Entry 4a

“Marketing mix” is a common phrase used to describe the choices an organization must make in bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. J. McCarthy.

4p price theory analyzes enterprise products from four aspects: product, price, place and promotion. In the complex and changing marketing environment, consider various factors as much as possible, analyze the relationship between each factor, and make Interrelated marketing programs. Therefore, 4p provides a theoretical basis for companies to develop appropriate marketing solutions.

If a marketing mix includes the right product, the right price, the right distribution strategy, and the right promotional strategy, then this will be a successful marketing mix, and the company’s marketing goals can be achieved.

However, in the era of high Internetization, this environment has completely changed, the information advantage of merchants has disappeared, and the asymmetry has been broken. Under this environment, consumers can already grasp more product information, price information, and enterprises. The relationship with consumers has changed. In the past, the traditional position of enterprises has weakened, and the weak position of consumers is strengthening.

Three of the 4ps of the traditional marketing mix — product, channel and promotion — have been completely electronic and non-materialized as they have got rid of dependence on the traditional material carrier. So, as far as knowledge products are concerned, the products, channels and promotions in network marketing are purely electronic information. The dividing line between them has become so blurred that they are inseparable. The price is no longer based on the cost of production, but on the value of the product that the customer is aware of. Customers’ choice of products and estimation of value are greatly influenced by online promotion, so the role of online promotion is highly valued. Because the customer has high knowledge generally, high quality, high income and so on characteristic. Therefore, the knowledge and information content of online promotion is much higher than traditional promotion.

 

Reference:

McCarthy, J., 1960, Basic Marketing: A managerial Apporach, Richard D. Irwin, Homewood, IL

The four Ps of marketing, Purely Branded, https://www.purelybranded.com/insights/the-four-ps-of-marketing/

Mind Tools content team, The marketing mix and the 4Ps of marketing, understanding how to position your market offering, https://www.mindtools.com/pages/article/newSTR_94.htm