The marketing mix is one of the most important concepts in marketing. According to the traditional base, there are the 4Ps of marketing. These are known as the marketing mix. But in the modern usage of the term, many more Ps have been coined. People have found six, seven, even eleven marketing Ps. In this article we will talk about the 4Ps and the 6Ps.
Oven Salt
The four PS’s of the marketing mix consist of Product, Price, Place, and Promotion. Product means what you are selling. It can also be a service like the tourism industry.
Price means the rate at which the product is sold. A number of factors are involved in determining the price of a product. These include competition, market share, product identity, material costs, and the value customers perceive of a product. In fact, prices are also determined by competing products. If competitors have the same product, then the price of a product will go down.
The place refers to the real or virtual place from where a consumer can buy a product. Another name used for the place is called a “channel of distribution.” Promotion is the way a product will be communicated to the general public. There are four different ways this could be done: ‘point of sale’, ‘word of mouth’, public relations and advertising.
At some point, people felt that the four Ps weren’t enough for the marketing mix. He had to deal with a lot of how, mainly because he was extremely focused on the product. This was not enough for the economy which today is also very service based.
Another criticism that the marketing mix faces is that it does not have a ‘purpose’. Therefore, it should be seen as a tool that establishes the marketing strategy. Another criticism of the marketing mix is that it does not talk about customers. This is why the concept of the Six Ps of the Marketing mix has gained relevance.
Six P
The six Ps contain the four Ps of marketing: product, price, place, and promotion. In addition, it contains two new Ps, namely People and Performance.
People include potential and current customers of the business and how they make their buying decisions. Market segmentation is also part of this. It contains the characteristics of the market segmentation and the most attractive segments of this market.
The next P is Performance. This implies business performance. Here the financial and strategic objectives of the business are discussed. It is also seen if these objectives are achievable and realistic or not. Financial performance metrics are also seen and owned in this division.
The 6 P’s of the marketing mix help to overcome the criticisms of the 4 P’s. Thus, the 6 P’s serve to be a better alternative to the 4 P’s of the marketing mix.
