What is the marketing mix?
marketing mix is a variety of different factors that can influence a consumer’s decision to purchase a product or use a service. It most commonly refers to the 4Ps of marketing─product, price, promotion and place.
The 4Ps Model
The 4Ps were created by marketing professor E. Jerome McCarthy in 1960, seven years after Borden’s speech. They are a framework that marketers and businesses can use when designing strategies and campaigns to promote their products and services.
Product refers to the physical goods or the intangible services that you offer, but there’s more to it than that. It’s also about the experience that users and customers have with your product. What makes customers choose your product over others? What problem does it solve? What attracts people to your products or services?
It is critical to choose the right price for your product or service. If your product is underpriced, consumers may question its effectiveness or think that it’s “too good to be true”. On the other hand, if you price your product too high, consumers may see it as overpriced and unnecessary. Unless you are an established luxury brand like Coach or Chanel, you’ll find it hard to make a sell.
How are you going to tell people about your products and services? Promotion covers all of the communication tactics that you will use to spread the word.
Note that promotion isn’t synonymous with marketing. Promotion focuses on how you will communicate your product to people. It doesn’t only encompass the entire marketing function. It also addresses the sales process and other areas such as public relations and advertising
Place refers to the distribution of your product. How will customers find and purchase what you’re trying to sell? Will it be sold in retail stores or exclusively online? Two of the most common distribution channels are: direct sales and wholesalers.