Definition of marketing mix: product, price, place and promotion

Getting the right marketing mix for your product or service means that you are covering all the important foundations of your marketing campaign. Below is a definition of the marketing mix and a description of its main components.

The term marketing mix refers to the primary elements that must be taken care of in order to properly market a product. Also know as The 4 Ps of marketing, the marketing mix is ​​a very useful guideline, although a bit general, to understand the fundamentals of what constitutes a good marketing campaign. Here is a brief description of each component of the 4 Ps of the marketing mix.

Product: The concept of marketing mix has its roots in the world of corporate marketing in the United States of the 1950s, and obviously the practice of marketing has evolved enormously since this term was invented. One of the changes is that there are many more services available today, such as those available online. Also, the distinction between product and service has become more blurred (for example, is a web-based software application a product or a service?). Either way, product here it refers to products or services. The product you offer must be able to satisfy an existing and specific market demand. However, you must be able to create a niche by building a strong brand.

Price: The price you set for your offer plays an important role in your marketing. The price of the offers that are more commonly available in the market is more elastic, which means that unit sales will go up or down more quickly in response to price changes. On the contrary, those products that have a generally more limited availability in the market (but with a strong demand) are more inelastic, which means that price changes will not affect unit sales much. The price elasticity of your offer can be determined using various market testing techniques.

Square: This term really refers to any way the customer can get a product. The supply of a product can occur through any number of distribution channels, such as in a retail store, by mail, through downloadable files, on a cruise ship, in a hair salon, etc. The ease and options through which you can make your product available to your customers will have an effect on your sales volume.

Promotion: Promotion refers to any vehicle you use to let people know more about your offering. Advertising, public relations, point-of-sale displays, and word-of-mouth promotion are all traditional forms of promotion. Promotion can be seen as a way to bridge the information gap between potential sellers and potential buyers. Your choice of a promotional strategy will depend on your budget, the type of offer you are selling, and the availability of that promotional vehicle.

Marketing has come a long way from the 4 Ps of yesteryear, and yet understanding that this marketing mix is ​​for your product is still very relevant today. The marketing mix serves as an excellent touchstone to continually check that you are covering all the bases of your marketing campaign.