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Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. Before we get carried away though what is the Marketing Mix and what is the original 4 P’s principle?
Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering.
Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. Place – The product should be available from where your target consumer finds it easiest to shop. Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director.
Processes –The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for. Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
For more information on the Professional Academy’s Marketing Qualifications please download a Prospectus today. For more in-depth information on the Marketing Mix you can download this Free CIM Guide to Marketing and the 7 P’s.
Edward Jerome McCarthy who was a marketing professor at Michigan State University derived the 4 basic elements in marketing that is everything there is to the subject – he called it as the 4 Ps of marketing.
Apart from the product itself, product marketers must give weightage to the surroundings, the product range and the conflicts. While setting the price for a product, marketers must ensure that they find out the competition rates and rate accordingly. There are four major types of promotion – advertising, public relations, personal selling and sales promotions.
The first “P” of marketing stands for “Product.” The product is whatever the business is selling, whether an actual physical product or service is. Think of it like this, when you go to purchase either an product or service, do you only look at the price, quality or both? The second “P” of marketing is “Price.” Obviously, when starting your own business from home you will want to make your price point as attractive to your market to maximize your profits in order for your business to thrive.


Setting the price of the product and finding the sweet spot of where supply and demand meet will ensure the maximum profit for your business.
The third “P” of marketing is “Place.” Where do you plan on distributing your product or service to your market audience? Often, when starting your own business from home you will start out by selling one-on-one or online and reach the point where you are able to sell to retailers or affiliate partners. Other promotions will include offering deals and sales on the product in order to attract people into buying. The Four “P’s” of Marketing are easy to understand and will add to your business when they are correctly implemented.
This may be High Street, Mail Order or the more current option via e-commerce or an online shop. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. A good marketer will learn to adapt the theory to fit with not only modern times but their individual business model.
It can either be tangible or intangible such as a cellphone service or a car washing service. The lifecycle of a product is something that the marketers need to give a good amount of thought while introducing the product in its nascent stages, how the maturity of a product enables it stay afloat and finally it gives way to something better, leading to a downfall in sales. In other words, communicating to consumers that such and such a product exists and it can do this, this and this and is priced only at yey. Advertising as well know is a paid service like Google Adsense where we pay for our ad to put up at various places. One of the most important aspects of running a flourishing and booming business is successful marketing. This “P” is mainly about product or service quality, meaning that it meets the needs of your target market. Chances are that you look at both trying to find the best possible product or service, along with the best possible price. This may be a case of trial and error for a new business, but it’s smart to do your research beforehand and find out pricing strategies of other similar businesses.
There are multiple options for distribution: selling one-on-one yourself, selling the product to retailers or wholesalers or selling your product or service online. The place where you choose to sell your product is one of the most important aspects of marketing.


As long as the product is of good quality, they will return to purchase it again at the standard price. That is why it is necessary to understand marketing when starting you own business from home. Jerome McCarthy in 1960 (You can see why there may have been some need to update the theory). This now allowed the extended Marketing Mix to include products that are services and not just physical things. This came from the old Services Marketing Mix and is folded in to the Extended Marketing Mix by some marketers so what does it mean?
Examples of tangible products are what we can see and hold such as a cellphone, pencil eraser or a car.
In other words, product lines must not compete with one another that come out of the same stable. Public relations include news releases and other typically non-paid services that carries the word about the product. He advises businesses, organizations and enterprises on how to build service management framework and deliver value.
Marketing runs beyond advertising, although advertising certainly is a big part of any successful business. Product quality will also differentiate between your product and other similar products, so it is important to make sure that the product quality is up to par. For example, an automobile manufacturer launches different models which cater to different classes of consumers and with varying range of prices. Personal selling concept is straight forward – an example could be you calling your best friend to tell him about the product you are launching. It refers to how a product is getting distributed from the producer to the consumer – what path it takes, is it efficient and optimized?
Understanding marketing before starting your own business from home is easy if you can remember the “Four P’s of Marketing”.
He will not launch two cars with similar set of features and watch them compete against one another. Second – it should not be too low that the consumer might start to think that the product or service is inferior.



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