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Marketing Basics: Marketing Mix

Tuesday, January 23, 2018



The Marketing Mix is the way you balance your position in the marketplace. It’s the 4 components that make up your brand and form the foundation of your business.

Here’s a quick and easy breakdown of the mysterious marketing mix.

Product

The most important part of a marketing mix is the product itself. Without a product, you’ve got nothing to sell. Without anything to sell, well, there’s no business. The product is indeed the basis of everything. However, the product goes beyond the good or service. You have to consider the design, packaging, branding, range, and quality as well. What’s the lifecycle of the product? Are you going to offer a guarantee or a refund? All of these components are a part of the product. 

Price

Sometimes as business owners, we focus so much on the cost of a product, that we don’t bother with the price. We might be charging too little. Before you get into a bidding war with the competition, you have to consider what makes up your price. What’s the overall approach with your pricing? How does the price support your long-term objectives? You probably have some research to do before you get into discounts or price wars.

Place

How do customers access your product? You have already considered this as it is one of the most crucial parts of your job. Is your industry setting the tone for you? Are you pushing the limits of the paradigm or perhaps building a new one? All of those shipping and logistics costs get factored in at the place level of the marketing mix. The place can be a costly part of doing business, but it’s absolutely essential to work out how your customers are going to get to you.

Promotion

The messy part of the mix comes in at the very end. How are you going to communicate with customers and potential customers? You probably have a marketing plan. As a small business, we often rely on word of mouth marketing. One way to find the right marketing mix for your company is the find out where your potential customers are and finding a way to reach out to them. If you have a new promotion, you might need to expand the other Ps of your mix to adjust.

Finding the right balance in your marketing mix takes time and even a bit of luck. If you can easily identify your 4 Ps, you’ve done a great job. Chances are, you’ve got some questions to answer.