The Marketing Mix - The 4 P's of Marketing






Marketing Mix and the Four Ps is an intuitive framework. Marketing managers should concentrate on these variables and tailor them regarding the target market they’ve chosen to pursue.

This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 P’s of marketing.


Hope you will enjoy the video! Here’s a link to the full course on Udemy:

https://www.udemy.com/course/mba-in-a-box-business-lessons-from-a-ceo/?referralCode=F6026A89249995D14BCD


This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers.


The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making & Negotiation in just under 10 hours.


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Marketing module table of contents:


Marketing: An Introduction


Introduction to Marketing

What is Marketing’s role?

Who works in Marketing?

Marketing’s key processes


Marketing: Building a Marketing Strategy


What is a marketing plan?

The psychology of customers – needs, wants, and demands

Conducting marketing research

The different stages of marketing research

Collecting Primary Data for Marketing Research

Performing client segmentation

Choosing a target customer group


Marketing: How to set up an effective Marketing Mix


The four Ps of Marketing and their importance


Marketing: How to set up an effective Marketing Mix – Product decisions


The product concept

Classifying a firm’s products

The typical product lifecycle

Product branding

Product packaging


Marketing: How to set up an effective Marketing Mix – Pricing decisions


The variables influencing product pricing

The demand curve

Performing break-even calculations


Marketing: How to set up an effective Marketing Mix – Place decisions


Setting up product distribution

Types of distribution channels

The advent of e-commerce


Marketing: How to set up an effective Marketing Mix – Promotion decisions


The essence of marketing promotion

Creating a marketing campaign

The importance of social media


Marketing: How to set up an effective Marketing Mix – A dynamic concept


The four Ps of Marketing – A dynamic concept


Marketing: Marketing strategy in the long run


Allocating the funds available for Marketing – The budgeting exercise

Using KPIs to improve decision-making

Short-term vs. Long-term marketing goals

Interpreting and calculating the Customer-Lifetime-Value formula


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The professional way to launch a product is to prepare a marketing mix strategy in line with the product or service we want to offer to customers. By default, the decisions we make regarding marketing mix will be as good as our understanding of the target market. If we’ve done quality research, the likelihood of coming up with a good marketing mix combination increases.


Four major variables shape a company’s marketing mix. These variables are known as the Four Ps of Marketing.


Focusing on:

• Product

• Price

• Place

• And Promotion

This has proven to be an effective way to understand the decisions a company makes when it enters a market and competes in it.


If a company understands the needs of its customers, it can create products that satisfy the clients’ expectations and contain the features they desire; it will offer these products at a price that corresponds to the target market’s willingness to spend, and it will offer them where the target market loves to shop. It will also build its brand communication in a language that speaks to the target market.


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Tags

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