If you’re just starting out with your small business and you’re trying to determine exactly what your product or brand is offering, you may have heard a term known as marketing mix when working on your business’ marketing evaluation. Your marketing mix can be crucial to your business and goes hand-in-hand with the four Ps of marketing: price, product, promotion and place. Right now we’ll got through the four Ps of a marketing mix and hopefully be able to help you better determine just what your marketing mix should be.
The first of the four Ps is Product. Obviously, your product (or service) is out there to satisfy a need or want from a potential client. Products can be tangible or intangible and all have a growth and maturity phase and then, unfortunately, a decline. Your job when doing your marketing evaluation and determining the best marketing tools for your business is how to avoid that decline and the difficulties that can arise as your product or service moves through the different phases. To do this, you can take into consideration the product mix when doing your marketing evaluation. There are several ways to do this such as increasing the number of product lines you have or the depth of them; in the long run you want your different products to complement one another.
The second P is Price, which is the amount a customer pays for your product or service. Price will determine your profit, revenue and success of your company. If you’re unsure of how to set the prices of your product, it’s best to ensure they complement the three other Ps in the marketing mix for best results.
The third P is Promotion. How are you going to market and advertise your product? This is also a very important part of the marketing mix because if you’re not correctly promoting your product and getting the word out about it, the success of your business could suffer severely.
Lastly, there’s Place. You want to ensure that your product is at a place that is conveniently accessible to your customer base, whether it’s in a store or online. To guarantee a successful business and a good marketing mix, you need to ensure that each of the four Ps complement each other seamlessly.