The Marketing Mix (Often Called The 4 Ps)

marketing mix.jpg

Every business major in college had to take Marketing 101, but it’s always good to run a refresher course when possible. In that class, students would have learned about the Marketing Mix, also referred to as The 4 Ps:

  • Product

  • Place

  • Price

  • Promotion

The mix is especially important in designing a strategic marketing program for bringing a new product or service to market, and all of them represent what you as the business are able to control during in the process. Each one of the components should be consistent with each other, thereby creating a clear message.

What do each contain?

Place

  • Locations

  • Brick and mortar or online

  • Inventory levels (where is it stored?)

Product

  • Features

  • Quality

  • Packaging

  • Warranties and/or guarantees

  • Style

  • Brand name

  • Services

  • Options

Promotion

  • Any type of advertising (physical, online, etc)

  • Sales promotion

  • Personal selling

  • Publicity

  • Point of purchase (POP) materials

Price

  • Value to the customer

  • List price

  • Payment period

  • Rental or lease

  • Discounts offered (and where/why)

  • Credit terms


Questions to ask yourself when developing the marketing mix for your product or services:

  1. What are your competitors doing in terms of product, price, place and promotion?

  2. Why would your customers need this product or service?

  3. Why would your customers need a particular feature(s)?

  4. How could you improve your product?

We will expand more on the 4Ps in later blogs. In the meantime, let us know if we can help develop your marketing mix!

*Side note, I should also mention that some marketers use a customer-centric version of the 4Ps called the 4Cs, which are:

  • Consumer
  • Costs
  • Convenience
  • Communication

(The 4 Ps are Product, Place, Price and Promotion)

The idea here is that the 4Ps make you business-oriented, while the 4Cs make you more customer-centric.

  • Product becomes “Consumer needs/wants”
  • Price becomes “Cost to the consumer”
  • Place becomes “Convenience to the consumer”
  • Promotion becomes “Communication to the customer”