Marketing Mix | The 4 Ps

The Marketing Mix | The 4 Ps of Marketing

Marketing is activities or strategies that shape relationships with customers and the sale of products.  So marketing is all of those activities that you undertake to sell you products or gain new customers.

The marketing mix is a set of categories for your marketing activities, so it essentially brings all of your marketing activities together.  The marketing mix is made up of the 4 Ps.

The 4 Ps of Marketing

  1. Price
  2. Product
  3. Promotion
  4. Place

 

Price

Price is the dollar value being asked for the product. Another application of price is the perceived value of the product, or what the buyer thinks it’s worth because they’re the ones buying it.  When a customer purchases product they assess it based on how they perceive the value.  Due to the nature of purchasing behaviour, if they make a purchase they assess the value once again after their purchase.

Product

The object/service being sold is the product. In addition, product also includes the market position of the object/service.  Position refers to how the product compares with it’s competitors (luxury product vs convenient or budget products etc).

Promotion

Promotion is activity undertaken to promote the object/service.  This is not limited to advertising!  Promotion includes all activities undertaken to raise awareness of the product or promote the product.

Place

Place is how the product reaches the customer. It’s how the customer finds the product and how they receive it.  For example, customers view the product online and it’s shipped by Australia Post.

Seems like it’s pretty simple huh?  Well it is and it isn’t because it’s quite easy to allocate something into each of the 4 Ps, but it’s quite another thing to do it well.  

First of all you will need to do some research to identity the best distribution method or sales point (place) for your product. You also need to undertake research to identify your target market because you need to know the best methods of promotion to reach them.

Most importantly, all of your marketing efforts should be coordinated because there’s not point undertaking a whole heap of random tasks in the hope that it will help you improve your sales.

ppnbp-signature-belinda-jacobson

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