The Four P’s of Marketing
Your marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Professionals often referred to as the four Ps in marketing:
- · Product
- · Price
- · Place (Distribution)
- · Promotion
By using variations of these four components you have the ability to reach multiple consumers within your target market. Creating a successful marketing mix that will increase results often takes market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective than depending on one.
You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion. Do all of your elements contain the same message? Take for example the following scenario:
A company that specializes in marketing services catering to physicians, however the products offered fulfill the needs of lead generation for lawyers. Our price is geared to an enterprise budget and our magazine advertisements and promotions are being placed in magazines that have a subscription base of senior citizens.
Do you see a problem with this? While in this scenario it is very obvious, I guarantee that by looking at your marketing mix you may find discrepancies that surprise you. Always make sure that your marketing mix has a message that speaks in unison.
For instance make sure your product is geared towards the need of that market, your price is within the budget of that market, you are marketing your product or service where it will be seen the right market, and gear your promotion to solve the problems that they are encountering.
If you remember one thing from this article it is that one of the main keys to the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market.