The marketing mix has been used when people want to refer to the 4 p’s of marketing. The 4 p’s of marketing are those factors that significantly influence people when they are deciding on whether they will buy certain products or use certain services. The business has always controlled the 4 p’s of marketing in most cases. When these 4 p’s of marketing have been mixed properly, the result is a successful marketing strategy in businesses. This is because the business owners can understand what they sell and offer, and therefore they can plan how to use their marketing strategy wisely. The 4 p’s of marketing are product, promotion, price and place.
Product
The goods that you sell, which are physical and the intangible services are what is referred to as products. It can also be described as the experience which your customers and users have with the products that you sell.
The experience of your users and customers is what makes them choose the product that you have instead of the other products in the market. It is also the problems that your products solve and what attracts you to buy these products.
The product is the most important when it comes to the 4 p’s of marketing. This is because when you do not have a product, then there is nothing to promote, price and place. When you have the product, you have to make it attractive through various things. For instance, this includes packaging, naming, quality, designing and usability.
All the 4 p’s of marketing are concerned about the customers. Therefore, you have to know what they like and love most and also what they do not want. When you have a clear understanding of them, then you will choose your product wisely.
Price
The second p of marketing is pricing. When you have a product to sell or services to offer, you have to be very keen when you are selecting their prices. This means that your price should not be too low or too high. This is because it will create so much suspicion on your customers. For instance, when your product or services are underpriced, your customers will think that the product is not effective. Therefore, it will not be suitable for them.
If the price is also overestimated, your customers will think that that product is not necessary just because it is costly. To sell your product and services, ensure that you have chosen the correct and realistic price for them. However, your customers will determine the price of what you will be selling or offering.
Promotion
When you have products to sell and services to offer, you have to tell people about them. Promotion, therefore, is the means that you will use to create awareness about your products and services. Most people will confuse promotion with marketing. The difference is that promotion deals with communication between you and your potential customers. Promotions help customers know what products and services you have and why customers should buy them. It also helps them understand the problems that the product solves and the price of the product.
Place
Place is the means of distributing your product. This is how your customers will access the products and services you will be selling. For instance, will it be through wholesales or direct sales? The place of your product distribution is determined by the type of business that you have. This is the final p of marketing.