4Ps & 6Ps – Marketing Mix

Sonoma Goods For Life® Hygro Ikat Towel
Bring your bathroom towel rack to life with this beautiful Ikat towel from Sonoma Goods For Life.

Women's Tek Gear® Back Panel Tank Top
Train on in cute, sporty style with this essential women's tank top from Tek Gear.

Marketing mix is one of the major concepts of marketing. According to the traditional base, there are 4Ps of marketing. These are referred to as the marketing mix. But in the modern use of the term, many more Ps have been coined. People have found six, seven even eleven Ps of marketing. In this article we will talk about the 4Ps and 6Ps.

Four Ps

The four Ps of marketing mix consist of Product, Price, Place and Promotion. Product means the thing that you are selling. It can also be a service like the tourism industry.

Price means the rate at which the product is being sold. A number of factors are involved in determining the price of a product. These include competition, market share, product identity, material costs and the value customers perceive of a product. In fact prices are also determined by competitor’s products. If the competitors have the same product, then the price of a product will go down.

Place refers to the real or virtual place from where a product can be bought by a consumer. Another name used for place is called “distribution channel”. Promotion is the way that a product will be communicated to the general public. There are four distinct ways in which this might be done- ‘point of sale’, ‘word of mouth’, public relations and advertising.

Somewhere down the line people felt that four Ps were not enough for marketing mix. It had to face a lot of criticism mainly on the grounds that it was extremely product focused. This was not enough for the economy which is based a lot on services as well nowadays.

Another criticism that marketing mix has to face is that it does not have a ‘purpose’. So it should be looked upon as a tool that sets marketing strategy. Another criticism of marketing mix is that it does not discuss customers. This is why the concept of Six Ps of Marketing mix has achieved relevance.

Six Ps

The six Ps contain all the four Ps of marketing – product, price, place and promotion. In addition, it contains, two new Ps, namely People and Performance.

People include the potential and current customers of the business and how they make their purchase decisions. Market segmentation is also a part of this. It contains the features of market segmentation and the most attractive segments of this market.

The next P is Performance. This implies the performance of the business. The financial and strategic objectives of the business are dealt with here. It is also seen whether these objectives are achievable and realistic or not. The metrics of financial performance are also seen and appropriated in this division.

The six Ps of marketing mix help to overcome the criticisms of the four Ps. Hence the 6Ps serve to be a better alternative as compared to the 4Ps of marketing mix.

Madison Park Syracuse Ultra Plush Comforter Set
Add a beautiful, cozy touch to your bed with this Madison Park Syracuse ultra plush comforter set.

Food Network™ Textured Performance Series 14.5-in. Nonstick Pizza Pan
Skip store-bought or frozen pizzas and go gourmet with this Food Network Performance Series textured pizza pan.

Nine West Dressy | Kohl's
Enjoy free shipping and easy returns every day at Kohl's. Find great deals on Nine West Dressy at Kohl's today!

Hotel Suite Pillow Top Featherbed
Incorporate an extra layer of comfort to your existing mattress with this pillow top feather bed.

3T Girls Blue ZeroXposur Kids | Kohl's
Enjoy free shipping and easy returns every day at Kohl's. Find great deals on 3T Girls Blue ZeroXposur Kids at Kohl's today!

Popular Bath Bloomfield 3-Piece Floral Towel Set
Refresh your bathroom style with this Popular Bath Bloomfield 3-piece floral towel set.

Women's LC Lauren Conrad Balloon Sleeve Faux-Wrap Dress
Find your perfect style with this women's faux-wrap dress from LC Lauren Conrad.

StyleHaven Mascotte Traditional Border Fringed Area Rug
Complete your room makeover with this stylish and on-trend StyleHaven Mascotte Traditional Border Fringed area rug.

You may also like...