The marketing mix is one of the main marketing concepts. On the traditional basis, there are 4Ps of marketing. These are known as the marketing mix. But in modern usage of the term, many more Ps have been coined. People have found six, seven even eleven P’s of marketing. In this article we will talk about the 4Ps and the 6Ps.
Ps oven
The four Ps of the marketing mix consist of Product, Price, Place and Promotion. Product means what you are selling. It can also be a service such as the tourism industry.
Price means the rate at which the product is sold. Several factors go into determining the price of a product. These include competition, market share, product identity, material costs, and the value customers perceive from a product. In fact, prices are also determined by competing products. If competitors have the same product, 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 “distribution channel.” Promotion is the way a product will be communicated to the general public. There are four different ways to do this: “point of sale,” “word of mouth,” public relations, and advertising.
At some point, people felt that four Ps weren’t enough for the marketing mix. He had to face a lot of criticism, mainly because he was extremely product focused. This was not enough for the economy that is also very service-based today.
Another criticism that the marketing mix must face is that it has no “purpose.” Therefore, it should be considered 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 Ps
The six Ps contain the four Ps of marketing: product, price, place, and promotion. Also, it contains two new Ps, namely People and Performance.
People include the company’s current and potential customers and how they make their purchasing decisions. Market segmentation is part of this too. It contains the characteristics of market segmentation and the most attractive segments of this market.
The next P is Performance. This implies business performance. The financial and strategic objectives of the business are discussed here. It is also seen whether these goals are achievable and realistic or not. Financial performance metrics are also seen and appropriated in this division.
The six Ps of the marketing mix help to overcome the criticisms of the four Ps. Therefore, the 6Ps serve to be a better alternative compared to the 4Ps of the marketing mix.