The Marketing Mix or the “4 P’s” is a method that business owners use to determine the product that they sell; the price it is sold for; the place it is sold; and the promotional outlet for informing customers about the product. Each of these three elements has a specific function when it comes to marketing a product or service.
ProductBefore the other elements are considered, the actual product has to be determined. You have to consider if it is an item to be sold or a service to be provided. Sometimes people have great ideas for a product that they think the majority of people would enjoy. However, your product should be well researched and evaluated to see if it is something that consumers really want. In looking at the product, one should also consider the feasibility of producing the product.
PriceYou have to look carefully at how you price your product especially if it is a new product. You have to look at your competitors, if there are any, and the input it takes to produce the product. Any business owner would definitely want to know that their product is affordable for the targeted group he or she wants to sell to.
PlaceYou have to consider how customers will be able to get your product. Fifteen years ago, the place would be a physical store that people would visit or a catalog mailed to a home. Today, the world is a virtual marketplace where products can be sold from anywhere in the world that has a wireless connection and postal service. Therefore, you have to decide the place, whether physical or virtual, where customers can find your product.
PromotionPromotion cannot happen if the other elements are not in place. With promotion, you ascertain where and how you will inform potential customers about your product. Then you will define the channels to be used get your message across. You have to use the most suitable media to alert your target group about the product. Examples of promotional outlets include television, website, email, radio, newspapers and word of mouth.