Strategic Marketing Mix and the 4 Ps Framework

The Fundamentals of the Marketing Mix

Composite Marketing is the system whereby products are conceived, promoted, moved, and distributed with prices and passed on to appropriate market segments. Therefore, marketing is necessarily a system composed of activities, each of which shall be in harmony with others to maximize the efficiency of the system.

With so many variables available, there is a way to simplify the selection and dosing of marketing performance: the Composite or Marketing Mix. This is the set of controllable variables that a company can use to influence consumers' responses—a combination of strategic tools used to create value for customers and leverage the goals of the organization. The integration of a company with internal and external environments is accomplished through the compound marketing mix.

The 4 Ps: Product, Price, Place, and Promotion

Managing the 4 Ps means an inter-relationship between the specific activities included in each marketing "P":

• Product: Features, functions, and benefits.
• Promotion: How much should be spent on advertising and propaganda.
• Price: The amount charged and the possibility of making discounts.
• Place: How the sales-like product should be distributed.

The 4 Cs: A Customer-Centric Perspective

The Four Cs represent a shift in focus:

• Customer: More important than having a product to offer is having a client to meet.
• Communication: The moment of seduction which aims to excite the customer to buy the product.
• Cost: Must not be beyond the possibilities and consumer expectations.
• Convenience: Has the goal of making a loyal customer once the customer is satisfied. This includes convenience in time, location, and service with courtesy and magic.

Detailed Components of the Marketing Mix

Product Strategy

The Product (the supply offered by the company to the market) includes product variety, quality, design, differentiation, features, brand name, packaging, sizes, technical support, warranties, and returns.

Pricing Strategy

Price (the amount of money that consumers must pay for the product) involves pricing, discounts for quantities, special conditions, payment terms, and payment conditions. It should be established consistently with the perceived value of the offer.

Place and Distribution

Place/Square (making the product affordable and accessible to target consumers) involves distribution channels, assortment, locations, inventory, and transportation. Companies must identify, recruit, and connect various intermediaries so their products and services are distributed efficiently to the target market.

Promotion and Communication

Promotion (communicating and promoting products to target markets) includes sales promotion, advertising, public relations, personal selling, and direct marketing. Communication programs and promotions should be developed, and managers should be hired, trained, and motivated to sell.