Know Well The 4Ps Of Marketing

Marketing businesses often use strategic models and tools to analyze marketing decisions. There are three main models that can be applied and used within a business to receive better results and reach business goals. This include

Marketing Mix Model (4P’s)

The 4P’s also known as Price, Product, Place and Promotion is a strategy that originated from the single P meaning Price. This strategy was designed as an easy way to turn marketing planning into practice. This strategy is used to find and meet the consumers needs and can be used for long term or short term purposes. The proportions of the marketing mix can be altered to meet different requirements for each product produced, similar to altering ingredients when baking a cake.

Real-life marketing

Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven.

Thus, for example, many new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by ‘gut-reaction’, to ensure that it is reasonable.

For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory. This will often be ‘flying by the seat of the pants’, or ‘gut-reaction’; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called ‘coarse marketing’; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists.

With perhaps very few notable exceptions, “Real life marketing” (if this is not a journalistic made-up term) being based on gut instinct as opposed to trained, vetted and backed by high investment data, may produce very inferior results vs the marketing discipline taught in the best business schools such as Harvard, Insead or Cambridge, but also Procter & Gamble, Unilever, Coca-Cola, or Amazon.

Strategic Marketing, because complex, suffers from being misunderstood. Many entrepreneurs and small companies think they can manage this without training. To the detriment of their business.

An organization’s strategy combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve the maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan.