Mlm Home Based Business Opportunity - 4Ps and 6Ps - Marketing Mix

In this article we will talk about the 4Ps and 6Ps. Seven even eleven Ps of marketing, people have found six. Many more Ps have been coined, but in the modern use of the term. These are referred to as the marketing mix. There are 4Ps of marketing, according to the traditional base. Marketing mix is one of the major concepts of marketing.

Four Ps

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

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

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

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

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

Six Ps

Namely People and Performance, two new Ps, it contains, in addition. Place and promotion, price, the six Ps contain all the four Ps of marketing - product.

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

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

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