If you are a marketer, you are well versed that it is foolish to under estimate the power of planning. For most of the marketers it means to create different go to marketing strategies. If your objectives are cleared and you have identified the target market, the tactics you are practicing will help you to achieve goals.
We all use different blueprints and different planning strategies depending on which industry we work in and who is our target audience. But there is one timeless model that any marketer can utilize and that model is Marketing Mix.
Let’s dive into the nitty-gritty of marketing mix in detail:
What is Marketing Mix?
Marketing in general means “putting the right product in the right place, at the right price, and right time.” Marketing mix is a set of techniques that a company uses to push forward their products in the market.
It is referred as marketing mix because all the major elements of marketing have to be applied together in order to achieve positive results. Though the process sounds quite easy and simple, however, in reality, one has to undergo a lot of research in achieving the desired goals.
The marketing mixes are executed with the 4P’s that are the most common elements, also known as 4P’s of marketing: Product, Place, Price, and Promotion.
In this article we will look at the:
- Four P’s
The Four Ps of marketing mix:
Back in the year 1960, when marketing men smoked at their desks, women used to tap away the typing pools, and sliced bread was the yardstick to conclude whether any product was good or not, the marketing notion was so perfectly hatched, that even after sixty years it is still considered an integral part of marketing strategy.
It is called the 4P’s of marketing mix and here how it can be applied to every marketing strategy.
- Product
- Price
- Promotion
- Place
#1 Product in 4ps of Marketing
As we all know, a product or a service you are providing should be at the centre of every marketing mix. The products can be tangible or intangible. Marketers must understand the plans for various stages and should know that all products have different product cycle. Products help us to solve the key questions related to sales conversion.
What is the issue or a problem that can be solved by a product?
Why your products are best to solve the problems?
In addition, the potential buyers and target audience must be identified and thoroughly researched.
#2 Price in 4ps of Marketing
The real marketing strategy behind pricing your product must be based on customers that are prepared to pay. Here comes the pricing value and perceived value. If the product is priced higher than its perceived value, it will not sell.
Alternatively, if the product is undervalued in the eyes of a customer, you must under-price it and sell to achieve better results. Price marketing mix includes subscription, discounting programs, email marketing, promotions and sales.
#3 Promotion in 4ps of Marketing
The communication of marketing strategies falls under the promotions, which includes sales promotions, advertising, public relations, and special offers. Whichever channel you are using for promotions, it must be suitable to end user as well as the products and prices. One must understand the difference between marketing and promotion where the latter is the communication aspect of the entire marketing function.
#4 Place in 4ps of Marketing
Place or distribution in marketing relates with as to how the products are delivered or provided to the customers. Distribution is one of the key elements in placement of products. It states how the products are accessed to the end users and also how the customers are complimenting the rest of the product strategy.
Wrapping up
In this article we learned about the basic concept of what is marketing mix and its four Ps, which form the entire marketing, mix solution. In the next blog, we will be learning about features, purpose, steps in developing, and challenges faced in marketing mix.
Powered by Froala Editor
