INTRODUCTION
It is not enough to generate product ideas. These ideas must be turned to appropriate products or services desired by the consumers; otherwise, the products are as useless as if they did not come into existence. In addition, these products must be adequately priced, promoted and distributed through the most appropriate media at minimum costs to reach the target consumers. These activities involve a lot of tasks which must be adequately planned and executed by individuals saddled with such responsibilities. In this unit, we shall examine the marketing mix known as the 4ps and its implications on marketing activities.OBJECTIVES
At the end of through this unit, you should be able to:
• explain the 4ps of the marketing mix
• discuss the importance of the marketing mix in marketing
• state the role of 4ps in marketing activities.
MAIN CONTENT
The Marketing MixOnce the company has decided on its overall competitive marketing strategy, it is ready to begin planning the details of the marketing mix. The marketing mix is one of the major concepts in modern marketing.
Marketing mix is defined as the set of controllable, tactical marketing tools that the firm blends together to produce the response it wants in the target market. In other words, the marketing mix consists of everything the firm can do to influence the demand for its product. It is also described as the combination of the four inputs that constitute the core of a company’s marketing system: the product, the price, place and the promotion.
It should be noted however that the four ingredients in the mix are interrelated. Also, the decisions in one area usually affect action in the others. Each of these four variables contains countless variables. For instance, a company may market one product or several related or unrelated products. It may distribute its products/services through wholesalers, or directly to retailers, and so on. It therefore implies that management must select the combination that will best adapt to the environment. In essence, management is seeking the mix that will lead to the optimal synergistic results.
The Product
Product means the goods and services’ combination the company offers to the target market. A product, service or idea may be defined as something which is given to consumers in exchange for a price. Managing the product ingredients includes planning and developing the right products and/or services to be marketed by the company.
Guidelines are needed for changing existing products, adding new ones, and taking other actions that affect the assortment of products carried. Activities related to a product, service or idea include the following: quality, features, style, brand name, packaging, sizes, services, warranties, returns, etc.
Research and experience in the marketplace have indicated that a marketer should treat the product as a bundle of satisfaction offered to consumers rather than as a physical item. This is so, because consumers really seek satisfaction of their needs and desires rather than physical products. For example, the purchaser of a refrigerator wants trouble- free operation, space, convenience, an aesthetic design rather than just a refrigerator cabinet and motor. Also, the buyer of a wristwatch wants accurate timing, reliability, status, attractive design and no maintenance, not merely pieces of metal, plastic, and glass. Therefore, marketers who view the product as a bundle of satisfaction are able to fulfil their mission of servicing the consumer, and can benefit accordingly through increased sales.
Do kindly attempt this question:
SELF-ASSESSMENT EXERCISE 1
List the product attributes or bundle of satisfaction that a purchaser would want in the case of the following products:
i. Colour film
ii. Personal computer
iii. A book.
It should be noted however that the four ingredients in the mix are interrelated. Also, the decisions in one area usually affect action in the others. Each of these four variables contains countless variables. For instance, a company may market one product or several related or unrelated products. It may distribute its products/services through wholesalers, or directly to retailers, and so on. It therefore implies that management must select the combination that will best adapt to the environment. In essence, management is seeking the mix that will lead to the optimal synergistic results.
The Product
Product means the goods and services’ combination the company offers to the target market. A product, service or idea may be defined as something which is given to consumers in exchange for a price. Managing the product ingredients includes planning and developing the right products and/or services to be marketed by the company.
Guidelines are needed for changing existing products, adding new ones, and taking other actions that affect the assortment of products carried. Activities related to a product, service or idea include the following: quality, features, style, brand name, packaging, sizes, services, warranties, returns, etc.
Research and experience in the marketplace have indicated that a marketer should treat the product as a bundle of satisfaction offered to consumers rather than as a physical item. This is so, because consumers really seek satisfaction of their needs and desires rather than physical products. For example, the purchaser of a refrigerator wants trouble- free operation, space, convenience, an aesthetic design rather than just a refrigerator cabinet and motor. Also, the buyer of a wristwatch wants accurate timing, reliability, status, attractive design and no maintenance, not merely pieces of metal, plastic, and glass. Therefore, marketers who view the product as a bundle of satisfaction are able to fulfil their mission of servicing the consumer, and can benefit accordingly through increased sales.
Do kindly attempt this question:
SELF-ASSESSMENT EXERCISE 1
List the product attributes or bundle of satisfaction that a purchaser would want in the case of the following products:
i. Colour film
ii. Personal computer
iii. A book.
Social Plugin