The Marketing Mix

In the marketing field, the term marketing mix is one of the most popular terms used. A marketing mix is combined of certain elements that are the basics of an effective marketing plan. These elements are known as the four Ps: price, place, product and promotion. Each of these elements meld to form a marketing plan to aid businesses with the promotion of products and services to consumers. A marketing mix can include one or more of the four Ps. Not all of the Ps have to be equal to have a successful mix. Depending on the client or business, they may require a marketing strategy that relies more on one part of the mix and less of another. Each mix creates and individualized marketing strategy to suit the specific needs the client.

Price

Price is the amount of money that a consumer is willing to pay for a client’s product or service. The price can be determined in a number of ways, such as competition, material costs, market share, product identity and the perceived value of the product. The price can be increased or decreased to meet consumer demand. For products that are unique, rare, or in demand, charging a higher price may be the best solution. However, products in large supply with weak demand often fetch a lower price. Raising and lowering the price value of a product changes the marketing mix to become competitive against other providers of similar products and services.

Place

Place refers to where consumers can purchase the product or service. Often referred to as the distribution channel, it can include the physical store location as well as website stores on the Internet. Marketing agencies can help clients determine the best way to promote their products and services to the public. Together, marketing agencies and their clients figure out where they would have the most success in selling the product or service. An important part of marketing strategies is to make the products and services of a client accessible to as many consumers as possible.

Product

To make a profit, businesses must have a product or service they intend to sell. Products are the physical entity that will be sold to consumers. A competitor’s product variation, differentiation and innovation is what appeals to consumers. Businesses do whatever they can to make their product seem better or different from another competitor’s to create a need for that product.

Promotion

The last part of the marketing mix is promotion. Promotion is the combined efforts of advertising, public relations and reputation management and other marketing strategies to make a client’s products and services gain more attention and recognition over the competition. This part of the marketing mix represents all parts of communication that the marketer uses to draw attention the client’s products and services.