If you studied business in college, the marketing mix or the 4 P's of marketing might be burned into your mind. For those who didn't, you most likely use the marketing mix without even knowing it. This concept has been around since the 1950s, and while some of the ideas have evolved, the basic framework has remained the same.
The Oxford Dictionary defines Marketing Mix as "a combination of factors that a company can control to influence consumers to purchase its products."
The 4 P's of marketing refers to product, price, place, and promotion. They all work together to build the foundation for your marketing strategy. So let's dive into each of them.
This refers to the product or service that you provide. This looks different depending on who your target market is. Some crucial questions to ask about your product/service are:
What sets you apart from the competition?
What problem does it solve?
How many different products/services do you offer? Are there multiple varieties?
Is your product/service properly branded?
Next is price; this is how much your product/service costs to your customers. A big part of a marketer's role in this is finding how to connect the price and the product's perceived value. Many considerations go into the price, such as:
How's your competitors' pricing?
Is discounting your product a good idea? How will it make your brand be perceived?
Which pricing model best suits your business?
The place is essentially where people buy your products. This is where knowing your target market is crucial. The goal of every business is to get their product/service in front of as many potential customers as possible. To do this, you need to know if your customers do most of their shopping:
Lastly is promotion - how you communicate with customers. To create a successful promotional strategy, you have to utilize multiple platforms. Promotion encompasses everything from advertising to press releases. Below are a few questions to determine which platforms are best for your business:
Who's your target audience?
What's the message you are trying to convey?
Where's your competition spending its promotional efforts?
Although the marketing mix is broad, it still serves as a base for solid marketing strategies. Evaluating your product/service using the 4 P's of marketing will help define and improve your existing marketing strategy.
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