Marketing managers use marketing mix as a business tool in marketing. Marketing mix synonymous with the 4Ps which were amended and listed by Eugene McCarthy as Product, Place , Price and Promotion.
First of all, Product refers to the product should fit the task the target consumers want it for, it should work , and it should be what the consumers expected to get. For instance, its packaging, labeling and offering. Therefore, this always remind marketing managers need to do careful research on how long the life cycle of the product is likely to be and focus their attention on different challenges that they are facing when they are developing the product.
Secondly, Place (distribution) means that the way in which the product meets customers’ needs, the product should be easy for the consumers to shop. This may be a high street shop, mail order through a catalogue or it may even be doorstep delivery. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketing managers to complement the other aspects of the 4Ps.
Thirdly, Price refers to the product should always be seen as representing good value for money. However, this does not mean that it should be the cheapest available, one of the main tenets of the marketing concept is that customers are usually prepared to pay a little more for something that really works well for them. The price is very important as being determined , it may affect the demands, sales ,the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy. There are 3 basic pricing strategies : market skimming pricing, market penetration pricing and neutral pricing. The 'reference value' (where the consumer refers to the prices of competing products) and the 'differential value' (the consumer's view of this product's attributes versus the attributes of other products) must be taken into account. Moreover, setting price is also depending on the price elasticity of the product. As a result, the marketing manager should set a price that complements the other elements of the 4Ps.
Finally, Promotion, namely, advertising, public relations, sales promotion, personal selling and all the other communications tools should put across the product’s benefits and features are conveyed to the potential buyer. All of the methods of communication that a marketing manager may use to provide information to different parties about the product. In addition, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and public relations ,accordingly, this would lead to marketing manager think of the distribution of the...