Have you heard of the term ‘Marketing Mix’ and the significance of it in the business world? If not, let us explain it to you in the simplest way possible, with the aim of guiding you to market your product in the right place, at the right price, and at the right time.
Some may think that creating a product is as simple as inventing one that is in high demand, selling it at established stores at a price level that matches the value of the product, and doing so at the time when it is most demanded. But in reality, there is more hard work and considerations to examine to ensure successful marketing. This is where the marketing mix and the 4Ps of marketing come in handy, as they help you avoid mistakes in marketing your product.
What are the 4 Ps of marketing?
Before creating a marketing campaign, the marketer should define the products and their quality to understand the product itself. Before you introduce the product to customers, ask yourself these questions:
Price is the amount that customers will be paying for the product, hence, marketers must link the price to the product’s value, supply costs, and retail mark-up. Deciding on pricing is really critical as you have to assess:
Place refers to the business locations where you choose to make your products available and how they will be displayed to customers. Every company would want to present their products to customers who are most likely to buy them, thus, the company should know:
Marketers should decide which media strategies to use to promote their products, either through advertising or public relations. The goal of promotion is not only to make people aware of your products but also to generate revenue. In order to do that, you must consider:
Benefits of using the 4Ps Marketing Mix
With variables like past spending and business performance, you can see what marketing strategies have worked and what have not, hence, your marketing team can cut down on unnecessary budget spending and come up with other campaigns.
It allows companies to fully concentrate on mediums that will reach the majority of their customers. For example, if the product’s targeted audience is women, they can place their ads in shows, programs, or websites that women often watch and visit.
Promotional practices such as reducing the price for a certain period, offering free samples of products for every purchase, and offering free shipping of goods help the companies reach their goals effectively.
To wrap things up, you may find the 4Ps of marketing mix to be dull, but they are essential to creating a successful marketing plan because you want to differentiate your products from those of your competitors.
We hope you find this week’s post helpful in improving your marketing strategies. Don’t forget to stop by next week for more informative posts. Until next time!