If you spent years studying marketing, you’ve surely heard of Neil Borden’s “marketing mix.” But, if you’re brand new to marketing, you probably have no idea what this entails. Simply put, the marketing mix is the recipe that capture and promote a brand or product’s unique selling points-those things that differentiate it from it’s competitors.
The simplest way to get a grasp on this mix of factors is with The Four Ps: product, price, promotion, and place.
Product: this can either be tangible good or intangible service that fulfills a need or want of consumers. What is your product? Be sure that you have a clear grasp on what your product is and what makes it unique.
Price: How much will you sell it for? Price determinations will impact profit margins, supply, demand and market strategy.
Promotion: Now that you have a product and price, it’s time to promote it. The basic objectives of promotion are: informing, persuading, and reminding. How will you make customers aware of your product? How will you stimulate interest in your brand? How will you interact with customers to promote brand loyalty? This can be done through a variety of mediums: advertising, public relations, social media marketing, email and direct mail campaigns, and much more.
Place: Just like in real estate, a successful marketing campaign depends on location, location, location. You have the right product, at the right price..but where is the right place to put it in the hands of consumers to convert them to paying customers? For some businesses, this place could be online, in a retail location, or through direct distribution (think MLM companies).
On March 18, we will learn how to apply these four 4 P’s to your marketing plan and create a campaign for your product or service!
Get your tickets here.
If you have questions about your marketing plan and would like to schedule a consultation, email us at email@example.com