Is the process of pricing promoting selling and distributing goods or services which help to satisfy a markets needs and wants?

The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution.

The four Ps of marketing: product, price, place and promotion

The marketing mix can be divided into four groups of variables commonly known as the four Ps:

1. Product: The goods and/or services offered by a company to its customers.
2. Price: The amount of money paid by customers to purchase the product.
3. Place (or distribution): The activities that make the product available to consumers.
4. Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.

Marketing tools

Each of the four Ps has its own tools to contribute to the marketing mix:

• Product: variety, quality, design, features, brand name, packaging, services
• Price: list price, discounts, allowance, payment period, credit terms
• Place: channels, coverage, assortments, locations, inventory, transportation, logistics
• Promotion: advertising, personal selling, sales promotion, public relations

Marketing strategy

An effective marketing strategy combines the 4 Ps of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value. The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets.

Weaknesses of the marketing mix

The four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups.

Another key problem is that the four Ps focus on the seller’s view of the market. The buyer’s view should be marketing’s main concern.

The four Ps as the four Cs

The four Ps of the marketing mix can be reinterpreted as the four Cs. They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller).

• Customer solutions, not products: Customers want to buy value or a solution to their problems.
• Customer cost, not price: Customers want to know the total cost of acquiring, using and disposing of a product.
• Convenience, not place: Customers want products and services to be as convenient to purchase as possible.
• Communication, not promotion: Customers want two-way communication with the companies that make the product.

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Text 1. What is Marketing?

A market can be defined as all the potential customers sharing a particular need or want. Marketing is the process of developing, pricing, distributing and promoting the goods or services that satisfy such needs. Marketing therefore combines market research, new product development, distribution, advertising, promotion, product improvement, and so on. According to this definition, marketing begins and ends with the customer. Truly successful marketing understands the customers so well that the product or service satisfies a need so perfectly that the customer is desperate to buy it. The product almost sells itself. Of course this will only happen if the product or service is better than those of competitors.

Companies are always looking for marketing opportunities � possibilities of filling unsatisfied needs in areas in which they are likely to enjoy a differential advantage, due to their particular competencies. Marketing opportunities are generally isolated by market segmentation � dividing a market into submarkets or segments according to customers� requirements or buying habits. Once a target market has been identified, a company has to decide what goods or services to offer, always remembering the existence of competitors.

Marketers do not only identify consumer needs, they can anticipate them by developing new products. They will then have to design marketing strategies and plan marketing programmes, and then organize, implement, and control the marketing effort. Once the basic offer, for example a product concept has been established, the company has to think about the marketing mix � the set of all the various elements of a marketing programme, their integration, and the amount of effort that a company can expend on them in order to influence the target market. The best-known classification of these elements is the 4 P�s: Product, Price, Promotion and Place.

Aspects to be considered in marketing a product include its quality, its features, style, brand name, size, packaging, services and guarantee, while price includes consideration of things like the basic list price, discounts, the length of the payment period, and possible credit terms. Place in a marketing mix includes such factors as distribution channels, coverage of the market, locations of points of sale, inventory size, and so on. Promotion groups together advertising, publicity, sales promotions, and personal selling.

The next stage is to create long-term demand, perhaps by modifying particular features of the product to satisfy changes in consumer needs or market conditions.

Marketing can also involve the attempt to influence or change consumers needs and wants. Companies try to do this in order to sell their products; governments and health authorities sometimes try to change people�s habits for their own good or for the general good. In other words, marketing also involves regulating the level, timing and character of demand.

Is the process of pricing promoting selling and distributing goods, or services which help to satisfy a market's needs and wants?

Is the process of planning pricing promoting selling and distributing ideas goods, or services?

What are goods and services that have a monetary value and satisfy consumers needs and wants?

What is the process of promoting or persuading value to consumers to choose your product or service through advertising?