Developing the Marketing Mix

Once the company has decided on its total competitive marketing strategy, it is   prepared to start planning the details of marketing mix. The marketing mix is the set of controllable marketing variables that the firm blends to generate the response it needs in the target market. The marketing mix consists of everything that firm can do to influence the demand for its product. These variables are frequently referred to as the "four Ps."

1). Product stands for the "goods-and-service" combination company offers to target market.

2). Price stands for the amount of money customers must pay to get the product.

3). Place stands for company activities that make product available to the target consumers.

4). Promotion stands for activities that communicate the merits of product and persuade the target consumers to buy it.

An effective marketing program blends all marketing mix elements into a coordinated program designed to gain the company's marketing objectives by delivering value to consumers. Some critics feel that four Ps omit or underestimate certain important activities.

1.   "Where are the services?" they ask.
2.   "Where is the packaging?"
3.   The 4 Ps seems to take seller's view instead than the buyer's view.
4.   possibly a better classification would be the 4 Cs:

a). Product = Customer Solution.

b). Price = Customer Cost.

c). Place = Convenience.

d). Promotion = Communication.