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The marketing mix is the set of controllable, tactical marketing tools that a
company uses to produce a desired response from its target market
(https://www.marsdd.com/mars-library/marketing-strategy-for-startup-
success-identifying-and-understanding-your-target-customer-and-market-
segments/). It consists of everything that a company can do to influence
demand for its product. It is also a tool to help marketing planning and
execution.
FILED UNDER
Marketing
(https://www.marsdd.co
m/tag/marketing/)
Strategy
(https://www.marsdd.co
m/tag/strategy/)
RECOMMENDED
The marketing mix in
marketing strategy: Product,
price, place and promotion
05 Apr 2014
f
(https://www.facebook.com
u=https%3A%2F%2Fwww.m
library%2Fthe-
marketing-
mix-
in-
marketing-
strategy-
product-
price-
place-
and-
promotion%2F)
g
(https://plus.google.c
url=https%3A%2F%2
library%2Fthe-
marketing-
mix-
in-
marketing-
strategy-
product-
price-
place-
and-
promotion%2F)
t
(https://twitter.
text=The+marke
library%2Fthe-
marketing-
mix-
in-
marketing-
strategy-
product-
price-
place-
and-
promotion%2F&
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(http://ww
mini=true
library%2
marketing
mix-
in-
marketing
strategy-
product-
price-
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promotio
MaRS (https://www.marsdd.com)
The four Ps of marketing: product, price, place and
promotion
The marketing mix can be divided into four groups of variables commonly
known as the four Ps:
1. Product: The goods and/or services o ered by a company to its
customers.
2. Price: The amount of money paid by customers to purchase the
product.
3. Place (or distribution): The activities that make the product
available to consumers.
4. Promotion: The activities that communicate the product’s
features and benefits and persuade customers to purchase the
product.
Marketing tools
Each of the four Ps has its own tools to contribute to the marketing mix:
Product: variety, quality, design, features, brand name,
packaging, services
Price: list price, discounts, allowance, payment period, credit
terms
Place: channels, coverage, assortments, locations, inventory,
transportation, logistics
Promotion: advertising, personal selling, sales promotion,
public relations
Marketing strategy
An e ective marketing strategy combines the 4 Ps of the marketing mix. It is
designed to meet the company’s marketing objectives by providing its
customers with value. The 4 Ps of the marketing mix are related, and
combine to establish the product’s position within its target markets.
Weaknesses of the marketing mix
The four Ps of the marketing mix have a number of weaknesses in that they
omit or underemphasize some important marketing activities. For example,
services are not explicitly mentioned, although they can be categorized as
products (that is, service products). As well, other important marketing
activities (such as packaging) are not specifically addressed but are placed
within one of the four P groups.
Another key problem is that the four Ps focus on the seller’s view of the
market. The buyer’s view should be marketing’s main concern.
The four Ps as the four Cs
Startups and sales
promotions: What to
know in your e orts
to boost sales
(https://www.marsdd.com/mars
library/startups-and-sales-
promotions-your-e orts-to-
boost-sales/)
Sales and customer
behaviour: Mapping
buyer response
modes
(https://www.marsdd.com/mars
library/assessing-potential-
customer-responses-to-your-
sales-proposition-and-mapping-
buyer-response-modes/)
15 marketing tips for
2017: The dawn of
the full stack
marketer
(https://marsdd.com/news-
and-insights/15-marketing-
tips-2017-dawn-full-stack-
marketer/)
The four Ps of the marketing mix can be reinterpreted as the four Cs. They
put the customer’s interests (the buyer) ahead of the marketer’s interests
(the seller).
Customer solutions, not products: Customers want to buy value
or a solution to their problems.
Customer cost, not price: Customers want to know the total cost
of acquiring, using and disposing of a product.
Convenience, not place: Customers want products and services
to be as convenient to purchase as possible.
Communication, not promotion: Customers want two-way
communication with the companies that make the product.
See next: Growth Marketing Playbook
(https://www.marsdd.com/collections/growth-marketing-playbook/)
References
Kotler, P., Armstrong, G., Cunningham, P.H. (2005). Principles of
Marketing. Toronto: Pearson Education Canada. pp. 67-70.
© 2018 COPYRIGHT MaRS DISCOVERY DISTRICT. ALL RIGHTS RESERVED.

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Marketing strategy marketing mix product, price, place & promotion _ entrepreneur’s toolkit

  • 1. Skip to content The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market (https://www.marsdd.com/mars-library/marketing-strategy-for-startup- success-identifying-and-understanding-your-target-customer-and-market- segments/). It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. FILED UNDER Marketing (https://www.marsdd.co m/tag/marketing/) Strategy (https://www.marsdd.co m/tag/strategy/) RECOMMENDED The marketing mix in marketing strategy: Product, price, place and promotion 05 Apr 2014 f (https://www.facebook.com u=https%3A%2F%2Fwww.m library%2Fthe- marketing- mix- in- marketing- strategy- product- price- place- and- promotion%2F) g (https://plus.google.c url=https%3A%2F%2 library%2Fthe- marketing- mix- in- marketing- strategy- product- price- place- and- promotion%2F) t (https://twitter. text=The+marke library%2Fthe- marketing- mix- in- marketing- strategy- product- price- place- and- promotion%2F& N (http://ww mini=true library%2 marketing mix- in- marketing strategy- product- price- place- and- promotio MaRS (https://www.marsdd.com)
  • 2. The four Ps of marketing: product, price, place and promotion The marketing mix can be divided into four groups of variables commonly known as the four Ps: 1. Product: The goods and/or services o ered by a company to its customers. 2. Price: The amount of money paid by customers to purchase the product. 3. Place (or distribution): The activities that make the product available to consumers. 4. Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product. Marketing tools Each of the four Ps has its own tools to contribute to the marketing mix: Product: variety, quality, design, features, brand name, packaging, services Price: list price, discounts, allowance, payment period, credit terms Place: channels, coverage, assortments, locations, inventory, transportation, logistics Promotion: advertising, personal selling, sales promotion, public relations Marketing strategy An e ective marketing strategy combines the 4 Ps of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value. The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets. Weaknesses of the marketing mix The four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups. Another key problem is that the four Ps focus on the seller’s view of the market. The buyer’s view should be marketing’s main concern. The four Ps as the four Cs Startups and sales promotions: What to know in your e orts to boost sales (https://www.marsdd.com/mars library/startups-and-sales- promotions-your-e orts-to- boost-sales/) Sales and customer behaviour: Mapping buyer response modes (https://www.marsdd.com/mars library/assessing-potential- customer-responses-to-your- sales-proposition-and-mapping- buyer-response-modes/) 15 marketing tips for 2017: The dawn of the full stack marketer (https://marsdd.com/news- and-insights/15-marketing- tips-2017-dawn-full-stack- marketer/)
  • 3. The four Ps of the marketing mix can be reinterpreted as the four Cs. They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller). Customer solutions, not products: Customers want to buy value or a solution to their problems. Customer cost, not price: Customers want to know the total cost of acquiring, using and disposing of a product. Convenience, not place: Customers want products and services to be as convenient to purchase as possible. Communication, not promotion: Customers want two-way communication with the companies that make the product. See next: Growth Marketing Playbook (https://www.marsdd.com/collections/growth-marketing-playbook/) References Kotler, P., Armstrong, G., Cunningham, P.H. (2005). Principles of Marketing. Toronto: Pearson Education Canada. pp. 67-70. © 2018 COPYRIGHT MaRS DISCOVERY DISTRICT. ALL RIGHTS RESERVED.