Marketing Mix and the 4P of Marketing Explained!

good or bad marketing can make or break
the success of a product or brand but
what exactly are the key elements to a
successful well-rounded marketing
strategy in this video we'll go through
the marketing mix and the four ps of
marketing
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what is the marketing mix the marketing
mix are the steps that a company takes
in order to promote a product or service
there are different ways of classifying
these steps
the four ps
the seven ps which are a broader version
of the four ps or the four cs that
approach the steps from the consumer's
point of view but even though all of
them might be helpful the four ps are
probably the most well known and useful
so we'll focus on them so what are the
four ps of marketing the four ps of
marketing can be summed up as putting
the right product in the right place at
the right time at a fair price this may
seem like a simple concept but in
reality it involves a lot of work and
consideration it's crucial to research
your product's market so you can then
develop a marketing strategy based on
the information you have found although
the 4ps are not a new concept they are
still one of the most important basics
of marketing and they address each of
the key points in a marketing strategy
without further ado let's take a look at
what exactly the 4ps stand for the first
of the 4ps refers to the product or
service your product is always at the
heart of your marketing strategy from a
modern marketing point of view it's more
beneficial to define your product based
on the needs of your customers and the
benefits that it brings them rather than
the product characteristics or features
within this p you should establish the
products your brand offers what their
life cycles are and how they can be
differentiated from your competition's
products the image branding packaging
and post sales services also come into
play here when you start to define your
product or service strategy you should
ask yourself
what do the consumers of your product or
service want what needs does it satisfy
what are the benefits it offers
what advantages and disadvantages does
it have in comparison with other brands
how does it complement other products or
services either from your company or
others
number two is place place the second of
the four p's is all about defining and
managing the channels through which a
product reaches consumers these
strategic sales points can range from
e-commerce to a regional store to a
chain with physical stores in several
countries the goal of the distribution
strategy is to both make it easy for
consumers to access the product and to
optimize the sales process by providing
a smooth shopping experience to do this
it's important to consider decisions
related to storage inventory management
transportation sales point locations
online and offline requests and more
when you define your sales distribution
strategy you should ask yourself where
do clients get your product or service
how can you access the appropriate
distribution channels
do you need a sales force should you be
attending events in your industry
should you launch your own online store
these questions will help you to better
understand place as it relates to your
overall strategy number three is price
price the third of the four ps refers to
the final price of your product or
service this is one of the most complex
marketing decisions as a series of
factors are at play here including
the product's manufacturing costs the
commercial revenue you expect to receive
the company's economic goals
the demand for your product or service
your competitors prices
the consumer's purchasing power
trends and preferences
the positioning of the product
so when it comes time to choose the
price you should keep things such as
payment methods discounts and loyalty
programs in mind sometimes it can even
be beneficial to increase the price to
give the impression of better quality to
choose the right price try to answer
these questions
what is the manufacturing cost of your
product or service
what profit margin do you need
what value does your product or service
hold for the consumer
what are the average prices of brands
similar to yours
can you offer discounts or promotions in
certain seasons or to certain customers
and finally there is the fourth p which
stands for promotion promotion refers to
all of the actions taken to communicate
the benefits of your products and
services in order to increase sales this
includes everything from advertising and
public relations to social ads and
direct marketing even if you have a
traditional product or service you
should still keep up with the trends and
the latest marketing technologies in
today's day and age digital marketing
has a huge influence so you have to make
the most of it so in order to create a
good and efficient marketing strategy
you should ask yourself the following
questions
how can you make your message
reach the right audience which of the
following are more appropriate for your
brand banner ads search engine marketing
social ads radio press tv spots
billboards direct marketing or email
marketing when is the best time to
promote does your product or service
depend on seasons what kpis are you
going to use to measure the results of
your promotional efforts
now that you're more familiar with the
four piece of marketing let's take a
quick look at the step-by-step plan you
should follow to make the most of this
classic marketing formula number one
identify the product or service you need
to analyze number two answer the
questions we've proposed with each p
if you feel like you don't have the
necessary information to answer them
it's time to roll up your sleeves and do
some market research after you've
defined your marketing mix using those
questions it's also a good idea to take
a look from your customer's point of
view does the product or service satisfy
their needs
will they find it at the sales points
they frequent
will they find the price to be
reflective of the value of the product
or service will they be receptive to the
messages that will motivate them to buy
it
number four create hypotheticals by
challenging your answers with why and
what would happen if for example what
would happen if i increased the price by
five percent would having my own
e-commerce be beneficial
what happens if i move 25 of my
investment in facebook ads to google ads
number five
put your hypotheticals into action
measure the results and incorporate any
necessary changes lastly don't forget to
perform regular checkups on your
strategy because the market is
constantly changing every day and that's
it for today if you want to start a
marketing mix strategy be sure to follow
the four ps and the steps we talked
about if you found this video useful
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