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The Marketing Mix

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The Marketing Mix

  1. 1. The Marketing Mix: The Four Ps By: Jaraeya McGraw
  2. 2. What are the four Ps? The marketing mix, also known as the four Ps is a way that marketing successfully creates value through decisions about product, price, place and promotion. The four Ps are a controlled set of decisions that is used by a company to respond to the wants of its target market.
  3. 3. What do the four Ps achieve? The products create value The price captures the value The place delivers the value The promotion communicates the value
  4. 4. Product + Creating value is done by offering goods (items that you can touch), services (items that you cannot touch, a work performed by someone), and ideas (thoughts and opinions) to satisfy a customer's need.
  5. 5. Price + Capturing value is done by deciding how much a potential customer will actually pay for a product, service, or idea they will be satisfied with while leaving the seller with gaining a profit. + Price is more than just how much something costs. Price includes everything the buyer is giving up. They are giving up not only money, but their time and maybe even their energy for the product.
  6. 6. Place + Delivering the value consists of getting the product to the correct place at the correct time to the correct customer, when the customer wants it. + (Location, location, location!)
  7. 7. Promotion + Communicating the value is the final step of the four Ps which is advertising the products and services by persuading, reminding or informing potential customers about the product or service.
  8. 8. Why are the four Ps important? Product is important because you cannot sell something is if there is nothing to sell. Without something to sell, the company is not making money. Companies need to be able to give potential customers something to solve a problem that they have. Price is important because companies must make profits and if they are marketing successfully the price will be appealing to potential customers which will make them buy. Customers should believe they are getting something that is worth what they paid or more. Place is important because that determines where and how potential customers' will be exposed to a company's idea, service or product. Promotion is important because it is how the company actively communicates to potential customers about what they are selling. There should be multiple different channels of promotion to reach different types of customers to sale as many products possible.
  9. 9. Things to take into consideration surrounding the four Ps include... (Product) what can help solve a customer's problem,what good can be put out to make a potential customer feel like they need it (Price) real and perceived value, supply costs, discounts, and competitors prices (Place) online or in stores, and the placement of the product in stores (Promotion) which channel to advertise on
  10. 10. Example of the four Ps + Product: Coca-Cola brand + Coca-Cola + Sprite + Powerade, Etc.. + Place: Coca-Cola is sold in many stores world-wide + Walmart + Kroger + Meijer + Price: Coca-Cola has different prices + 12 pk 12 oz cans for $5.49 + 6 pk 16.9 oz bottles currently on sale at Kroger for $3.67 + Coca-Cola currently offering a special 3 select products for $11 + Promotion: modern and traditional channels are used to promote Coca- Cola + Promotional videos on YouTube + Television ads + Taste the Feeling campaign
  11. 11. + Companies will mix the four Ps to successfully create effective marketing, but the way companies mix the four Ps will differ from company. If a company's marketing mix combination includes product, price, place and promotion their business should be successful and effective in the market .

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