What Is A Marketing Mix and What Are the 4 P’s of Marketing?

It begins with your product idea. Genius. We love it. It’s great. So how are you going to get it out to the world? How are you going to make it worth your time, your customer’s time, and ensure it’s reaching its utmost potential? Some people have asked if the marketing mix is a theory. Great question. It is not a theory. It’s a sure fact that a strong marketing mix helps drive success for the business.

SO WHAT IS A MARKETING MIX, EXACTLY?

It’s a combination of factors and considerations that a business controls to influence consumers to purchase its products AKA - what you put into the pot to make the gumbo good.

Creating a marketing mix involves a series of steps and decisions that can help you effectively promote your product or service. Here are the basic elements of a marketing mix with some key considerations you might want to account for when building out your mix:

• Product: Start by defining your product or service and what it offers to customers. Determine its features, benefits, and unique selling proposition (USP).

  • Is this product physical, digital, or a service?

• Price: Determine the price of your product or service based on factors such as production costs, competition, and customer demand. Consider whether you want to price your product high to reflect its value or keep prices low to attract price-sensitive customers.

  Is this product sold at a flat rate, or in increments? Is there a subscription package? Will there be discounts? If so, when?

• Place: Decide how and where your product or service will be distributed. Consider whether you want to sell directly to customers through a website or storefront, or whether you want to use a wholesaler or retailer to sell your product.

• Promotion: Determine how you will promote your product or service to customers. Consider advertising, public relations, social media, and other forms of marketing. Determine which channels will be most effective for reaching your target audience.

  Start with just a few social media channels. Get handles on all platforms you find relevant, but begin by being active on maybe 1-2 to get the hang of the experience. Consider the following forms of promotion for your business:

  • Email marketing

  • SMS

  • Display banners

  • FB and IG ad boosts

  • Flyers

  • Brochures

  • Mailers

  • Video ads (OTT/Streaming, audio visual ads)

To create a marketing mix, you will need to make decisions about each of these elements based on your understanding of your product, target audience, and competition. By combining these elements effectively, you can create a marketing strategy that helps you reach and engage your customers.

Fill out the form below to download our FREE marketing mix checklist to help your business. We’re always here if you have any questions.