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Marketing Mix
December 19, 2005
Marketing Mix
In developing a marketing strategy, the four p's of marketing must be addressed. These are product, price, placement, and promotion. These all work together to help reach maximum potential in a marketing strategy.
Product is anything that is marketable. This can be a service, physical item or an idea. It is important to define what the product is, in order to define the target market. Without a definite product, no other part of the marketing strategy can be implemented.
Price does play an important part in the marketing mix, but it should not rule the business. Price should be in line with a customer's perception of value. Price must also match the quality of the product being offered. Knowing what the break even point is also is important. Without this information, the price may not be enough to cover the costs of selling the product.
Placement and distribution is the third element of the marketing mix. This includes the physical placement such as location, inventory, transport, and coverage. It also covers the channels used to market the product. Channels can change over time as businesses grow and evolve.
Promotion is the final element of the marketing mix. Promotion includes the communication of information about the product. The goal is to create a positive customer response. Marketing communication includes advertising, promotions, public relations, publicity, sales force or team, and promotional strategy.
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