The Marketing Mix or 4 P’s refers to 4 key elements in marketing strategy. By focusing on these 4 elements a business can create a plan and direction:
- Product – The item or service you offer
- Price – The price you set for your product/service, ensuring it is pitched at the correct level
- Promotion – How will you inform your potential customer about your product/service
- Place – Where will your product/service be offered for sale
Product
Before you can start any business you need a product or service offering. A successful product/service either fills a void in the current market or offers something different to what is currently available.
What you need to ask yourself in this section is:
- What is the product/service?
- What problem does it solve?
- Who are your target customers?
- What makes it different to what is currently available?
Price
Price is one of the most difficult aspects, especially when you are offering a new product/service or it is a new business. It is important to set a price that reflects what the current market trend is and is also affordable for your target market.
What you need to ask yourself in this section is:
- How much do competitors charge for similar product/service?
- What can my target market afford?
- What is the lowest price I can offer?
- What is the highest price I can offer?
Promotion
How will you introduce your product/service to your target audience? A promotional strategy is designed the show consumers why they need a certain product/service and the reasons why. This is the core marketing activity, be it through print promotion, social media, word of mouth or website etc.
What you need to ask yourself in this section is?
- When is the right time to target your audience?
- What is the best method for this?
- What methods are most cost effective?
- How are competitors reaching their target audience?
Place
How and where will your product/service be offered for sale. This has changed drastically over the last few years, historically products/services were sold at local shops/offices. However this has changed now with the development of the digital world. Products/services are now more often sold online, be this through an e-commerce website, social media etc.
What you need to ask yourself in this section is?
- Where do your target market shop, online or physically?
- Where is the competition selling its products?
- How will your distribution channels be accessed?
More Information
If you would like more information about how we can help develop your marketing mix then get in touch with us.
