The marketing mix is a business method utilized by marketers. Neil Borden first coined the marketing mix catch phrase which was used to refer to a list of key components that represent marketing platforms. Borden's personal listing is most likely the longest, although the best recognized and the most commonly utilized marketing mix is E. Jerome McCarthy's four Ps outline containing product, price, promotion, and place. It doesn’t matter what order you define them in since the four Ps are interrelated or linked together.
The 4 Ps of the Marketing Mix are described as follows:
The product consists of the tangible/intangible goods and services that your business offers for sale to your target market to fulfill a need or want. While in the process of creating a product there are a few things to take into account such as value, purpose, qualities, distribution, and customer support. It’s also important to have a clear understanding of specifically what your product is and what sets it apart from your competitors in order to market it successfully.
Price involves the total currency or money it will cost a shopper to buy your products. When it comes down to price, there are certain things that should be taken into account such as coming up with a price, credit and cash purchases, and discounting. After a solid grasp of the product source is created you can begin setting some prices. The price you set will determine profit margins, supply and demand, and marketing strategy.
Promotion or the communication part of the marketing mix is about publicizing the values and worth of your product to potential buyers. It’s followed by motivating your targeted audience to become purchasers of your business products or services utilizing techniques such as marketing, advertising, social media marketing, personal selling, video marketing, sales promotion, direct marketing, or search engine marketing, etc. Every connection element should be maintained by a well-positioned brand to get the maximum return on investment.
Place is where potential buyers search for your products or services. As such, it is important that the right product is at the right price, at the right place, and at the right time. It’s of great significance to make sure your place of business is easily found whether it be the traditional brick and mortar or online. If no one can find your place of business, there will be no engagement with your targeted market or sales.
Using the 4 Ps of Marketing
The 4 Ps marketing mix blueprint can help with testing your marketing strategy and how to bring a product to market. Below you’ll find a few questions to help with this process:
- What do shoppers want or need from your product or service?
- How does your product meet those needs?
- Where do potential buyers look for your specific product or service?
- How do you set your product or service apart from your competitors?
- What is the perceptible worth of your product or service?
- What present or existing connections do you have with would-be customers?
This is not an exhaustive list of questions to be answered, but it will assist you in comprehending what the 4 Ps of marketing are all about.
I hope this brief rundown of the 4 Ps of the marketing mix (product, price, place and promotion) offers some understanding of what it means to launch a product or service to market successfully. Whether you’re just starting out or been around awhile, it’s important to strike a balance with the 4 Ps of marketing to position your product or brand in the open market.
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