The "Marketing mix" is an important concept when it comes to successful marketing. It refers to the core elements of an effective marketing strategy and covers the '4 Ps' - Product, Price, Promotion, and Place. It is also known as the 'Marketing 4Ps'.
Each of the 4 Ps could be thought of as representing a different type of decision that needs to be made when putting together your marketing mix. The decisions are all closely related, but the way to approach each one is slightly different.
Let's take a look at each of the 4 Ps and discuss how they fit into your marketing mix.
Product
Your product is the central element of your marketing mix, so getting it right is essential. Your product should meet the needs of your target market, be of good quality, and be priced fairly. Your research should inform the design of the product and should also be used to determine the types of products you should be offering in the first place.
When creating your product, you should consider what the consumer wants, the practical uses of the product, and the 'unboxing experience'. The more you can anticipate what the consumer needs and wants, the more likely you are to succeed.
Price
Price is an obvious element of your marketing mix, but there are still a lot of ways to get your pricing model wrong. You need to get the pricing right for both you and your customers, as too high or too low a price can damage your potential sales.
When deciding on pricing, you should take into account the cost of production and delivery, the cost of the raw materials, and the cost of marketing. You should also consider the level of competition and the target market, as they may both influence the price point.
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Promotion
Promotion is key when it comes to raising awareness of your product and getting it out to your target market. Your various forms of promotion (especially digital marketing) can make the difference between a successful launch and a lacklustre one.
When planning your promotional activities, make sure you consider how to reach your target audience, what types of content will be created and promoted, and how you can use social media platforms to promote your product. You should also consider how you will measure the success of your promotional activities.
Place
Place refers to both the physical and digital marketplaces where your product is sold. You need to carefully plan the distribution channels you will use to reach your customers, as this will influence both awareness and the cost of the product.
You should also consider how your product will be displayed in stores and websites (including how it will be packaged and labelled), how customers will be able to find it, and what payment methods you will accept.
Creating a successful marketing mix
Putting together a successful marketing mix requires thoughtful consideration of all the elements we've discussed. When creating your marketing mix, you need to consider the particular needs of your target market, the cost of production and promotion, and the various channels of distribution you will use.
The key to success is to reduce the risk of launching your product (or changing an existing product) by researching the market and considering different options. If you plan carefully and comprehensively, you will be more likely to get the marketing mix 'just right', meaning you can look forward to a successful launch and profitable results over the long term.