The Marketing Mix: A.K.A. the Four Ps of Marketing

Graphical Illustration representing the Four Ps of Marketing

 

When you’re creating a marketing campaign, there’s a lot to consider, especially if you’ve never developed one before. So, let us guide you through the basics.

Let’s start at the very beginning, a very good place to start. OK, enough with the “Sound of Music” reference. Seriously, though, a very good place to start is with the traditional “Marketing Mix,” a.k.a. The Four Ps of Marketing.

 

What are the Four Ps of Marketing?

 

Product

First, start with your product or service and consider the following questions: 

  • What is your product/service? 
  • Who needs it–who is your target audience(s)?
  • Why do they need or want your product/service? 
  • What differentiates it from other products/services? 
  • Why is it worth buying instead of other products (For example, if you’re making phones, what about your product makes it better than an iPhone?) 
  • Can it be marketed with other products/services? 

 

Use what makes your product or service unique as its main selling point, because if it doesn’t stand out from the rest, then people will stick with the brands they already know.

 

Price

Pricing strategy is a bit of an art and a science. Fortunately, access to the internet makes researching the competition so much easier. Ask yourself:

  • How much does your product/service cost? 
  • What are its real and perceived values, and does the price reflect them as well as the supply costs? 
  • Should it be priced high to make it seem more valuable, or low to make it more accessible? 
  • Do you offer any special deals, discounts, or promotions? 
  • How does your price compare to that of your competitors? 

 

Keep in mind, if your product is priced too low, people who know nothing about it will think it’s of low quality. If your product is too expensive, it’ll drive people who don’t want to pay that much to buy from other brands.

 

Place

Place refers to how you distribute your product or service and can include physical retail locations, catalogs, wholesalers, direct sales, trade fairs, websites, social media, and partners or affiliates. 

  • Where should your product be sold? Retail, wholesale, online?
  • Will your target audience visit that location? 
  • Is it in a place where it belongs (i.e. upscale products in upscale stores, not in Walmart)?
  • Is your website up-to-date, functional, and attractive? 
  • Is it easy to navigate and does it effectively convert shoppers to buyers? 
  • Is your online shopping experience streamlined and easy to use?

 

Just like a physical storefront, an outdated website will make your brand appear unprofessional and low quality, not to mention untrustworthy. Additionally, if your product cannot be purchased easily, then consumers will buy from a more accessible location or website. 

 

Promotion

Once you’ve considered the first three Ps, then you’re ready to think about promotion–reaching the right audience with the right message. It’s the nuts and bolts of getting the word out about your product or service via a multitude of marketing channels including: 

  • Print and digital advertising
  • Direct mail
  • Email marketing
  • Print marketing
  • Public relations
  • Sales 
  • Website
  • Special events
  • Content marketing
  • Influencer marketing
  • Search engine optimization
  • Word of mouth 

 

Promotion is the step most people think of when creating marketing plans, but it’s critical to first consider your product, price, and place before jumping ahead. 

When you’re ready to think about promotion, here are some things to consider:

  • What are your goals (sales, awareness, engagement)?
  • Which channels can you use to reach your target audience?
  • What is your budget?
  • What is your timeframe?
  • Who will implement your campaign–an in house team or an agency? 
  • How much time is allotted for promotion?
  • What are you currently doing to promote your product/service?
  • How effective are your current efforts?
  • How will you measure the success of your promotions?
  • What assets (photos, videos, testimonials, user-generated content, existing ads) do you have available? 
  • Do you have first-party data for your customers?
  • Who handles sales for your organization?

 

Need help creating a marketing campaign?

We know it’s a lot, but don’t feel overwhelmed. If you don’t know where to start, we’re here to help! Our strategic marketers have tons of experience. Fundraising campaigns, new product launches, performing arts premieres…you name it, we’ve created a marketing campaign for it.

Schedule a Free Consultation Today!

Padron & Co. is a leading creative, marketing, and digital communications agency that helps nonprofits and corporations make meaningful connections and further their missions.

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