Some critics feel  four P’s omit  important activities such as service, the answer for this question is service is considered as part of  product it does mean that service start with S so it can’t be the part of the first P(Product). Its not matter whether their are four P’s, six P’s or eight P’s the thing is marketing manager can take a better decision by properly blending variables.