Going back to basics and one of the fundamental principles of marketing is the marketing mix, or the 4 p’s of marketing. In college or business classes this is one of the first topics covered and lays the groundwork for many future classes. While there have been many different variations and modifications to these principles – they still remain a cornerstone and the foundation for modern marketing.
The 4 P’s of marketing (also known as the “marketing mix”) are used to position a company, product, or idea into our (the consumer’s) minds. As marketers, our objectives are to arrange these components so they are each as efficient and effective as possible.
Although we deal with these four different components when selling, marketing, or positioning things – it helps to revisit them from time to time to refresh ourselves on how you can effectively compete in today’s marketplace.
Product
Product is the idea, physical goods, or image of the thing that you are trying to market or position. This can be anything from a vehicle (if you’re a car dealership) to character and image (in the case of politicians or celebrities). Your goal is to put your product into the mind’s of consumers that provides you with the most favorable outcome.
Price
This is what people are willing to pay for your product. I believe non-monetary values like time should also be fall under the price element as even though there is no money being exchanged – people are giving you energy and resources. Depending on the type of product that you have – price may or may not play that large of an impact on sales. However, your pricing will greatly affect your position in the marketplace in consumer’s minds.
Placement
This is how or where your product is distributed or displayed. As are the other 3 elements of the marketing mix and the 4 P’s, placement is how you get your product to the people who end up buying your product.
Promotion
Quite often we as marketers place the large majority of our time on promotion. It makes sense given that this is the easiest to measure and track results. However, you really need to ensure that you give attention and focus to the other 3 p’s as well. You can greatly hinder your promotional efforts if you have one of the other elements that is lacking (i.e. you have a great product (Product) and spend a ton on advertising (Promotion), but you have a difficult time getting it to those who buy (Placement)).
Back to Basics
As I mentioned earlier, it is extremely helpful to revisit these basic marketing elements to ensure that you’re achieving the best results that you can. Having just one of these askew can cost you a lot of time, effort, energy, and money. Imagine that you’re spending thousands of dollars promoting an excellent product but you have priced yourself too high or too low. There are MANY times that simply adjusting the price a little will make a HUGE impact on your bottom line. As with everything in marketing, be sure to continuously test these different pieces to try and arrive at the best possible combination that allows you to make as much money as you possibly can – it’s amazing what one little tweak to one of these “P’s” can do.
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