For those of us who work in the industry but have not studied marketing in college, it’s entirely possible that you haven’t heard of the marketing mix.
Let’s talk about the four P’s marketing and how they’re still important to today’s marketing environment.
What is marketing mix also known as 4 P’s of marketing?
The four marketing P’s, otherwise known as the marketing mix, are product, price, place and promotion. These are the main factors involved in the marketing of a product or service.
The four P’s are designed to help marketers understand what they need about a product or service as they determine how to sell something for their company. Framing your four P marketing will help you learn what the competition is doing and what your customers want from you.
You may use the four P’s to answer questions about the product, price, location and promotion of your product or service.
You can ask yourself:
- What’s the worth of your product?
- How do you separate your goods from your competitors?
- Where are your customers looking for your product?
- How does your product fulfill the needs of your customer?
Thinking about your four P marketing will help you plan how to target your clients.
Will you need a way to imagine your marketing mix to share it with your staff or investors? Using these four marketing mix models to arrange your campaigns and events in the right section.
When it comes to location, this could mean the physical location of your business, but it could also be interpreted as where you’re selling your product, which could be on the internet.
The place is where you’re selling and distributing your stuff.
Note, not every place makes sense for every product. For example, if your target market is seniors, then there’s no point in marketing on social media. It is important to choose the right places to sell your product and to meet your customers where they are.
Think about the potential distribution networks, what outlets you might market your items.
You’re going to have to think about how to market your product on all the different platforms that make sense for your business.
When it comes to price, you need to know how much you are going to charge consumers for your goods or services. You need to make a profit, of course. But you still need to think about what rivals are charging for the same good or service and how much consumers are willing to pay for it.
You should also think of what deals or incentives you can use in your marketing.
You want to think about perception when you decide on a price. Do you want to be recognized as a cost-effective option for your industry? Or maybe you’re a luxury brand and the price is marginally higher than the competition on the market.
The vocabulary you use to advertise your product can have a huge effect on the price of your product.
Consider exactly what you’re selling when you think about your offering. Is this a particular product? Or is that a service? Your product can be a physical product, an online application, or a service such as delevery servces. Really, whatever you’re selling is a commodity.
Think of the brand marketing, the services you sell, and even packaging. Think about what problem your product solves for your customers as you describe your product. Consider how distinct the product is from rival products. What are the special features of your product?
“It’s important to know your product intimately so that you can put it on the market.“
Promotion is a marketings foundation. This is when you think about how to market and advertise your items.
In addition, you’ll explore brand marketing, brand recognition, and how to generate leads and sales.
Holding contact in mind is of the utmost importance when it comes to promotion. What messages are going to resonate with your target market? How do you better sell your product to them?
Where, when and how you’re going to market your brand.
In order to build a marketing mix, you’ll need to think about how you can position your brand uniquely in the competition. The most important aspect of thinking about the four marketing P’s is to consider the consumer, the competition, and your business. You’re going to analyze your product and how to market it.
While marketing has changed since the four P’s were created, the basic elements of the industry have not changed. You may apply the marketing mix principles to any form of marketing.