{"id":261659,"date":"2020-05-12T03:07:40","date_gmt":"2020-05-12T08:07:40","guid":{"rendered":"http:\/\/www.etrafficlane.com\/60dollarmiracle\/the-marketing-mix-the-dynamic-nature-of-the-4-ps"},"modified":"2020-05-12T03:07:52","modified_gmt":"2020-05-12T08:07:52","slug":"the-marketing-mix-the-dynamic-nature-of-the-4-ps","status":"publish","type":"post","link":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/the-marketing-mix-the-dynamic-nature-of-the-4-ps","title":{"rendered":"The Marketing Mix \u2013 The dynamic nature of the A K&#039;s"},"content":{"rendered":"<p><\/p>\n<div readability=\"137.813551177\">\n\t\t<!-- adman_adcode_beginning --><\/p>\n<p> <iframe loading=\"lazy\" width=\"580\" height=\"385\" src=\"https:\/\/www.youtube.com\/embed\/JNiRYFM8XG0?rel=0&amp;autoplay=1\" frameborder=\"0\" allowfullscreen=\"\"><\/iframe> <\/p>\n<p> This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 Ps of marketing. <\/p>\n<p>Hope you will enjoy the video! Here\u2019s a link to the full course on Udemy:<br \/>https:\/\/www.udemy.com\/course\/mba-in-a-box-business-lessons-from-a-ceo\/?referralCode=F6026A89249995D14BCD<\/p>\n<p>This video is part of a series of short lessons about Business Strategy. The complete module can be found on Udemy, as a core part of the MBA in a Box course by CEO Valentina Bogdanova and 365 Careers. <\/p>\n<p>The course provides a complete Business Education: Business Strategy, Management, Marketing, Accounting, Decision Making &amp; Negotiation in just under 10 hours. <\/p>\n<p>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<\/p>\n<p>Marketing module table of contents:<\/p>\n<p>Marketing: An Introduction<\/p>\n<p>Introduction to Marketing<br \/>What is Marketing\u2019s role?<br \/>Who works in Marketing?<br \/>Marketing\u2019s key processes<\/p>\n<p>Marketing: Building a Marketing Strategy<\/p>\n<p>What is a marketing plan?<br \/>The psychology of customers \u2013 needs, wants, and demands<br \/>Conducting marketing research<br \/>The different stages of marketing research<br \/>Collecting Primary Data for Marketing Research<br \/>Performing client segmentation<br \/>Choosing a target customer group<\/p>\n<p>Marketing: How to set up an effective Marketing Mix<\/p>\n<p>The four Ps of Marketing and their importance<\/p>\n<p>Marketing: How to set up an effective Marketing Mix \u2013 Product decisions<\/p>\n<p>The product concept<br \/>Classifying a firm\u2019s products<br \/>The typical product lifecycle<br \/>Product branding<br \/>Product packaging<\/p>\n<p>Marketing: How to set up an effective Marketing Mix \u2013 Pricing decisions<\/p>\n<p>The variables influencing product pricing<br \/>The demand curve<br \/>Performing break-even calculations<\/p>\n<p>Marketing: How to set up an effective Marketing Mix \u2013 Place decisions<\/p>\n<p>Setting up product distribution<br \/>Types of distribution channels<br \/>The advent of e-commerce<\/p>\n<p>Marketing: How to set up an effective Marketing Mix \u2013 Promotion decisions<\/p>\n<p>The essence of marketing promotion<br \/>Creating a marketing campaign<br \/>The importance of social media<\/p>\n<p>Marketing: How to set up an effective Marketing Mix \u2013 A dynamic concept<\/p>\n<p>The four Ps of Marketing \u2013 A dynamic concept<\/p>\n<p>Marketing: Marketing strategy in the long run<\/p>\n<p>Allocating the funds available for Marketing \u2013 The budgeting exercise<br \/>Using KPIs to improve decision-making<br \/>Short-term vs. Long-term marketing goals<br \/>Interpreting and calculating the Customer-Lifetime-Value formula<\/p>\n<p>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2013<br \/>The only way a marketing plan can succeed is if the four Ps are aligned and work in unison. Their role is to implement the strategic direction that top management has chosen. However, if one of the four Ps is not in sync with the others, the entire plan becomes compromised.<\/p>\n<p>Imagine you are a marketing manager in a company that produces air conditioners. Your R&amp;D team has just let you know they have come up with an amazing breakthrough \u2013 they have created an air conditioner that uses 50% less energy than any other air conditioner in the marketplace. <\/p>\n<p>Until this moment, your company\u2019s strategy has been cost leadership, but this new finding allows you to create a differentiated product!<\/p>\n<p>So, what are you going to do? Tell the R&amp;D team their amazing breakthrough is not in line with the firm\u2019s strategy? Even though it might win the firm market share and allow it to charge more for its products, and marketing studies indicate potential improvements of profitability?<\/p>\n<p>Or perhaps, you could readjust the four Ps plan to correspond to a differentiated product that is going to cost more, will be sold by premium resellers, and will need an extensive advertising campaign\u2026<\/p>\n<p>The second scenario sounds better, right?<\/p>\n<p>The 4 Ps can be readjusted and needs to be readjusted when one of the Ps changes. Think of the Ps as an ecosystem that must adapt to a changing environment. If one component changes, all four must evolve and adapt accordingly.<\/p>\n<p>On Udemy: https:\/\/www.udemy.com\/user\/365careers\/<br \/>On Facebook: https:\/\/www.facebook.com\/365careers\/<br \/>On the web: http:\/\/www.365careers.com\/<br \/>On Twitter: https:\/\/twitter.com\/365careers<br \/>Subscribe to our channel: https:\/\/www.youtube.com\/365careers <\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=JNiRYFM8XG0\">Source link <\/a><\/p>\n<p><!-- adman_adcode_after --><\/p>\n<p class=\"dpsp-share-text\">Sharing is caring!<\/p>\n<p class=\"gasd_author\"><a href=\"https:\/\/etrafficlane.com\/newline\/about-me\" rel=\"author\" title=\"Profile for Dalelorenzo Johnson\">Profile for Dalelorenzo Johnson<\/a><\/p>\n<\/p><\/div>\n\n<p><a href=\"https:\/\/etrafficlane.com\/newline\/the-marketing-mix-the-dynamic-nature-of-the-4-ps\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson on Marketing strategy introduces the concept of the Marketing Mix, and the 4 Ps of marketing. Hope you will enjoy the video! Here\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-261659","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/261659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/comments?post=261659"}],"version-history":[{"count":0,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/posts\/261659\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/media?parent=261659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/categories?post=261659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etrafficlane.com\/60dollarmiracle\/wp-json\/wp\/v2\/tags?post=261659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}