Marketing Mix - What Exactly is it?

I hear many people talk about the “Marketing Mix” A lot of them get very confused about the definition of the marketing mix. Hopefully the following will clear the air for some people.

What exactly is the Marketing Mix?

Most people define the marketing mix as the 4 P’s of marketing: Product, Place, Price and Promotion. These 4 P’s will guide you through the basics of your marketing or action plan.

The first step consists of Market Research. Competitor research is a must in regards to product and pricing. You need to determine where you sit in the marketplace in relation to these two areas.

Nate Stockard has given a great overview of each of the 4 P’s.

P #1: Product

The product or service or selling must be defined first. What are you selling? How will it be packaged? Determine your product’s features, and then build the benefits from them. At this point, you will make all of the decisions relating to your product or service: style, quality, packaging, warranty, etc.

P#2: Price

Pricing actually plays a vital role in the branding and image of your product. Determining your price can be difficult, especially if you product is in a widely-variable industry. You must determine pricing strategy, retail and wholesale pricing, possible bundling, and any type of discounts.

P#3: Place

Place refers to how you will distribute the product. Will you sell to retail stores, or will you sell directly to customers? Is your product a wholesale item? The decisions made about distribution will affect your marketing mix in terms of how you will warehouse your products, how you will process orders, what types of channels will you use, and how will you cover the market.

P#4: Promotion

Promotion is the area where you will make decisions on how people will learn about your product. What types of sales strategies and promotions will you use? What kind of sales force will you need to sell your product? How will you use public relations and publicity to support your product? There are many aspects of the promotion element of your marketing mix. In fact, the other three P’s will affect your promotion strategy.

Decide on the first three P’s before you tackle Promotion, but ultimately, each P will coordinate with the others. Once you complete your marketing mix decisions, review the entire plan to make sure you have a consistent and precise marketing mix plan in order to properly sell, distribute, and promote your product.