The 4 P’s. The Marketing Mix. That topic your marketing professors always drilled you on. We’ve all heard about the 4 P’s, and most of us could recite them without even hesitating. But how should we really be using them?

Product, place, promotion, and price are more than just ideas to consider, they are the bread and butter of any marketing campaign. It is essential to your business to properly use the marketing mix, especially with the rise of online marketing.

So, let’s see what the 4 P’s are really all about.

Product

Your marketing plan revolves around your product, we all know this!

No matter what your product is – the best snickerdoodle cookies in the world, or a line of cat sweaters sold online, make sure you are truly aware of what you are selling, and why you are selling it. Whatever it is, whether it be a good or a service, it is important to know that this is where you start.

Not only are you selling the product, this P covers the brand name, company image, and everything associated with the item. Be sure to consider how the product benefits customers and also the status related to it.  This will help you to be successful in the other 3 P’s.

Place

This P makes me think of a warehouse in the middle of nowhere with trucks coming in and out. Nowadays, place doesn’t necessarily mean the distribution we typically think about. It could be the online marketplace, pretty much anywhere consumers can purchase your product.

Be sure that your place is the most beneficial to the customers, depending on if you want exclusive distribution by making your product scarce, or if you want your product to be readily available almost anywhere.  Make it convenient, and simple.

Promotion

Promotion = advertising. How are you going to get the word out about your product? How are you going to get people to want to buy your product? This part of the marketing mix includes lots of different techniques to use. You could use personal selling, PR, or traditional advertising.

As a young twentysomething, I don’t look to magazine ads or TV commercials as much for advertising. I use social media or online sources more than anything. And digital marketing is growing increasingly popular to reach potential customers nowadays.

However, flexibility is key when it comes to promotion. You must always be open to new ideas to help grow your business!  Think about your customers and where they stand.  What is the best way(s) to truly reach them?

Price

What are you going to charge customers for the product? The price relies on a lot of factors, but the most important thing to remember is that this is one of the first things people see about your product. Be aware of what customers are willing and able to pay but also keep in mind the costs behind creating a product.

No one wants to pay $700 for a cat sweater, unless maybe it’s a rich old lady, but who knows, that could be your target audience.  If so, then you know you can price it that high.

Product. Place. Promotion. Price. The basics in marketing should never be forgotten!