Marketing Frameworks: Mix, 4Ps, PLC, Pricing & Promotion

Posted on Feb 27, 2026 in Business Administration and Management (BAM)

Marketing Frameworks and Core Concepts

Marketing is the strategic engine of any business.¹ It involves understanding the market environment and using specific tools to influence consumer behavior.² Below is a detailed breakdown of the fundamental frameworks you requested.

1. Marketing Mix — Meaning and Approaches

The Marketing Mix is the set of tactical marketing tools that a firm blends to produce the response it wants in the target market.³ It is the “toolkit” used by marketing managers to satisfy customer needs and build brand loyalty.⁴

Approaches to the Marketing Mix

• The Functional Approach: Focuses on the functions performed by marketers (buying, selling, transporting, etc.).
• The Systems Approach: Views marketing as a set of interrelated components (Product, Price, Place, Promotion) that must work in harmony.⁵
• The Customer-Centric Approach: Shifts the focus from what the company wants to sell to what the customer wants to buy (often referred to as the 4Cs: Customer Solution, Cost, Convenience, and Communication).⁶

2. The 4Ps of Marketing (Product Mix)

Developed by E. Jerome McCarthy, the 4Ps are the core of any marketing strategy for physical goods.

3. Product Life Cycle (PLC)

The PLC describes the stages a product goes through from when it was first conceived until it is removed from the market.⁷

1. Introduction: Low sales, high costs per customer, and financial losses. The goal is to create awareness.
2. Growth: Rapidly rising sales and profits. The goal is to maximize market share.
3. Maturity: Sales peak, competition is high. The goal is to defend market share and maximize profit.
4. Decline: Sales and profits fall. The goal is to reduce expenditure and milk the brand.

4. Pricing Strategies

Setting the right price is crucial for profitability and brand positioning.⁸

• Cost-Plus Pricing: Adding a standard markup to the cost of the product.⁹
• Penetration Pricing: Setting a low price to enter a competitive market and attract customers quickly.¹⁰
• Price Skimming: Setting a high price for a new, innovative product and lowering it over time (e.g., iPhones).
• Value-Based Pricing: Setting prices based on the perceived value to the customer rather than the cost of production.¹¹
• Psychological Pricing: Using prices like $9.99 instead of $10 to make the product seem cheaper.¹²

5. Promotion Mix — Permission and Communication

Promotion is how you communicate with your audience to persuade them to buy.¹³

• Advertising: Paid, non-personal communication (TV, social media).¹⁴
• Sales Promotion: Short-term incentives (Buy 1 Get 1 Free, coupons).¹⁵
• Personal Selling: Face-to-face interaction (common in B2B or high-value items like tractors).
• Public Relations (PR): Building a positive image and handling “unpaid” media coverage.¹⁶
• Direct Marketing: Direct communication with targeted individuals (email, telemarketing).¹⁷

6. The 7Ps of Service Marketing

Since services are intangible, the 4Ps were expanded to the 7Ps to account for the unique nature of service delivery.¹⁸

• People: Every person involved in the service delivery (staff, customer service, sales).¹⁹ In services, the employee is the brand.
• Process: The systems and procedures used to deliver the service (e.g., a bank’s loan approval process). Efficiency is key.
• Physical Evidence: The environment in which the service is delivered and any tangible items (e.g., a hotel’s cleanliness, a branded receipt, or a professional-looking office).²⁰

Importance of the Marketing Mix

• Consistency: Ensures all elements of the business are moving in the same direction.
• Value Creation: Helps identify how to provide the most value to the target audience.
• Competitive Advantage: A unique blend of the 7Ps can make a brand stand out (e.g., Apple’s Product + Physical Evidence).²¹