Marketing might sound easy but it is not an easy job whatsoever. You need proper skills to know when and how to market a particular product. It is a special talent not many people have. If you’re not talented in marketing, you might try to sell the wrong product at the wrong time and in that way not make much profit. Talent is a must in this line of work but you also need a strategy. In this article, we will talk about the marketing mix and the 4Ps of marketing.
What Is the Marketing Mix?
The term marketing mix came about in 1953 from a Harvard Business School professor called Neil Bordon. The term can be defined as a set of essential factors that can be used by the marketer to influence a buyer into deciding on buying their product. It is really helpful to have factors that can help your strategy and influence others into liking and consequently buying your products. Marketing mix has been influenced by specific “market forces” and we can name four of them. The first one is oriented on the customer and it is their buying behavior but also the trade and industry behavior has to be studied. Not only do we need to keep an eye on the behaviors of customers and the market, but we also need to check out the competition and the regulations the government has set out for the market. When we combine all of these four elements, we get a strong influence on the marketing mix.
The 4Ps of Marketing
The terms marketing mix and the 4Ps of marketing has been known to be synonyms. We have just explained and defined the marketing mix, now we have to turn to the 4Ps of marketing. We can say that the marketing mix comprises the 4Ps of marketing. Let’s name them.
The product is the first piece of the puzzle. It is something that you can sell and buy. When it comes to the product, you need to make sure it will be desirable when launched into the market and that customers will be interested in buying it. You need to make sure to come up with a strategy that will show off this product and your business so that it will beat the competition.
The price is a tricky one because it always differentiates between what the seller wants to charge and what the buyer wants to pay. It is important to find a compromise and charge the product a good amount that will satisfy both the buyer and the seller.
When it comes to promotion, it has three components. You need to come up with a promotional message, the audience you are targeting, and also through which medium you will share your promotional message. It needs to be something that will catch the eye of your target audience and the medium needs to be chosen accordingly so that it can be accessed.
When it comes to the last piece of the puzzle, it is the place where customers can buy your products. You need to define where they can access them, buy them and how easy it is for them to get your products. Will they come straight to the customers or will they need a mediator? Will you have online stores or just in-person stores? These are just some questions you will need to answer.
In this article, we have talked about the marketing mix and the 4Ps of marketing. If you’re in the marketing business this article will be beneficial for you so feel free to dive in and learn more about these two terms.