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Marketing

Marketing mix and 4 P’s of marketing

What’s a “marketing mix”?

It’s a fancy term for the elements of marketing, which are product, price, place, and promotion. In other words, it’s everything that goes into marketing a product or service. The term “marketing mix” was first used by Neil Borden in an article published in 1964. He said that the elements of marketing could be divided into two groups: the “hard” elements, which are product, price, and place; and the “soft” elements, which are promotion and people.

The marketing mix is often represented by the “4Ps”:

Product: what you’re selling
Price: how much you’re selling it for
Place: where you’re selling it
Promotion: how you’re getting the word out

The 4Ps are just a framework for thinking about the elements of marketing. They’re not set in stone, and they can be adapted to any situation.
For example, if you’re marketing a new product, you might want to put more emphasis on promotion, to create buzz and get people to try it out. If you’re selling a product that’s already well-known, you might want to focus more on price, to compete on value.
And if you’re selling a product that’s not available in stores, you’ll need to think about place differently, to make sure people can actually find and buy it.The bottom line is, the marketing mix is a flexible framework, and you can use it to plan your marketing strategy for any product or service.

Product:

The first P of the four P’s. The product is the item being sold to the customer.
When planning your marketing mix, it’s important to think about what your product is, and what needs it satisfies. All products have features, which are the physical characteristics of the product. But not all products have benefits, which are the emotional or psychological needs that the product satisfies. For example, a car has features like four wheels, an engine, and airbags. But the benefits of a car are that it gets you from point A to point B, it keeps you safe on the road, and it can make you feel good about yourself.
Some products have both features and benefits, while others have just one or the other. Like a crypto project might have the feature of having its own ERC20 token, but the benefit is that it also can be traded on decentralized exchanges.

Price:

The second P of the four P’s. Price is how much you charge for your product. When setting a price, you need to think about what your target market is willing to pay, what your competitors are charging, and what your costs are. If you set your price too high, you might not make any sales. If you set it too low, you might not be able to cover your costs.
There are a few different pricing strategies you can use, like charging a premium price for a high-quality product, or using loss leaders to attract customers and then upselling them to more expensive products. Price could be affected by things like discounts, bundling, and promotions. Why is it important for you to understands how prices are set? Well, because price is a major factor in the purchasing decision. This means that if you want people to buy your product, you need to consider price as part of your marketing mix.

Place:

Place is where you sell your product. This could be a physical store, an online store, or even a distribution network like a grocery store or a gas station. If you’re selling a product that’s not available in stores, you’ll need to think about the place differently, to make sure people can actually find and buy it. The important thing to remember is that customers need to be able to find your product when they’re ready to buy it. This means you need to have a good distribution strategy. Recently, with the rise of e-commerce, more and more products are being sold online. This means that place is becoming less important as a factor in the purchasing decision.

Promotion:

The fourth and final P of the four P’s.
Promotion is how you get the word out about your product. There are a lot of different promotion strategies, like advertising, public relations, and social media marketing. The important thing to remember is that promotion is all about creating awareness and interest in your product.
If you’re selling a new product, you’ll need to do more to promote it, to let people know that it exists and why they should buy it. But if you’re selling a well-known product, you might be able to get away with doing less promotion, because people already know about it, however you’ll still need to do some promotion to remind people that it’s available.

Conclusion:

The four P’s of marketing (product, price, place, and promotion) are the key factors that you need to consider when planning your marketing strategy. By thinking about each of these factors, you can create a well-rounded marketing mix that will help you reach your target market and achieve your business goals.

Getting help

If you ever feel like it’s too much work, or you’re not sure where to start, book a call with us, we can help you create your marketing mix and give you a strategic plan to follow. At Evolves.Tech, we specialize in digital marketing and can help you with everything from SEO to social media marketing. Contact us today to learn more!
https://calendly.com/evolves-tech

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