If your small business has been around for awhile, you may already be familiar with a marketing mix and the 4 Ps of marketing. While these two terms are often looked at as the same thing, they actually aren’t. A marketing mix can been best summed up as a term to describe the different types of marketing that a business chooses to use for its products and services. The 4 Ps are one way to define a marketing mix; so, yes, a marketing mix and the 4 Ps are related to one another, but they’re not the exact same. The 4 Ps of a marketing mix are Product, Place, Price and Promotion. If you need helping understanding how to relate these 4 Ps to your marketing mix you can ask yourself a few questions to help your out.
With regards to your product, what needs does your product need to satisfy for the customer? How can the customer use it and where will they use it? Lastly, how is your product different than your competition? You need to make the consumer feel as if they need this product and that yours is better than your competitors. For place, where can consumers buy your product? Online, in a store or both? How accessible is your product for your customers, especially is you’re selling it online. If you sell your product online, you’ll want to make sure that your product is easy to find and how to go through all of the purchase stages are easy to follow as well.
With regards to price, how does your price compare with your competitors? What is the value of your product to consumers? If you can justify the pricing for your product, chances are you’ll have a greater chance for success in your sales. Lastly, there’s promotion; how are you going to promote and market your product to existing and potential customers? What kind of marketing mix are you going to use to ensure that you’ve marketed to all consumer types possible?
These are just a few questions you can ask yourself when trying to determine what type of marketing mix will best meet your customer’s needs as well as the marketing objectives of your business.