The 4P of marketing or the marketing-mix for the SME: Product – Price – Place – Promotion
“What is marketing-mix or 4P marketing? We even talk about the 5P or 7P of marketing. So what is marketing mix, but most importantly, what does it bring and how does it apply in my SME? ”
Here’s the thinking you probably did when you heard the word “marketing-mix” or “Marketing 4Ps.” And that’s exactly what I’ll answer in this article on my blog.
Definition of marketing mix
The marketing mix or the marketing mix is a concept that takes into account all the aspects on which one can work at the marketing level to achieve the objectives of the company. It is somehow the recipe or the way that the company has chosen to do things to achieve its purpose.
The definition of the marketing mix given by Wikipedia is as follows:
“Marketing-mix (sometimes translated as a marketing plan or a marketing policy) refers to a coherent set of decisions in the framework of a company or a brand relating to the four components: product policy, pricing policy , distribution and communication policy. ”
The 4P concept of marketing was popularized mainly by Philip Kotler (marketing professor) who created a mnemonic tool to help remember the different policies on which the marketing mix is based.
The product policy (“product”)
The price policy (“price”)
The distribution policy (“place”)
The communication policy (“promotion”)
Several researchers and theorists have worked on the mix-marketing and have formulated their own definitions and ways of doing things. This is why you will find all sorts of information about the 5P of marketing (where the dimension of “Person” or “Participation” is added) or the 7P of marketing (where the dimensions of “Process” and “Physical evidence”).
No matter which formula you choose, the purpose of my article is to make you understand the concept and see how to apply it in YOUR business. And to do this, the 4P formula is quite appropriate and sufficient.
Why use the 4P marketing mix formula?
We will look at the details of each of the policies on which the marketing mix is based, but to get started, let’s look at the general concept and its raison d’être.
If you followed me in the previous paragraphs, you understood that the marketing mix is YOUR RECIPE to ensure that you achieve the goals you set.
Why am I talking about a recipe? Because marketing is not an improvisation, but a thoughtful and strategic work. Of course you can adapt the recipe and make it evolve. It is even advisable to do so if you do not want to fall behind on your competition.
But how do you define YOUR mix marketing recipe?
To make your mix marketing you need specific ingredients. Yours!
Each of the 4Ps corresponds to a company policy that defines how YOU will do business.
Important notes before defining your marketing mix
Before defining your marketing mix, you need to have done an important analysis to understand your company’s situation, your customers and their needs and expectations, your competitors, your market, and so on.
We do not make important decisions or define corporate policies without knowing the context in which they will be applied.
The policies you define will have to respect the mission and vision of your company. They will help you achieve your goals. And they will have to take into account the particular situation in which your company is located (the macro-environment, the market, the needs and expectations of your target clientele, as well as your competition).
All these data are different from one company to another and that is why YOUR mix marketing recipe is unique and adapted to your business.
Now, how to define your marketing mix?
It’s simple, you just have to go through all the elements that are contained in the 4P (or more), namely product policy, pricing policy, distribution policy, policy communication and define each one according to your situation.
What are the ingredients of your marketing mix?
Let’s see in detail what each of the 4P policies of marketing contains.