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The Four Ps of marketing are collectively called as the Marketing Mix. First lets understand what Marketing mix is. Its the strategy that marketing managers use to evaluate the target market. Its the blend of the 4 Ps, which are Product, Price, Promotion and Place. The marketers try the various proportions of the different Ps to get the best product with optimum price, with the right amount of promotion at the right place to get the optimal response for a product.
Four Ps of Marketing
- Product variety
- Brand name
- List price
- Payment period
- Credit terms
- Sales promotion
- Sales force
- Public relations
- Direct marketing
The marketing mix decisions must be made for influencing the trade channels as well as the final customers. The company preparing an offering mix of products, services, prices and utilizing a promotion mix of sales promotion, advertising, sales force, public relations, direct mail, telemarketing and internet to reach the trade channels and the target customers.
The firm can change its price, sales force size and advertising expenditures in the short run. It can develop new products and modify its distribution channels only In the long run.
Thus the firm typically makes a fewer period-to-period changes in the short run than in the number of marketing-mix decision variables might suggest.
A marketer’s task is to build a marketing program or plan to achieve the company’s desired objectives. The marketing program consists of numerous decisions in the mix of marketing tools to use. The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the market. These tools are broadly classified into four groups namely, product, price, place and promotion. These are called the 4Ps of marketing.
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