What is Marketing Mix / Marketing Program / 4P’s of Marketing?

The Marketing Mix has different elements that must be utilised with a proper mix to meet the organizations goals. The other terms often used to describe Marketing Mix are-

1. The marketing program,
2. 4P’s (Product, place, price and promotion)
The term “Marketing Mix” was coined by James Culliton, and Professor Jerome McCarthy classified these tools into four broad groups that he called the 4P’s of marketing: product, price, place and promotion.

The job of the Marketing Management is to create a right mix of these four elements to achieve the objectives.

Each of these 4P’s are further subdivided –

Product Mix	Place Mix	Price Mix	Promotion Mix
Product planning, features and development	Channels of distribution	List price	Advertising
Quality	Transportation & logistics	Discounts	Personal Selling
Branding,	Storage	Credits	Sales Promotion
Packaging		Price flexibility	Publicity
Labeling
Guarantees

Product – a product can have a tangible as well as intangible attribute. It is something of value to buyers and consumers which an organisation offers (hence sometimes referred as an offering).For example, the food we eat in a restaurant is a tangible product and the service from the staff there is an intangible product. A product is anything that can be offered to a market to satisfy a need, want or demand. The product is a result of strategic decisions at the corporate level which has characteristics that a buyer wants. The quality, branding, packaging, labelling, and developing right warrantees, guarantees are part of the entire bundle of the product that an organisation offers.

Place or Distribution – this refers to the questions concerning movement of the products to the buyers. It determines how the products reach the customer considering quality, time, and in which condition. It involves transportation, storage and warehousing. The organisations have to decide which channel to choose basis the organisations capabilities and limitations. They choose between direct selling or via wholesalers, retailers, ecommerce, etc.

Price – Pricing is done basis the costs, competitors and marketing activities. Pricing decisions involve establishing correct price to ensure it is competitive and generates revenue to the organisation to cover its costs and other expenses. As the value of a product keeps changing for a buyer due to various factors, prices of products keep changing. The organisations opt for different pricing strategies like giving discounts, buying on credits, price cuts in sale of large quantities, etc. depending on its marketing strategy with respect to demand, competition, etc.

Promotion – it forms all forms of communication activities. Just making a quality product is not enough when the choices available to customers are huge. Marketers have to communicate to the buyers as to why their product stands out from the product of same kind from other manufacturers. All the promotion efforts are to inform, educate and persuade existing and potential buyers.