A right mix of marketing strategies is important to be implied for attaining successful results. One of the most important reasons for this addition is the rapid rise in the invention of new technology and its growing importance in all walks of life.
The 4 P’s are four marketing activities, namely: Product, Price, Place, and Promotion. A right mix of these helps a company satisfy customers and achieve objectives. Originally there were 12 elements that had been deemed necessary parts of a marketing mix. They were then divided into two categories: things being offered (the product, services, packaging, brand name and the price), second were tools. In 1965 these twelve were grouped in such a way as to form 4 categories instead of twelve. They are considered as a key to a marketing manager’s success in keeping the customers happy. In 1980 two authors tried to fit the marketing mix to the services sector by adding three more Ps: people, process, and physical evidence. Similarly, Kotler suggested the addition of political power along with public opinion. This way the mix has been changed and amended to tailor to the needs of the sector, the opinion of the marketing expert or a change in the social structure of the market.
3. Purpose of a strategic marketing planning and problems arising with its poor implementation
The main purpose of a strategic marketing plan is to streamline all the various marketing activities into a well devised and proper plan of action.