![]() ![]() ![]() The Knowledge Base materials on this page have not yet been updated to reflect changes to our Handbook and the adoption of UK versions of relevant EU legislation (such as the Prospectus Regulation and the Market Abuse Regulation) which came into effect at the end of the Brexit transition period on 31 December 2020. Want to learn how to understand and talk to your customers? Join us for our next cohort of the Customer Development Immersive.Įxpanding your business into a new market? Sign up to access our International Growth Collection -it features specialized resources built in partnership with Export Development Canada.Application of Knowledge Base materials (such as technical notes and procedural notes) under the Prospectus Regulation and following the end of the Brexit transition period ![]() ![]() Communication, not promotion: Customers want two-way communication with the companies that make the product.Convenience, not place: Customers want products and services to be as convenient to purchase as possible.Customer cost, not price: Customers want to know the total cost of acquiring, using and disposing of a product.Customer solutions, not products: Customers want to buy value or a solution to their problems.They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller). The four Ps of the marketing mix can be reinterpreted as the four Cs. The buyer’s view should be marketing’s main concern. As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups.Īnother key problem is that the four Ps focus on the seller’s view of the market. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). The four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets. It is designed to meet the company’s marketing objectives by providing its customers with value. Promotion: advertising, personal selling, sales promotion, public relationsĪn effective marketing strategy combines the 4 Ps of the marketing mix.Place: channels, coverage, assortments, locations, inventory, transportation, logistics.Price: list price, discounts, allowance, payment period, credit terms.Product: variety, quality, design, features, brand name, packaging, services.Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.Įach of the four Ps has its own tools to contribute to the marketing mix:.Place (or distribution): The activities that make the product available to consumers.Price: The amount of money paid by customers to purchase the product.Product: The goods and/or services offered by a company to its customers.The marketing mix can be divided into four groups of variables commonly known as the four Ps: The four Ps of marketing: product, price, place and promotion It is also a tool to help marketing planning and execution. It consists of everything that a company can do to influence demand for its product. The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. ![]()
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