The Easiest Way To Understand The marketing mix
What is the marketing mix or the 4ps?
- Product
- Price
- Place
- Promotion
The first p from the marketing mix is the product
Product here represents the good or service that you provide to your customer.
Before releasing your product make sure it’s efficient and effective.
How to do so:
Ask yourself how will it change people’s lives or how it will make people’s lives easier.
Make people Try it before releasing it to the market and listen to their opinion so you can improve before launching.
If you are already in the market, and you want to improve your product or service create a survey about your product or service and listen to people’s opinions and start your product improvement plan.
For Surveys check our post about customer surveys
Make sure that your product will be a need for a specific type of people.
Some people will buy from the same store, or go to the same doctor so why is that?
Because they are meeting the customers’ needs.
Be known for something.
Put this example in your mind:
When people think about safety they think about Volvo.
What will people think of your product or brand?
The second p from the marketing mix 4ps is the Price
The price in the marketing mix is how much the customer will pay for your product or service.
Price should be proportional to what the customer will receive from your product or service.
Things customers will be expecting from your product or service:
product life cycle and usage
For example: if you buy something expensive you are predicting it’s very effective or its life cycle is too long or both.
For usage: is it easy to deal with or use, and is it making the customer’s life easier so it is worth paying for.
Also, before you put the price of your product or service, make your studies about the cost that you will put on promotions as well and check if it will still meet your targeted profit.
The third P will be the Place
The place is where the customer will find your product or service.
Customer Expectations:
- Easy place to reach
- Comfortable place with a good environment
Always add your store or your business on google maps.
For example: if you are a clothes shop you should open it in a shopping mall.
If your product or service is provided online, then you should exist as an application on Ios and android.
The fourth will be promotion
Promotion is how will people get to know you and how will you build your brand awareness.
- Where will you make your commercials (digital marketing, tv commercials)?
- Are you going to include billboard advertising?
- Adding a real promise to your call to action messages in your commercials or ads
- introducing your brand and how to use it in your ads
- Targeting the right people
- Choosing the right social media platform for your business
Please Note:
- Good marketing with a good product will achieve a profit
- Bad marketing with a good product will not achieve a profit
- Good marketing with a bad product will only speed up going out of business
- And of course, bad marketing with a bad product is a loss