This concept, simply put, is the philosophy that your organization’s entire reason for existing is to discover the wants and needs of the customer and then set out to fulfill those needs and wants with appropriate offerings in the marketplace. You may be familiar with the marketing concept from knowledge about the “4 P’s” of marketing. This related concept, known formally as the marketing mix, is a mnemonic for the four controllable variables marketers use to compete in the marketplace. The four marketing mix elements are product, place, promotion, and price. Let’s take a brief look at each.
Product. Though product is the word in the mnemonic, actually anything that is being offered as an answer to a need or want can be the focal point. From services (of course!) to public policy issues to not for profit organizations, this is the subject for which the other three elements are designed.
Place. Better known as marketing channels, channels of distribution, or simply channels, this is the path designed for the product to take to arrive at the best location, at the desired time, and in the most wanted format, from the customer’s perspective.
Promotion. Probably the most well known because of the ubiquitous nature of advertising in developed economies. Promotion is known within the marketing profession as integrated marketing communication, or simply marketing communication. The point is to make sure all promotion elements being deployed are “speaking with one voice” to the customer and potential customer. That is, be sure to avoid miscommunication from one aspect of promotion saying one thing while a different element is saying another.
Price. Vying for the most well known marketing mix element, price is the thing of value being given to obtain the promised benefits. Thus, price does not have to involve currency. Rather, bartering, exchange of services, or some other agreement on exchange of value between the seller and the buyer can be considered the “price” for an offering.
The introduction to Better Customer Service: Simple Rules You Can Apply Today has more information on the marketing concept. Below is a brief video on the marketing concept, tying in the marketing mix elements and other important factors to provide an overall understanding of the world of the marketer. We hope this helps you in your continuing efforts to improve your organization, and yourself!