If you have ever been in a marketing class, one of the first things you might have been taught is what’s known as the 4Ps of marketing. The four Ps of marketing stands for; Product, Price, Place, and Promotion. Suppose you own a pressure washer in Fredericksburg and want to market your business- how do you go about it? You need to understand that marketing involves so much more than just a simplified 4 Ps.
Good marketing is about teams and individuals all working together to promote a product, in the right place and with the right price point. These four Ps of marketing introduces us to what we call marketing mix. Marketing mix refers to actions that a company takes to market its products and services. Essentially, it calls for the need to break down the four components of marketing.
Let’s have a look at the elements of a marketing mix.
Product refers to what a business is selling, be it a product or service. The bulk of work in this category is done by product marketers and managers. Getting the right product happens after carrying out extensive research and development and understanding what the market needs the product to do. Product managers also develop a product launch plan and timelines and educate prospects and customers about the product.
Price refers to the price point at which you will be selling your products to your consumers. Arriving at your price requires a lot of consideration of multiple pricing strategies. You will need to perform an analysis of similarly priced products in your market. You will also need to get insights from customers through surveys and focus groups. Your price will determine how you position yourself on in the market, and the speed at which you will be penetrating the market. It will also determine your company revenue and profit margins.
In the context of the marketing mix, place refers to where your products and services will be sold. For tangible products, you will need to include a physical location such as a store, or have a retailer who will resell your products. You can also include other methods such as selling online.
Promotional activities are all those tasks that make your target market aware of what you are offering. Promotion includes both organic and inorganic methods, such as paid advertising and also free ones such as word of mouth marketing, public relations, and content marketing.
To develop a marketing strategy, you will need to incorporate a couple of strategies together. You will need to engage in market research and product development. If you have customers, speak to them to understand what they need to be added or changed. Monitor all industry trends to identify a potential demand in your market. You also need to have a key examination of your competition. During product development, have your teams collaborate to ensure they develop products that meet customer needs. Determine your pricing model and give your customers an offer they won’t refuse. Collaborate with your sales department to determine the extent of discounting that is acceptable.