Marketing is the process of value exchange that is facilitated by the 4 Ps. It is a foundation model for businesses, historically centered around: Product, Price, Place, and Promotion.

Marketing Mix is Important:

• A significant tool for creating the right marketing strategy.

• Effective implementation of tactics.

• Assessment of the roles of the 4Ps.

• Determining which marketing strategy is right for your organization.

• Targeting and segmentation decisions based on your products.

Tip

The marketing mix is a significant tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price, and place plays a vital part in your overall marketing approach.

Exclusive partners(Wisconsin Ginseng & Herb Co-op)

Wisconsin Ginseng & Herb Co-op appointed Eu Yan Sang as its exclusive worldwide distributor for the Wisconsin-grown American Ginseng, one of the world’s finest forms of ginseng.

By granting an exclusive distributorship, Wisconsin gains access to Eu Yan Sang’s regional network of retail outlets and traditional medical clinics where the products may be prescribed and consumed. Wisconsin also secured the commitment of Eu Yan Sang to ensure the success of the product, as they now have a business interest in it.

Changing with the times(Dell Computer)

Dell Computer started with a business model of going direct to its customers. Customers could call their hotline and place orders for their computers. The products will then be delivered directly to their customers, bypassing the need for a middleman.

As time went on, customer needs evolved and the direct model no longer worked well for Dell. Customers buying notebooks now prefer to “touch and feel” the product before purchasing. To address this, Dell decided to expand their distribution network by adopting the selective distribution approach. They carefully selected suitable resellers where the Dell computers can be displayed so that customers can have “hands on” experience with their products.