The marketing mix.
One of the core fundamentals of marketing is the marketing mix also known as
the four P's.
The marketing mix is used to determine your target market and to guide
development of your strategic marketing plan. While additional elements have
been added and the original ones renamed by those trying to make their stamp
and in efforts to update the model for new markets and means of marketing, the
classic framework has proven durable and still useful.
Product
Product – The first of the Four Ps of marketing is product. A product can be either a tangible good
or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets
and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of
exactly what your product is and what makes it unique before you can successfully market it.
Your product is whatever you sell or offer. This could be a physical thing like
handmade jewelry, it could be your writing, or it could be a service like coaching,
consulting or photography.
If it is a tangible item then things like packaging are part of the product element.
Other considerations include the product name, features, quality of materials,
and more.
2. Price
Decisions about how to price your product include choosing basics like the
suggested or list price (including zero or free). Beyond that, additional
considerations include discounts such as for volume, such as buy three get one
free or price drops with every 10 units purchased, e.g. the per hour cost of your
time is lower if a client purchases 10-20 hours vs. 1-9 hours; or a giving a discount
if you receive an early payment.
3. Place (Distribution)
Distribution is called place so that it neatly fits the framework without disrupting
the alliteration and because it refers to the place(s) where you sell your product.
If you are selling a tangible product you might sell it in a brick and mortar store or
at an...