The Marketing Mix

By Allison Zwarka

The marketing mix is a concept that defines different aspects that are crucial for success in the marketing field. These aspects are defined as the 4 P's(also mentioned in earlier posts): Product, Price, Promotion, and Place.

Product
Product refers to the good or service you are trying to convince consumers to buy. In order to chose the right marketing strategies for the specific product you must understand what value it has to customers. You can always look at a product in multiple ways, but it is important to find the best angle and think as if you are the consumer. What would you want from the product?

Price
Price is another aspect of marketing that affects how well your product will do on the market. Marketers must find a good price balance where the product is competitive while also being attractive to consumers. Another part of price you have to consider is how much profit you make off the product after it is sold. You want to maximize profit while also maximizing sales.

Promotion
Promotion is the third P, this phase is when you take into consideration the most effective way to promote this product. Many deem promotion and marketing as the same thing, in reality promotion is just one aspect of it. Through promotion you are able to manipulate how you want consumers to view your product. Figuring out which strategy is most effective for your specific commodity can make a huge difference in how well it does in sales.

Place
Place is the final P in the marketing mix. This is when you decide where, or how, you are going to sell your product. Will you sell it online or in a store? If in a store, what is the best store to sell your product in? All these questions are what you will need to answer in order to complete the Place step in the marketing mix process.


Writer, Leaf Group. "What Is Marketing Mix?" Chron.com. Chron.com, 12 June 2010. smallbusiness.chron.com/marketing-mix-638.html. 06 Apr. 2017.