The marketing mix is something that companies use to have a better understanding of what they should be focusing on in their marketing strategies. Marketing means putting the right product out to the customers at the right time and place. The marketing mix includes a process of using the 4 P’s. I like to look at it as a mix of ingredients. You may be asking, well what are the 4 P’s? They are product, price, place and promotion.
Here’s a breakdown of what they all actually entail:
This might be the most important ingredient in the mix. The product is what is going to satisfy the customers wants and needs. There must be a clear understanding of what the product is and there can’t be any surprises. You want to make sure that your product is going to stand out on the market. Some tools to help with this are: the name of the product, the packaging, quality and design, and the services. What does the customer need it for? What is the name of the product?
The price is the next ingredient added to the mix. You need to have a set product before you can make up the price for it. The price will eventually determine the supply and demand of the product. If you price your product is too high, it wont sell. However, if it is too low, you won’t make a profit. Tools that can help: the list price and discounts. What should the price of the product be? Are there any discounts for the product? What are the competitor’s prices?
Place refers to the where the customers can access your product. This is one of the tougher ingredients in the mix. I like to think of it as trying not to get a shell in your mix from cracking the egg. Since the internet is growing more and more everyday, there are some challenges when it comes to product placement. Tools that can help: location, inventory, and transportation. Where is the product going to be sold? Where is your competitor selling their product? Where can the target audience get your product?
Promotion is the final ingredient in the mix. This is the time where you get to almost eat what you made! One of the biggest ways to market your new product is now online. Social media is growing bigger and bigger so it is the perfect way to promote your product. You want to make the audience aware of your product so you need to get the word out. Tools that can help: social media, advertising and communication. How are you going to get the word out about the product? How do your competitors promote their product? When is the best time to start promoting the product?