McCarthy’s 4 P’s of Marketing, also known as the Marketing Mix, is a concept that consists of four basic elements necessary in any good marketing campaign. The 4 P’s are Product, Price, Promotion and Place. The concept holds firm that any successful business must clearly define these four aspects before launching any type of marketing strategy.
A well-balanced marketing mix is important for a number of reasons:
- It sets the course for your marketing efforts.
- It helps make a business successful.
- It defines the steps you need to take to make a profit.
Knowing what PRODUCT/SERVICE to sell Choosing the product or service to sell seems like an easy one, but it’s not as clear-cut as it seems. While you may have a general idea of what you want to sell defining the details is often more elusive. The color, quantity, size and design of a product must be considered. You must also think through what features to include or what features you missed in the initial design. If you are selling a service, you have to decide on what you will be promising to the customer. What exactly will they receive?
How to PRICE your product right Finding the right price point for your product can be one of the toughest decisions you make. Price it too high and you are left with stagnant inventory. Price too low and you end up eating costs without seeing much of a profit. Discovering the sweet spot is tough but achievable. Gather insight from others in your industry and consider the individual market in which you will be working in. Also, remember to factor in discounts you may offer in the future.
Finding the best PLACE to sell your product Where you find your buyers will be the best place to sell your brand. With ease of shipping to nearly anywhere having a virtual store versus a brick and mortar one is a big decision you will need to make. Cost often becomes the deciding factor when it comes to where you choose to pitch your brand.
Determining how to PROMOTE your product You will need to determine the best message to send when promoting your product. This is often tailored to the audience you are trying to reach. Where they spend their time and when they are best reached are two factors to consider. Traditional promotional practices in your industry can be a good place to start but you don’t have to limit yourself to just those. Today’s online world has tons of promotional resources ready and waiting for you to use.
Do you have a good marketing mix in place for your current strategy? If not, you may be missing out on future opportunities for growth. At Grand Marketing Solutions, we help our clients define the who, what, where and why of their business. Keeping your marketing campaign balanced, we provide real-world solutions for your everyday marketing needs.Contact us for more information or to schedule a consultation.
