Study and Analysis of Marketing Mix Strategies Using 4Ps Approach


Authors : Karibasavaraja D; Sudeep Y; Suhas P; Sohan Kumar S.K; Thushara V

Volume/Issue : Volume 8 - 2023, Issue 1 - January

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3IcsIsO

DOI : https://doi.org/10.5281/zenodo.7646326

The marketing mix refers to the combination of factors used by brands to get the right response from the people they are targeting. The 4Ps make up a typical marketing mix Price, Product, Promotion and Place. The 4Ps of marketing is a model for enhancing the components of your marketing mix the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand. All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. It helps in fixing the right price for organization's goods and services based on information collected by market research. Strategy ensures effective departmental co-ordination. It helps an organization to make optimum utilization of its resources so as to provide a sales message to its target market. The authors introduce the concept of the marketing mix and explain how the 4Ps (price, product, promotion, and place) make up a typical marketing mix. They discuss how the 4Ps can help a company to define its marketing options and make the best use of its resources. The study then focuses on the marketing mix strategies employed by Joy ice-creams, with the aim of understanding consumer behavior and dynamics. The authors use traditional market research methods to analyze data, perform a SWOT analysis, and provide conclusions and suggestions for improving the company's marketing strategies.

Keywords : ECR - Efficient Consumer Response; Marketing Selection; Segmentation; Positioning; Customer Inclination; SWOT Analysis; Loopholes; 4Ps; Distinct; a Prerequisite; Tried- and- True

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