Marketing Mix: Breaking Down The 4 Ps Of Marketing

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If you studied business in school, the four Ps of marketing were probably ingrained in your brain from the first Marketing 101 course you ever took. The Ps of kinh doanh have sầu been around in some khung since the ‘60s, và together they hóa trang what is called a kinh doanh phối.

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If you didn’t formally study business in school but work in the field today, the now seven Ps of marketing—and the idea of a marketing mix—are probably things you’ve picked up on intuitively. None of these should surprise you, but it does help to revisit the foundations of marketing every once in a while khổng lồ orient your br& & clarify things that may have sầu changed or become ambiguous over time

Let’s get into lớn it.

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Understanding Marketing Mix: The Four Ps

So what’s a “kinh doanh mix,” exactly? Oxford Dictionary defines it as:

A combination of factors that can be controlled by a company to lớn influence consumers lớn purchase its products.

If you’re still confused after reading this...you’re not alone. It"s broad, and how your marketing mix differs from your marketing strategy can feel lượt thích a game of semantics. The main difference, though, is that when people refer lớn sale mix they’re really just talking about the four Ps of marketing—the two, for the most part, are interchangeable.

Marketing Mix: The Four Ps of Marketing

The Four Ps of Marketing

As mentioned, the four Ps of sale trang điểm your kinh doanh set. The theory of the Ps of sale has been around for over 50 years. A lot has changed in kinh doanh over that time, but they still provide an easy framework for prioritizing elements of your marketing.

1. Product

First we have the sản phẩm or service your business provides to your target audience. A product might look different depending on the type of company và what they vì. A few examples of products include:

Uber: An ứng dụng that lets users find quiông chồng rides (và even food options)McDonald"s: Consistent fast food including hamburgers, french fries, and chicken productsGap: Apparel for men, women, và childrenAmazon: A marketplace that offers quichồng delivery servicesSalesforce: A CRM & sale automation tool for businesses

A few things to think about when it comes khổng lồ your hàng hóa include:

What does your sản phẩm or service vày for customers?How does your audience use your hàng hóa or service?What is quality about your product or service?What are the benefits khổng lồ using your hàng hóa or service?How is your product or service different from what your competitors offer?How is your product or service branded?How many products or services vị you offer? What is the architecture of these products?

2. Place

Next we have sầu place—where and how people buy your hàng hóa. Out of the four Ps, this is probably the one that has changed the most over the years, especially with the rise of the internet—but that doesn’t mean it’s no longer important. A few examples of places consumers can buy products and services include:

Online via a website browserOnline through an appRetail locationsThrough trade shows or eventsThrough marketplace channels like Amazon or WalmartThrough a sales professional

A few things khổng lồ keep in mind when thinking about place include:

How does your audience shop?Where can consumers buy products from your competitors?Which channels provide a great experience for your customers?Do you need sales reps lớn assist with buying your product?How are people accustomed to lớn buying your product or service? Is there an opportunity for customers khổng lồ purchase through a new channel?

3. Price

The third part of a kinh doanh phối is price—how much your hàng hóa or service costs. This one is pretty self explanatory, và largely depends on your competitors, dem&, cost to produce the product, & what consumers are willing to lớn spover, among mỏi other things. From subscription models lớn one-time purchases, there are also plenty of pricing models khổng lồ consider. Here are a few questions lớn think about when it comes lớn pricing:

What’s the value of the sản phẩm to lớn the consumer?What are the market averages for this type of hàng hóa or service?How bởi vì you compare to lớn your competition when it comes to pricing?What type of pricing structure makes sense for your business?

4. Promotion

Out of all of the Ps of marketing, promotion is the one that probably feels most applicable khổng lồ the everyday marketer. Promotion refers khổng lồ how you reach your target market with the right message at the right time. It’s what we think of when we think about marketing—pushing specific & thoughtful advertising and nội dung through the channels our audience spends time in.

A few examples of promotion could include:

An organic Instagram campaignA truyền bá chiến dịch khổng lồ showcase a new product or serviceAn gmail campaign khổng lồ promote a resource or guide that your target audience might find useful

When thinking about promotion, it’s good to lớn consider the following questions:

Which part of my target audience bởi I need to lớn engage?Where does my audience get information?When is the right time to push this offer or campaign?Which channels are the most efficient and cost effective for my campaign?Where are my competitors spending their marketing efforts and advertising dollars?

Variations and Additions: The Seven Ps of Marketing

The four Ps are the oldest và most widely known by marketers & business leaders. On top of the foundational four Ps, a few more have been added to lớn the sale mix over the years to lớn account for service industries and other changes in sale.

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Marketing Mix: The Seven Ps of Marketing

5. People

In this case, “people” doesn’t mean your sale team. Instead, the idea of people is specific khổng lồ service industries, và represents those who are interacting with your customers or providing the service.

Examples of people-related focus areas in reference khổng lồ the extended Ps of marketing:

Customer service representatives & their interactions with customersBusiness or sale consultantsBrand of uniforms and service workersCustomer success và overall satisfaction

6. Process

As you may have guessed, process refers lớn the flow of how the service is executed. Again, this is good to think about through a service-industry lens. For example, if your business is a spa chăm sóc sức khỏe và làm đẹp or salon, the process might be to ensure new customers are greeted upon arrival, offered a beverage while they wait, and asked khổng lồ book their next appointment upon departure.

7. Physical Evidence

Physical evidence refers to the space in which a customer experiences your service. Piggybacking off our previous spa làm đẹp example, the physical evidence for a spa chăm sóc sức khỏe và làm đẹp might include the actual location & interior kiến thiết of the space, the equipment used as part of the service, signage và branding throughout the building, và any tangible products the customer leaves with.

Examples of physical evidence include:

SignageInterior spacesEquipment used in the serviceScents, smells, sounds, or other ambient choices

Despite its name, it’s smart to lớn think through this concept in the digital space as well—how vày customers experience your service through an app? What about through a website? While this might blur inkhổng lồ the product (for example, Uber’s hàng hóa is their app), physical evidence is still a concept that can be applied lớn the product.

Okay, So Why Is Marketing Mix Important?

The four Ps set the foundation—& the three extended Ps help make the structure more relevant to lớn marketers in service industries. But why vị people care about the sale mix?

My best answer: it’s a somewhat elegant framework to lớn think through all the things that affect whether or not people will buy from you.

As a marketer, you’re probably not thinking about all of these concepts every day. You’re probably not even thinking about half of them (lượt thích I said before, I’m convinced most marketers are really thinking about promotion the most). That said, when confusion strikes or you’re just trying to reassess who you are, what you do, & why your customers love you, it’s helpful lớn step baông chồng & clarify each of these Ps:

What vị you sell?How can people buy your product?How expensive sầu is your product?How are you kinh doanh your product?Who is representing your company?How is your service being delivered lớn the customer?In what kind of environment vị customers experience your service?

Not only will this foundation align your team, but it will also help you go to market with confidence and clarity.