Which element of the marketing mix refers to a good service or idea that satisfies customers needs?
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. 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. Show
The four Ps of marketing: product, price, place and promotionThe marketing mix can be divided into four groups of variables commonly known as the four Ps:
Marketing toolsEach of the four Ps has its own tools to contribute to the marketing mix:
Marketing strategyAn effective 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 mixThe 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 CsThe 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).
Want to learn how to understand and talk to your customers? Join us for our next cohort of the Customer Development Immersive. Expanding 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. Product, Price, Promotion, Place What are the 4 P’s of Marketing?The “4 P’s of Marketing” refer to the four key elements comprising the process of marketing a product or service. They involve the marketing mix, which is a set of tools that a company uses to influence consumers into buying its product. The marketing mix addresses factors such as:
History of the 4 P’s of MarketingThe individual who conceptualized the 4 P’s of Marketing was a Harvard University professor named Neil Borden. In 1964, Borden introduced the idea in one of his published articles called “The Concept of the Marketing Mix.” he mentioned that many companies could use the framework to increase the likelihood of their success when advertising their products. Marketing Mix1. ProductA product is any good or service that fulfills consumer needs or desires. It can also be defined as a bundle of utilities that comes with physical aspects such as design, volume, brand name, etc. The type of product impacts its perceived value, which allows companies to price it profitably. It also affects other aspects such as product placement and advertisements. Companies can change the packaging, after-sales service, warranties, and price range, or expand to new markets to meet their objectives. Marketers must understand the product life cycle and come up with strategies for every stage in the life cycle, i.e., introduction, growth, maturity, and decline. 2. PriceThe price of a product directly influences sales volume and, consequently, business profits. Demand, cost, pricing trends among competitors, and government regulations are crucial factors that determine pricing. Price usually reflects the product’s perceived value rather than its real value. This means that pricing can be increased to promote exclusivity or reduced to create access. Thus, pricing involves making decisions in terms of the basic price, discounts, price alteration, credit terms, freight payments, etc. It is also important to analyze when and if techniques like discounting are required or appropriate. 3. PromotionPromotion involves decisions related to advertising, salesforce, direct marketing, public relations, advertising budgets, etc. The primary aim of promotion is to spread awareness about the product and services offered by a company. It helps in persuading consumers to choose a particular product over others in the market. Promotional efforts include the following:
4. Place (or Distribution)Place involves choosing the place where products are to be made available for sale. The primary motive of managing trade channels is to ensure that the product is readily available to the customer at the right time and place. It also involves decisions regarding the placing and pricing of wholesale and retail outlets. Distribution channels such as outsourcing or company transport fleets are decided upon after cost-benefit analysis. Small details such as shelf space committed to the product by department stores are also included. Extensions to the 4 P’s of MarketingNew marketers recommend expanding the 4 P’s of Marketing to include services as well. They include:
More ResourcesThank you for reading CFI’S guide to the 4 P’s of Marketing. To keep learning and advancing your career, the following CFI resources will be helpful:
Which element of the marketing mix refers to a good service or idea that satisfies consumers needs quizlet?Product: A good, service, or idea to satisfy the consumer's needs. Price: What is exchanged for the product. Promotion: A means of communication between the seller and buyer. Place: A means of getting the product to the consumer.
What are the elements of marketing mix in Service Marketing?The elements of a marketing mix are the aspects of marketing that a business will leverage to promote its goods or services. There are five elements to consider: product, price, place, promotion, and people.
Which of the following refers to item that satisfies a need or a desire of consumer?1. Product. A product is any good or service that fulfills consumer needs or desires. It can also be defined as a bundle of utilities that comes with physical aspects such as design, volume, brand name, etc.
What are the 4 elements of marketing mix?The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
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