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:

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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