What Is A Marketing Mix?
The term marketing mix is a model that refers to the actions or tactics that a company uses to promote itself or its products in the market. The marketing mix is made up of the four Ps:
Products, Price, Promotion, and Place. These points are the most critical elements of your marketing tools that you can control in order to help your product reach its target goals and achieve the perfect marketing mix.
What Are The Four P's?
When creating a marketing campaign you start with developing an understanding of the actual product itself. This is the first step you take when making the perfect marketing mix. Who needs this product? Why do they need it? What does it do? Why is this the best choice as opposed to similar products on the market?
The marketers role is to to define the product to its consumers, allow them to be introduced to its functions. There also has to be an understanding of the life cycle of a product. So that there is also a plan to incorporate at each stage of the product life cycle.
Developing a product’s price has to take into consideration two main factors. Those being the price consumers are willing to pay for it and the price of supply costs. There are additional factors to consider that fall underneath the main factors.
These factors can be seasonal discounts, competitors’ prices, and retail mark-up. Some businesses will even market products much higher than their worth for the illusion of exclusivity and luxury.
Promotion is about getting the word out there to consumers about your product and why they need it. Promoting a product uses advertising, public relations, and the overall media strategy for introducing a product. It’s displaying the best features and convinces the consumers that they need this product, whilst proving it’s worth its price.
Place is when you begin to consider where the product should be available for purchase, both through in person stores and online. Also whilst thinking about how you want your product to be displayed. The decision of placement plays an important role in how consumers perceive the product.
An example being that you wouldn’t find Louis Vuitton bags for sale in ASDA, you can only find them through their online or in person stores, or in a designer department store such as Selfridges. Place is about advertising your product to your ideal demographic, another key in developing the perfect marketing mix.
The 4 Ps prevent a solid framework for which people can develop their marketing strategy on and achieve the perfect marketing mix. To summarise how to use these 4 Ps think about a product you want to market.
What are its main factors? How do these factors compete against other similar products? Taking that into consideration, you can start to come up with a price you think shows your products’ worth. Do you want it to be a luxury item or an affordable product for all?
After deciding the price you can move onto placement, which is relevant to price. Think where to stock your product that will be seen by your ideal demographic.
Finally, promoting your product to your ideal audience. What type of marketing strategy is best for your demographic? What will appeal to and resonate with your audience?
Once you have mastered building your marketing strategy off of the 4 Ps, you’ll be able to achieve the perfect marketing mix.
Can We Help?
If you’re interested in developing an effective marketing strategy for your business, we here at Lowaire have all the experience needed to create content that not only engages your audience but also connects with them across various social media platforms.