What Is The Marketing Mix And How Can You Use It?

The four P’s of marketing, also known as the marketing mix, is a well-known concept in marketing. Oftentimes when formulating a comprehensive marketing strategy, these 4 simple letters can be overlooked. 
 
Let’s put a microscope to the marketing mix and incorporate it into your marketing strategy.

What are the 4 Ps of marketing?

The 4 Ps of the marketing mix are the four pillars that guide the planning and execution of marketing activities and decisions. The more well-thought-out the marketing mix is, the more potential a marketing campaign has to be effective in achieving its goal.

The 4 Ps are the following:

  • Product
  • Price
  • Place
  • Promotion

Let’s look at each “P” more closely.
 

Product

Product is… what your business sells — simple enough, right? 
 
Yes and no. 
 
Before you can market your product (or service for that matter) your business needs to have a firm understanding of what your offering is. 
 
This means understanding where your product is in the product life cycle, understanding the value proposition, and understanding the target audience.

Ask yourself the following questions when considering your product in your marketing mix:

  • Who is the audience for this product?
  • What problem does this product solve and how?
  • How will our audience use and engage with this product?
  • What are the physical attributes of the product (size, color, package, branding)?
  • What is our product’s differentiating factor?

Price

This principle, of course, is in regard to your product’s price, but this goes deeper than a simple dollar figure.
 
Your price needs to meet the revenue needs of your business, but it also needs to meet the needs and expectations of your brand. 
 
This can mean lowering your price to satisfy your discount shoppers or increasing your price to be perceived as a luxury product.

Ask yourself the following questions when considering your price in your marketing mix:

  • What is the lowest possible price that still yields a profit?
  • What is the highest price your buyers will accept?
  • What is your audience’s socioeconomic profile and how important is it?
  • What are your competitor’s prices?

Place

Place refers to where your product is offered, but this too deserves a level of specificity. 
 
You may sell your product in a store, but which store? Which department? Which shelf?  The considerations are even broader in the digital landscape if your product is software, pre-ordered, or shipped to your audience.

Ask yourself the following questions when considering your place in your marketing mix:

  • Where is your client shopping? 
  • Where do they expect your product to be?
  • Where do they not expect your product but would appreciate it to be?
  • Will you be selling online? Offline? Both?
  • How will you be distributing your product?
  • Who handles your product? Your store? Intermediaries?
  •  Where are your competitors placing their products? 

Promotion

Promotion refers to how you intend to promote your product.
 
This includes the channels you intend to communicate your promotion, the message you intend to share, and the structure of your promotion itself.

Ask yourself the following questions when considering your promotion in your marketing mix:

  • Which channels does your audience engage in?
  • What is an effective message for communicating your promotion?
  • What kind of delivery system will you use? Video? Sound? Graphic?
  • When is the right time to launch your promotion?
  • What kind of promotion will you run? Percentage discount? Dollar discount? Buy one get one?
  • How will you track your promotion? Promo code? UTM links?
  • What promotions are your competitors running? Have run?

conclusion

Take the marketing mix and the 4 Ps within it to improve how you frame your marketing efforts. 
 
They may seem like simple letters but they can have a massive impact on your marketing performance, especially when looked at on a deeper level. 
 
Happy marketing!

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