Marketing mix is a term that, while being rather uncommon, if not unknown, is something that all business owners are in contact with. While big corporations and the main actors of the industry tend to be more involved with marketing mix, it is something that even small business owners should be familiar with. What is marketing mix? The common definition would be that it is the four P’s of marketing, namely product, price, place and promotion. To simplify it, marketing mix incorporates the 4 stages through which your product will go through, from its production, to its marketization.
Four P’s of Marketing Mix
For a better understanding, here are short definitions of the four P’s of marketing.
What are you selling? A product or a service? If it is a service how will you present yourself? If it is a product, how will it be packaged? These are crucial questions that will determine the features of your product or service, and how attractive they will be to the market. The key features will be the quality, the packaging, how it stands out, the benefits provided (warranty or refund guarantee), and so on.
The pricing you assign to you product or service will be vital in determining how successful you will be. It will not only serve as a comparison to the competition, but will also affect your branding and image. You will need to use the appropriate pricing strategy, taking into consideration the different factors present on the market, and consider special pricing units such as bundles, or seasonal discounts.
Equally important is the “place”. Place refers the distribution of your product or service, including where you will sell it (in a retail store, door-to-door sales, through a website), as well as what demographics you will target. This decision should also be taken with regards to the product or service, as well as the competition.
Finally, there is the promotion. As you can guess, promotion will involve every aspect that will involve providing the market with information about your product or service, and convince them that it is the best option for them. This includes advertisements, public relations, and anything that has anything to do with your sales strategy.
While each of the four P’s of marketing have distinct roles, they all require a certain level of market research, and will all require the same level of attention.