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The Marketing Mix:The Four Ps 1 The variety of smaller market segments within the consumer and business market is enormous·and the firm that is good at target marketing will have a valuable edge over its competitors.But identifying the market is only part of the task-The other basic element in any total marketing program is the marketing mix.2 The marketing mix can be defined as the blend of prOduct,prjce, promotion,and placement(or distribution)that satisfies the demands Of the cnosen market segment·The four Ps have to fit closely together.And,as we shall see,the key to effective marketing is the ability to adjust each of the four factors in response to the demands of the target market"s product. 3 A businessperson"s first marketing decision concerns the prOducts Or services that wi l l attract customers in the target market.The key is tO determine consumers"needs and wants and translate them into desirable products and services-Rising crime rates,for example,have created a target market among small businesses for a growing number of sec…tvservices-Similarly,the rapid increase in the number of working wOmen has Inspirea clothing manufacturers to include more high.priced Iadies"suits in their overall product mix:many women have discovered they need tO。tdress for success"just the way men do.4 Changing conditions require the continuous reevaluation of product lines.AtProcter&Gamble,alert executives saw rising detergent costs as a threat to continued high-volume usage of their products in the home and added totheir l ist of products a number of cIOth-substitute paper products·including ampers disposable baby diapers.Pampers nOW outsell P&G"S Tide
detergent.In addition,P&G has responded to the rising costs of raw materials,such as coconut oil,by reformulating bar soaps and other products with much less expensive oils.In the steel industry,increased imports have convinced U.S.Steel,Armco,and National Steel,among others
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