Marketing is basically based on marketing mix and without marketing mix you can not define marketing. Marketing mix are the tools that are necessary for you to use in marketing. Here are the three marketing mix models that you should know-
(1) 4Ps Model - When I was studying the 4Ps model, that is also called traditional model was only model for marketing mix. Here are the elements of 4Ps model
1. Product or Service - It includes all your product or service related activities. Like product design, product development, variety, quality and branding etc.
2. Place - It includes activities related
3. Price - You have to set the price of the products for customers considering discounts and credit - debit policy.
4. Promotion - It includes promotion related activities that advertising, personal selling and public relations etc.
(2) 4Cs Model - This model is now replacing the old 4Ps model. These are the elements of 4Cs model -
1. Customer Needs - This model says you should develop the product according to customers needs and try to sell the product in the market.
2. Cost - According to this model you to have set the cost to satisfy consumer needs.
3. Convenience - It not only
says for place or distribution channel but it profess to set distribution channel according to convenience of consumers.4. Communication - This model says the communication is more important than promotion because promotion is one way street advertisements and communication applies two ways traffic and interactive medium between buyer and seller.
(3) 4Vs Model - This is quite new model that is also being used in today's world.
1. Validity - This model says you should not only develop products according to consumers needs but also consider other environment factors like environmental friendly, safety and social security.
2. Value - This model talks beyond price and lowest cost. It says you should provide value for money because now days living standards of many consumers are raising.
3. Venue - It says you should not only provide product or services on the convenient places but also provide your services at the venue or home of consumers like pizza home delivery.
4. Vogue - It requires not only two way communication but your promotion should be in favor Of public and accepted by the public.
Which model is better?
