MARKETING MIX

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place - The Economic Times

What are the 4Ps of marketing? 

Price: refers to the value for a product, cost of production etc. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used as a criteria to differentiate and enhance the image of a product. VPJ is priced at a reasonable rate considering the target group and cost of each jar keeps increasing with an increase in size.

Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. Vaseline Petroleum Jelly is sold in two basic containers, jars and tubes. Jars sizes were: 1.75 oz., 3.75 oz., 7.50 oz., 12.0 oz., and 15.0 oz.. The tubes sizes were 1.0 oz. and 3.75 oz. VPJ sales were mainly concentrated in the 1.75 oz., 3.75 oz. and 7.50 oz jar sizes, which combined for 81% of VPJ factory shipments by size

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for them to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.  VPJ is available at any departmental store, medical store etc .
VPJ was sold in two basic forms: regular and carbolated. Regular VPJ was distributed primarily through grocery, drug, and mass merchandise stores; these accounted for 85% of VPJ ounce volume. Carbolated VPJ was a specialized first aid product, containing an active ingredient. Carbolated VPJ accounted for a stable 7% of VPJ dollar sales to consumers, although it was sold primarily through drugstores, was rarely discounted, and never advertised separately.

Promotion: this refers to all the activities undertaken to make the product or service known to the people. This can includeadvertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
There were three principle areas of VPJ marketing: advertising, consumer promotion, and trade promotion. Advertising had historically shown the versatility of VPJ as a skin care product for adults and children through consumer ads concentrating on a theme of "In all seasons, for all reasons, do it with Vaseline Petroleum Jelly". VPJ came up with one ad which marked it existence ever since.

What is the importance of the marketing mix?
All the elements of the marketing mix influence each other and are equally important. They make up the business plan for a company and when handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people etc,