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http://www.YourMarketingProfessor.com. Video provides an introduction to what is the Marketing Mix and the 4Ps. It is intended for marketing and business students or anyone interested in learning about the foundations of Marketing.
For more information, including lessons on internet and social media marketing, visit YourMarketingProfessor.com.
What is the Marketing Mix script:
In this lesson we are going to talk about what is the marketing mix.
The Marketing Mix at a basic level is simply an organizational framework. It is a framework that helps marketers to consider all aspects needed to satisfy customer needs.
One of the most commonly used marketing mix frameworks is referred to as the 4Ps.
The 4Ps are made up of Promotion, Price, Product and Place. As you can see each of these subcategories begins with a P — hence the name the 4Ps.
As mentioned, the marketing mix is an organizational framework. So, what this is saying is that we as marketers have to look at each one of these subcategories in detail to develop a comprehensive overall strategy.
In-other-words, If you have the best product in the word, but you don't have appropriate pricing, promotion (or communication) and place (or distribution) strategies to go along with your product strategy, the product probably won't be successful. And, visa versa.
In a future video we will discuss what specific issues are included in each of the 4Ps.
Another way to think about the marketing mix or the 4Ps is that these are the levers that marketers can control or adjust to satisfy customers. These are the things that we have control over to compete against other companies for customers.
Since we have control over these issues, these are sometimes referred to as the controllable variables. This means that the terms marketing mix, 4Ps and controllable variables are often used interchangeably.
So, how do we know how to adjust the 4Ps?
The answer to that question lies in the target market. By understanding the target market, we can make educated decisions about how to best adjust each of the 4Ps to satisfy their needs.
All of the 4Ps must work together to support our overall positioning. We will be discussing positioning in a future video.
One final point to note is that the 4Ps is just one of the possible marketing mix frameworks. Other instructors, authors, textbooks, and industry professionals might use slightly different terminology. For instance Place is sometimes referred to as the distribution strategy. And, sometimes people use a fifth category titled service (which in the 4Ps is included under Product).
But, the underlying concept remains the same regardless of the ultimate terms or specific categorization. The object remains the same — to provide a framework to help us as marketers to make sure we are considering all aspects needed to develop an overall workable and comprehensive strategy. In-other-words, it helps us to not forget any details.
This concludes are lesson on What is the Marketing Mix. For more information watch the next video or visit yourmarketingprofessor.com.