The “Marketing Mix”
Hey everyone, Marcel here. Super excited about Marketing Mondays! Our goal is simple, we want to educate you on Marketing Related concepts starting with some very basic stuff. Often the best strategy is to “Go Back To Basics!”
You can have everything in life you want, if you will just help enough other people get what they want.” – Zig Ziglar.
The Marketing Mix And The 4 P’s Of Marketing…
I often ask people, “What Is Your Definition Of Marketing?” The responses that I get are typically very common. “Its my logo… or its an advertisement in the paper… or its how I promote my product… right?? wrong?? Incomplete! In my opinion if I had to quantify Marketing, I would say that it represents about 90% or more of your entire business. Let me tell you why.
In its most basic form, we can break down marketing into what we call the 4 P’s of Marketing. Can you guess what they are? No problem, I will tell you, the 4 P’s are: Product, Place, Price & Promotion.
- Its easy right? You have to create a great Product (or service) that somebody wants, have it for sale at some convenient Place, Price it properly and Promote the hell out of it so that they know it exists. I would say its easier said then done lol.
“Marketing Mix” is a term generally used to describe all the various choices you have in order to bring a product (or service) to market, one of my favorite ways is by utilizing the 4 P’s Of Marketing.
Lets get you thinking now…
In every marketing plan, at its core you should be able to answer at a minimum these questions around the 4 P’s. How does your marketing plan stack up? Keep in mind we can help you with this!
Product / Service:
- What is your primary product or service?
- Who is your target client?
- Why do your customers want or need this product / service?
- How does it differentiate against your competitors (USP – Unique Selling Proposition)?
- Where and/or How can your customers find your product / service?
- What distribution channels are you using? (Store, Sales Team, Online, Social Media etc…)
- What other distribution channels could you take advantage of?
- What do your competitors do, how can you learn and/or differentiate from them?
- Are there existing price points for your product / service?
- What is the value of the product / service to your customer?
- Is your customer price sensitive?
- How do your prices compare against your competitors?
- What is the best time and place to reach your target client?
- What medias (print, web, tv, radio etc…) are best suited to connect with your target client?
- How do your competitors promote their product / service?
There are other “Marketing Mix” models out there, this is one that typically can cater to most small businesses no matter what products you sell or services you provide.
If you found these questions difficult to answer or you simply don’t have a marketing plan, I highly recommend that we talk. We love to work with small businesses and steer them in the right direction.
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Thank you for reading, feedback and questions are always welcome! We love to work with small businesses and improve their existing plans, marketing consulting is a big part of what we do when we partner with your business. Remember, “Everyone Needs A Go To Guy”.