Marketing basically means putting the right product or service at the right price, in the right place, at the right time. However, no matter how simple the definition of marketing is, it takes a lot of work, creating and implementing a solid marketing strategy plan before you can see the fruits of your labor. First of all, you need to find out what your target market wants and identify their buying habits. You must also assess how you will be able to create a product or service at a price that represents value and quality to them. This is where the marketing mix comes in.
A marketing mix helps you get past your marketing strategy plans for whatever product or service you’re thinking of, and in the process, helps you stay away from common mistakes that can hurt your business. However, although the 4 P’s of marketing and the marketing mix are often used interchangeably, these are two different terms. The marketing mix is a common phrase used to refer to the choices an organization has to make within the key factors of the mix when introducing a particular service or product to the market. The 4 P’s, on the other hand, relate to the key factors that define the marketing mix.
What are the 4 P’s?
The first P refers to the product (or service) that your customers want. When you define a product, you must have something that meets the needs or demand of your target market. Among the factors that must be taken into account is the How? When? and where? Your target customers are likely to use it. The brand is also important. As with any marketing strategy plan, your brand will represent your business and this should not be treated as just a name you want to call your product or service. Your brand will be the differentiating factor against your competitors.
The second P refers to the place where your customers will buy your product or service. Is it online or through a brochure or catalogue? Will you expand your distribution to include a large retail supermarket or just through a specialty boutique?
The third P is the price of the product or service you offer, which is also its basic value to the buyer. Establishing a standardized price point can help, but you also need to make sure it’s appropriate for the financial capability of your target market.
The fourth P refers to Promotion. This is how you will promote or market your products or services, often reflecting your marketing strategy plan. A good promotion and marketing campaign will be an important factor in establishing your brand in the market.
When integrating the 4 P’s into your marketing mix model, you need to ensure that these four factors interact with each other seamlessly. With just one wrong item, it can have a negative impact on your entire marketing strategy plan.