Applied Entrepreneurship

Importance of marketing mix in the development of marketing strategy

Name:Jayrald S. Rivero Date:1/11/21

Grade & Block:HUMSS12-9 Contact No.09569151589

category also includes public relations,

What is a Marketing Mix? such as the distribution of press releases
The marketing mix is a set of actions an or ongoing relationships with the media.
entrepreneur takes to build and market its Promotion encompasses what is
product to its customers. It helps to make sure communicated, who it is communicated
that you can offer your customers the right to, how that audience is reached, and
product at the right time and the right place for how often promotion happens.
the right price.  Place. Any physical location where the
customer can use, access, or purchase a
Importance of Marketing Mix product. This includes distribution
 It benefits in a clean mix creation: The centers, transport, warehousing,
marketing mix should have all the P’s inventory decisions, and franchises.
well- suited with each other.
 It supports in New product Origin of 4 P’s of Marketing Mix
development: While designing an existing  1940 4 P’s STARTED
product, there are several numbers of  1948 Prof. James Culliton, Published The
ideas that can come up for a related Management of Marketing Costs
product that can be refined by the  Mid of 1960s Professor Neil Borden,
entrepreneur. published a retrospective article
 It helps strengthen the product  concept of the 'marketing mix’
portfolio: Whenever there is an increase  For instance, he is known to have used
in the product depth or product line and the term 'marketing mix' in his
length, it must make minor changes to presidential address given to the
the product. American Marketing Association in 1953.
 It is a guide to enhance a business:  1960 E. Jerome McCarthy, Proposed 4 P’s
Physical evidence was necessary for the in its modern form
marketing mix.  analysis, consumer behavior, market
 It helps in differentiation: When the research, market segmentation, and
competitors' marketing mix is analyzed, planning
many different ways can differentiate it  Phillip Kotler, popularized and helped
from the competitor. spread the 4 Ps model
 It helps in being dynamic: An  widely adopted by both marketing
entrepreneur that is well planned is also academics and practitioners
ready when disaster strikes.
Origin of 7/8 P’s of Marketing Mix
The word marketing mix: 'marketing mix' is a  Early 1980s prospect of extending the
framework model for businesses. marketing mix
 Price. The cost to purchase a product.  inaugural AMA Conference dedicated to
Price depends on the customer's Services Marketing
perceived value of the product, and it can  1981, Booms and Bitner proposed a
dramatically change your marketing model of 7 Ps
strategy. A lower price makes a product  Occasionally service marketers will refer to
accessible to more customers, while a 8 Ps, comprising these 7 Ps plus
higher price appeals to customers seeking performance.
exclusivity. Either way, the price must be
greater than the cost of production so The 4Cs of Marketing Mix Origin
your business can make a profit.  1990s, the four Ps were adapted to the
 Product. What is being sold. Marketers four Cs
must consider the life cycle of the product  consumer wants and needs,
to address any challenges that may arise  cost,
once it's in the hands of the consumer.
 convenience, and
For example, the earliest version of the
 communication
iPod had a battery life problem that was
 insisted that marketing is about the
only noticeable after a certain amount of
customer
time, and Apple needed to develop ways
to combat that problem.
The 4Cs of Marketing
 Promotion. Advertising, direct marketing,
 Consumer. The wants and needs of the
and sales promotion. TV commercials,
consumer. Under this model, a business
Internet ads, catalogs, trade fairs,
should be focused on solving problems for
billboards, and even ads on the top of taxi
consumers rather than creating products.
cabs are all types of promotion. This
 This requires studying consumer behavior product. The rise of Internet marketing
and needs, along with interacting with and purchasing has made convenience
potential customers to find out what they more important in customer decisions
want. than physical place.
 Cost. The total cost of acquiring a  Communication. A dialogue that
product or service, which goes beyond the depends as much on the consumer as on
price tag. Cost includes the time it takes the seller. This includes advertising,
to research a product and make a marketing, and media appearances. In
purchase. It also may include the cost of the digital world, however, it also includes
trade-offs that consumers must make, emails that customers either opt into or
such as forgoing another purchase, or the initiate, brand ambassadors, blog posts,
cost of guilt they experience for buying or websites, sponsored product placement,
not buying a product. and social media channels.
 Convenience. How easy or difficult it is
for
consumers to find and purchase a
For Asynchronous lecture Visit: https://www.youtube.com/watch?v=JK7DedQrPC4

Marketing Mix Summative Test

TEST I : Write the letter of the letter of the correct answer.
a. Place b. Product c. Positioning d. Promotion e. People
f. Price g. Packaging h. Distribution Channel i. Convenience Goods j. Advertising

A. 1. What do you call to a physical location where the customer can use, access, or purchase a product?
C. 2. You are seen and thought about by your customers is the critical determinant of your success in a competitive marketplace.
J. 3. What is the mode of promotion that is usually paid, with little or no personal message?
G. 4. What is the outer appearance of the product?
B. 5. It can be tangible in the form of goods or intangible.
H. 6. What do you call the activities and processes required to move a product from the producer to the consumer?
D. 7. It encompasses what communicated, who it is communicated to, how that audience reached, and how often promotion happens?
F. 8. It is the cost to purchase a product.
E. 9. It is the Employee and includes those who interact directly with the customer.
I. 10. A type of goods that can be Purchase at convenient locations.

TEST II. By Analyzing the Marketing mix, create a Vivid description of the 8 P’s.
The 8P’s is a set of marketing In service marketing The 8Ps of marketing mix starts According to Marketing and
tools that the firm uses to pursue , an extended marketing mix is from the 4Ps model and adds management of Kotler and Keller,
it’s marketing obejectives in the used, typically comprising 7 Ps’s people, processes, programs and marketing mix needs 8Ps to
target. made up of the original 4 Ps performance. represent the modern panorama.
extended by process, peeople, and
physical evidence. Occassionally
service marketers will refer to 8
P’s, comprising these 7 Ps plus
performance

This model is based on the

concept of holistic marketing (if
you visit this link, you’ll find the
detailed description at the end of
the article): an interdisciplinary
and interconnected subject
founded on four pillars:

Relationship marketing;

Integrated marketing;

Internal marketing;

Performance marketing.
TEST III. What is the Counterpart of the 4 C’s to the 8 P’s of Marketing Mix? Please explain Briefly.

4 C’s Counterpart 8 P’s Brief Explanation

Consumer PEOPLE Consumer means that companies should
sell what prospects need and want. The
starting point is the target audience and a
preliminary in-depth study is necessary to
make the best offering.

Cost PRICE Cost represents the total cost of ownership

for a product or service. The price is only a
part of the costs borne by consumers.
Lauterborn explains how other factors like
time for accessing the offering (cost of
time), effort for changing or implementing
the new product/service or the choice for
not selecting competitors’
products/services affect the purchasing
cost.

Convenience PLACE Convenience considers all the factors

affecting the ease of buying and finding a
product/service, and retrieving
information about it. With Internet and
other hybrid purchasing models, place is
almost irrelevant.

Communication underlines a two-way

Communication PROMOTION nature of dialogue between a business and
consumers. While promotion starts from a
company with an outbound approach,
communication is cooperative and
represents a much broader range of
interactions between seller and buyer.