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 marketing definition is, it takes a lot of work, the creation and implementation of a sound 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 shopping habits. You also need to evaluate how you will be able to create a product or service at a price that will represent value and quality for them. This is where the marketing-mix comes in.
A marketing mix helps you get through your marketing strategy plans for any product or service you are thinking of and in the process, helps you stay away from common mistakes that may affect your business. However, although the 4 Ps of marketing and the marketing mix are often used interchangeably, these are two different terms. The marketing mix is a common phrase that is used to refer to the choices an organization has to make within key factors in the mix when introducing a particular service or product to market. The 4 Ps on the other hand relates to the key factors, which define the marketing mix.
What Are The 4 Ps?
Product/Service
The first P is refers to the Product (or service) your customers want. When you define a product, it must have something that will satisfy the needs or demand of your target market. Among the factors you need to take into consideration is the How? When? and Where? Your target customers will likely use it. Branding is also important. Just like with any marketing strategy plan, your brand will represent your company and this must not just be treated as a simple name you want to call your product or service. Your brand will be the differentiating factor against your competitors.
Place
The second P refers to the place where your customers will buy your product or service. Is it online or via a brochure or catalogue? Will you expand your distribution to include a big retail supermarket or only through a specialized boutique?
Price
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 might help but you also have to make sure that this will be suitable to the financial capacity of your target market.
Promotion
The fourth P refers to Promotion. This is how you will promote or market your products or services which often reflect your marketing strategy plan. A good promotion and marketing campaign will be a significant factor in establishing your brand in the market.
When integrating the 4 Ps into your mix marketing model, you have to make sure these four factors interact with each other seamlessly. With just one element wrong, it may have a negative impact on your entire marketing strategy plan.
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