Marketing mix is one of the main concepts of marketing. The traditional base is 4P marketing. These are called marketing blends. But in the modern use of the term many other Pss are involved. People found six, seven up to eleven Ps for marketing. In this article we will talk about 4Ps and 6Ps.
The four Ps of the marketing mix are product, price, location, and promotion. The product means what it sells. It can be a service like tourism.
Price is the price at which the product is sold. There are many factors in determining the price of a product. These include competition, market share, product identity, material costs, and valuable customers perceived by the product. In fact, prices are determined by competing products. If competitors get the same product, the price of a product is reduced.
Place the references in a real or virtual location from which a product can be purchased by a consumer. The other name used for the location is called a "distribution channel". Promotion is the way the product is communicated to the general public. There are four different ways to do this: "mouth-to-mouth", publicity, and advertising.
Somewhere on the line people felt that the four Pss were not enough for the marketing mix. He had to face many criticisms, mainly because he was extremely product focus. This was not enough for the economy, which is based on many everyday services.
Another criticism is that the marketing mix has to face the fact that there is no "target". It should therefore be considered as a tool that defines the marketing strategy. Another critic of the marketing mix is that it does not deal with customers. This is why the Six Ps of Marketing mix concept has become relevant.
Six Ps includes all four of your Ps – product, price, location and promotion marketing. It also contains two new Pss, namely the People and Power.
People include the potential and current customers of the business and how they make purchasing decisions. Market segmentation is also part of this. It includes the characteristics of market segmentation and the most attractive segments of the market.
The next is P a Performance. This illustrates the business's performance. It deals with the business's financial and strategic goals. We also see that these goals are achievable and realistic or not. Financial performance indicators are also examined and used in this section.
The 6 Ps of the marketing mix assists in overcoming the four Ps's critiques. Here, 6Ps is a better alternative to marketing mix 4P.