Are you a business owner or entrepreneur with a product or commodity to market? Do you know the basic strategies for marketing? Let us introduce you to the Marketing Mix, a.k.a. The 4 P’s of Marketing. Think of this model as a foundational toolkit with your 4 essentials. Your toolkit includes the equivalent of a hammer, screwdriver, pliers, and wrench or… in the marketing world: Product, Price, Promotion, and Place.
In short, you have a product that is either tangible or not. Knowing your product, or services, and what sets it apart is the first step to effective marketing. Not only should you be familiar with your product but also similar products and competitors. After that, you can begin on design, branding, assortment, packaging, etc.
Now that you know your product inside and out, the price must be determined. Ask yourself: How high is the demand? What is the cost? Will the perceived value be the same? What are the payment terms? These variables will determine your revenue. On the other hand, keep in mind that discounts and competitive offers will be something you may use down the line. Consequently, these deals can affect your bottom line. Therefore having your product priced accordingly to account for sales is important.
Promotion is also referred to as marketing communications. This refers to the way in which product information reaches consumers. Using marketing agency tactics like social media campaigns, promotional videos, public relations, and advertising to a targeted audience are the first steps. If you’re just releasing a product a solid press release can be great too.
Where do customers access your product? Nowadays, access to goods and services usually begins online. However, it really could be anywhere that is convenient for your customers to make a purchase. Moreover, product placement could be the ultimate factor of converting a potential customer into a sale.
To sum it up, whether you work with a marketing agency or you are doing self-promotion, this foundational guide has proven tried and true. If you are looking for more information, check out this cool video on The 4 Ps of The Marketing Mix Simplified.
This is with regard to location, distribution, and ways of delivering the product to the customer. The place may include the location of your business, distributors, shop front, possible use of the Internet, and logistics. It is important for you to have a good understanding of the strategy behind the positioning or place. You have to make it work for you, even if it means seeing through the mist of marketers who plan to fog up the minds of customers.
Comments are closed.