The 4 P’s, who doesn’t remember from our first semester about all the P’s, well this girl right here. We learn the concept of the marketing world and we concentrate on the bigger things but when we look at it as a whole, we are using the product, price, place and promotion but maybe not how we should. I think we forget about the terminology we learn through out the semester and just focus on the big price of how to be successful.
Being successful in the marketing world we need to know the marketing mix. The definition of the marketing mix is the combination of factors that influence you to purchase a product. Along with that comes the 4 P’s. Product – what are you selling. Place – where are you going to sell it. Price – what are you going to be able to sell it for. Promotion – how are you going to promote your product for the world to see and experience it.
If you really look into this quote, it is true. It is posted on Facebook….it must be true. Consumers believe what they see not all the time what is the truth.
“Everything we hear is an opinion, not fact. Everything we see is a perspective, not truth.�? – Marcus Aurelius
If you look at the chart below from Pepsi. They list it out what products they have, which some of them I did not know they own the rights to. If we look at the soft drink part of it, there are other competitors that offer similar soft drinks with just a different name. Pepsi has to come up with a great way to get customers to buy their products and not Coke’s. Pepsi wants to be on top, so how do they get there. Price is a big factor for a lot of the products we as consumers, consume. Why would I want to pay an extra dollar for Sierra Mist rather than Sprite? There is the taste for some consumers but most of it is so close that they want the price and how easy it is to purchase the product, so place.
Realizing this is the last blog for Marketing Analytics and we are talking about the marketing mix, it shows how important the 4 P’s actually really are to be successful in the business world of marketing. Moving forward in life to help other companies, I see how the face of the marketing world has changed in the last 10 years. Some competitors play fair while others play dirty. I want to be on the side where we play clean and win with the product we are selling. Using the 4 P’s will get me to where I want to be with the company, and help the be successful in the product they want to sell and have flourish.