Getting the marketing mix right for your product or service means you’re covering all the important bases of your marketing campaign. Here is a definition of the marketing mix and a description of its main components.
The term marketing mix refers to the primary elements to which attention must be paid in order to properly market a product. Also know as The 4 Ps of Marketing, the marketing mix is a very useful, if somewhat general, guide to understanding the fundamentals of what makes a good marketing campaign. Here is a brief description of each component of the 4 P’s of the marketing mix.
Product: The concept of the marketing mix has its roots in the American corporate marketing world of the 1950s, and obviously marketing practice has evolved tremendously since the term was invented. One of the changes is that today there are many more services available, such as those available online. Also, the distinction between product and service has become more blurred (eg, is a Web-based software application a product or a service?). Anyway, product here it refers to products or services. The product you offer must be able to satisfy a specific and existing market demand. However, you must be able to create a niche market by building a strong brand.
Price: The price you set for your offer plays an important role in its marketability. The price of the offers that are most commonly available in the market is more elastic, which means that unit sales will rise or fall more sensitively to price changes. In contrast, those products that have generally more limited market availability (but with strong demand) are more inelastic, meaning that price changes will not affect unit sales much. The price elasticity of your offer can be determined through various market testing techniques.
Square: This term really refers to any way the customer can obtain a product. The supply of a product can occur through various distribution channels, such as in a retail store, by mail, through downloadable files, on a cruise ship, in a hair salon, etc. The ease and options through which you can make your product available to your customers will have an effect on your sales volume.
Promotion: Promotion is about whatever vehicle you use to let people know more about your offer. Advertising, public relations, point-of-sale displays, and word-of-mouth promotion are traditional forms of promotion. Promotion can be seen as a way to bridge the information gap between potential sellers and potential buyers. Your choice of promotional strategy will depend on your budget, the type of offer you are selling, and the availability of that promotional vehicle.
Marketing has come a long way from the 4 P’s of yesteryear, and yet understanding this marketing mix for your product is still highly relevant today. The marketing mix serves as an excellent touchstone to continually check that you cover all the bases of your marketing campaign.
