LESSON 10 - BUSINESS BASICS PART III - MARKETING & SALES

The Marketing Mix or “The 4 P’s of Marketing”

 

The term “Marketing Mix” refers to a combination of many elements that a company uses to market its product, as there is much more to marketing than just advertising.  It essentially looks at everything your company can do to ensure its success in marketing the product.  The marketing mix is designated by the common phrase penned by Jerome McCarthy as, “The 4 P’s of Marketing.”  The 4 main “P’s” are Product, Price, Place, and Promotion.  They are the foundation to the marketing mix.  However, in this day and age the marketing mix has extended to 3 more P’s.  They are People, Process, and Physical Evidence (including Packaging).  Positioning, which is also sometimes known as one of the P’s in the marketing mix, will also be discussed. 

 

Anytime a decision is made to make a change with one of the “P’s”, it also makes an impact on decisions in other areas.  For instance, a change in the “Price” of a product, such as lowering the price, could impact the “Place” or distribution area as it requires increased product shipments to retail stores.  This is why it is extremely important for the marketing department to meet with other departments to discuss any possible ramifications, and to make sure everyone is on the same page.

Example – The foundation of the Marketing Mix – The 4 P’s of Marketing
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