Marketing Mix | The 4P Strategy of a Product
The marketing mix along with 4Ps is the basic concept we should know when learning about the market.
In marketing different products, this strategy works as a business tool.
Marketing mix has a crucial role in differentiating product’s unique quality from its competitors, and is often as good as with the 4Ps; price, product, promotion, and place.
Let’s discuss these four elements one by one.
Marketing Mix – Product
As marketing mix is the name of four basic elements – so the product is the first of these components. For the product, it is important to develop the right product for your target market. What is the service or product; you think can help customers out and meet their
For the product, it is important to develop the right product for your target market. What is the service or product; you think can help customers out and meet their
What is the service or product; you think can help customers out and meet their needs? Taking
Taking the decision about the position of a product or service is also important whether it is a convenience product or high cost/high-value product with lots of competition in the market.
Marketing Mix – Place
The right place is crucial for getting sold your right product. There are varieties of stores, and manufacturers may prefer them to sell their products.
Sometimes, the manufacturers have their own stores but for a while, independent stores are there to place the product.
On the contrary, the internet has a very trouble-free process of distribution of a product.
In both cases, it is important either online or offline that the place is appropriate for the product.
Marketing Mix – Promotion
Promotion is all about that you let the people know about your service. Using internet marketing this includes;
- Using SEO in order to rank well for related search terms
- Advertising of Pay Per Click
- Getting promotion of your product while making members
- Promotions through social media
- Getting constant reviews and feedback from people about your product
- Promotion through article marketing, video marketing, and broadcasting
Marketing Mix – Price
Price is the last process of the 4Ps. It can diverge over the life cycle of the product.
It is usual when there is a new product; manufacturer offers it at a lower price to reach the target market.
On becoming well-known of the product, one may sell it at a high demand.
And when there is an end of the product cycle then there is a discount, or bundling with products.
In a nutshell, there are four main basics of a winning marketing mix product, place, price, and promotion.
A successful marketing campaign is only possible for a manufacturer if it goes with these four basic elements.
So in a marketing mix it is necessary to come up with better strategy so that a demonstration of a product should be ensured.