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Hi. I'm Jeff. And in this lesson, we'll learn what the marketing mix is and how the four rights in the four P's model play a part in it. So let's get started.
First, we need to know what a marketing mix is and why it has that name. A marketing mix includes all the tools that a company uses in the marketplace to gain an advantage over its competitors. Some ingredients might be advertising, packaging, sales channels, branding, or research and analysis that informs most decisions.
Each of these elements of a marketing mix represents a choice that a company makes in order to present its product or service to the market. And one way to create the proper marketing mix is to define a structure that helps investigate each aspect in detail. An example of such a structure is the four rights model. This is expressed in the phrase providing the right product at the right price in the right place at the right time.
If a business gets just one of these components wrong, such as setting price too high for the market, this can cause the failure of a product or a business. For example, let's say you want to create an application for a smartphone. First, you need to define the right product, you can do this by questioning consumers and identifying a want or need that is not being met.
To determine the right price, you'll need to investigate what other applications are selling for. And you'll need to consider how much it will cost to create your app. While the right place to sell your product used to mean a physical store, this is now not the only option.
The right location to sell your smartphone app might be with Apple or Google's online stores. And this will depend on sales estimates. And the right time might be as soon as possible. Or in the case of a game, it might be best to wait for a holiday season.
These are the decisions that a marketing mix model helps you consider. One of the best known marketing mix models is called the four P's. And it was first proposed by the marketer E. Jerome McCarthy.
The four P's is a marketing mix for organizations looking at product, price, place, and promotion. Product is the product or service that the company sells. Price represents all the costs associated with a product. And it also represents the value to a customer.
Place are the locations where consumers can find your product or service. Promotion is all the communication with the market about a product or service, such as advertising and public relations. These elements are chosen for the marketing mix, because they are the ones which the business can control. And even though this is a popular marketing mix, there are many variations that could also be used, such as the eight P's product, price, promotion, place, people, processes, programs, and performance, and the four C's, which are customer needs and wants, convenience, cost to the user, and communication.
No matter what marketing mix is chosen, the goal is to describe the product or service using categories so you gain a better understanding of the qualities that will help the marketing succeed. All right, good job. In this lesson, we learned about the marketing mix. And we reviewed a few examples of common mixes that could be used, such as the four rights model and the four P's model Thanks for your time, and have a great day.
