Sales and marketing are always doing rounds for business and are trending topics. But what is marketing? How does it benefit your business? Marketing is a basic step for any business to be successful. There are various ways and strategies…
Sales and marketing are always doing rounds for business and are trending topics. But what is marketing? How does it benefit your business? Marketing is a basic step for any business to be successful. There are various ways and strategies in which you can market your services and product. The basic of the same is referred to as Marketing Mix. It is a tactical step when it comes to marketing. The marketing mix is the basic framework of any marketing strategy. It involves numerous business models that form a core marketing principle. Here in this guide, we will discuss the different Ps and Cs of marketing;
Four Ps of marketing
The four Ps of marketing were proposed by Jerome McCarthy in 1960. Below are the four Ps of marketing:
It is anything that you offer in the market to fulfill the needs and requisites of a targeted group. It is basically the product or service that you are planning to sell to your customers. It can be tangible, intangible, or anything that your business can offer to add value to the needs of the customers.
Price is the amount that a customer pays to you in return for your products or services offered to them. The price of a product plays a significant role in influencing the demands and sales of a product.
It is the location from where your customer can buy your products and services. It may be a traditional brick-and-mortar shop, an online store, or any other place from where you execute your business.
It is the marketing strategy that you adopt for your business to sell your brand to your targeted audience.
4 Cs of marketing
The 4 Cs of marketing were invented in 1990 by Robert F. Lauterborn. It is a business tool that is customer oriented and focuses on customers. Here are the 4 Cs of the marketing mix –
It is basically the needs and requisites of a consumer. Customers form an integral part of the marketing mix, and marketing your products in front of them can be quite a difficult task as they want value-for-money products that are cheap and effective at the same time.
It is the total amount customers have to pay for a product they wish to purchase. It is the sum total of the overall cost of a product which is inclusive of the product cost, taxes, shipping, etc.
The product offered to the customers should readily be available to them without letting them face any sort of hassles. Hence the distribution channel should be well developed so the products can reach the customers easily. Channels may differ based on the products and services offered by a company, such as an internet or retail store. But whatever the case, the distribution system should be easy-breezy for the customers.
It is a two-way communication that is developed between the seller and the customer. It is not a marketing strategy but adds value to the products and services offered to the customers.
Seven Ps of marketing
The 7 Ps of the marketing mix model were discovered in 1981 by Mary Bitner and Bernard Booms. Here are the seven components of the model:
It is anything (product or service) that is offered by your business to the customers.
It is the amount that a customer pays for the product purchased or service availed.
It is the spot from where you sell your products and services. It may be an online store or a traditional store from where a business operator operates its business.
It is the marketing of the services and products that a company sells.
They are the targeted group of audience that you are trying to attract to buy your products and services. Based on the age group, lifestyle, gender, demographics, income level, and social status, you can decide the targeted group to whom you wish to sell your brand.
It is physical proof that your business exists. It may be a brochure, website, flyer, or anything that can be left behind as a trail proving the existence of your business. This will help other prospects track your business without putting much effort.
The process is the method adopted for the promotion of your brand or business. For this, either your business should be exclusively different from others, or you should consider adopting tried and tested methods that can make your brand successful and noticed.
We hope that this guide gives you a detailed insight into all the Ps and Cs of the marketing mix. The success and failure of a business are a lot dependent on these factors. To gain a deeper insight into the marketing mix, you can also enrol yourself in marketing management courses to pick on a model that best suits the needs of your business.