4 Ps of a Marketing Mix Strategy
A marketing mix is the central concept of marketing. The term “mix” was first developed by Adler in 1947. Adler’s “package deal” was the first marketing mix. Today, the term marketing mix is often used interchangeably with “branded product”. The marketing mix is a framework for companies, historically focused on price, product, location, and promotion. In today’s marketing environment, the marketing mix has evolved to include internet marketing, co-branding, and other strategies.
The four Ps that make up a marketing mix are Price, Promotion, Place, and Product. These three elements should always be present to have a successful marketing mix. This is true for all companies. However, some companies must combine more than others to get the right product at the right price. The marketing mix is applicable for all kinds of marketing strategies even if it is confined to using SocialWick to buy YouTube subscribers or creating an affiliate marketing program.
Price, of course, is the element most often overlooked by most marketers. Without a good price point, or at least a price point that puts the product into the target audience’s hands, a marketing mix will be ineffective. Successful pricing requires an accurate forecast of demand and an accurate evaluation of competitors’ pricing tactics. Without these tools, a company cannot make informed pricing decisions.
Promotion is perhaps the most important aspect of a marketing mix. Without promotion, a company is destined to fail. Proper promotion requires the right product at the right price point at the right time to attract consumers. If an item is not being marketed to consumers, then it’s doomed to stay on the shelves of the company’s competitors.
Market research is another very important part of the mix. Without this crucial aspect, the marketing mix will fail to reach the intended target audience. Without an accurate assessment of market needs, a company is destined to fail to compete with its competition. A lack of market research can result in a costly investment in promotional tools that are not effective in luring consumers into the store.
A company should always strive for consistency when formulating its marketing mix and its marketing strategy. Consistency means a marketing mix that always works. It also means that a company has tested its promotional campaigns to find out which tactics work best to attract consumers in the first place.
There are also four Ps that make up a successful marketing mix and a successful marketing strategy. They are cost-effectiveness, reliability, proximity, and presence. A company that has a strong price point and maintains a consistent sale price with excellent customer service will have an easier time attracting and retain consumers. The same goes for a company that has a reliable product and offers a product that is not only effective but also safe. Having a product that is readily available will help keep customers within a day’s drive or a few steps away.
Lastly, a company should establish itself as the go-to place for consumers to seek answers to their questions and have information. For example, a marketing mix strategy that establishes itself as a preferred source for a question related to a new model car will be much more likely to succeed than one that tries to sell them something else. Lastly, for a marketing mix to be successful, it needs to draw in the target audience and keep them interested enough that they continue to do business with the company even after they have found what they were looking for. This requires good research and understanding of not only a consumer’s purchasing habits but also the trends associated with buying decisions. These trends are essential in making informed decisions about which products will be successful and which will not.