Glimpse of the Marketing Mix

Marketing is the lifeblood of a business. Its goal is to engage the minds of the people that a business or a specific brand exists for. It brings awareness, gets and retains customers. If marketing isn’t done well, the whole business operation will be badly affected. In order to do it well, businesses prefer to make short- and long-term marketing plans. People have actually made different marketing strategies that could help them attain their business goals and objectives. Those strategies are included in a marketing plan. But what kind of strategies should businesses implement? What aspects should they consider before doing so? 

Here comes the marketing mix.

The marketing mix is also known as the “Four P’s.” Its elements are product, price, place and promotion. Terry Powell thought about discussing each of them in diminutive ways, just to refresh the minds of business owners and improve their marketing strategies.

 

Product

What would a business market if it has no product? There are two types of products: tangible and intangible. Tangible products are those which can be touched while the intangible ones refer to the services offered by a company. A product is offered to the market to satisfy people’s needs and wants – the company should always remember that. Plus, remember what Terry Powell taught us about making quality products through TQM. It would really work.

Price

A reasonable price for a quality product or service – that’s what consumers are looking for.  Some of the things to consider when it comes to pricing are the financial status of the company, the income level of the consumers, and the economy.  But there are more to factors that should be considered. Businesses can discover those by means of profound studies.

Place

It refers to the distribution of the product. It’s the target market of the products and services of a business. It also considers what type of distribution channel a business should use. The most commonly used is the “manufacturer – distributor – end customers” type. 

Promotion

There should be a communication link between the sellers and the buyers. The usual type of promotion is done through media. Nowadays, the most commonly used media used to promote a business is the Internet! Why? Because the market is widely accessible! That’s one good example of showing “above the line promotion.” However, there’s also “below the line promotion” wherein people are unaware that the promotion is taking place. Some examples are sponsorships, testimonials and product placement. 

The marketing mix is a very wide topic. Each of the Four P’s has so many things to consider, but what matters most is that everything a business plans to do should work in the future. The company should always remember how important it is to take a look at those aspects before doing something unplanned. 

Terry Powell said that one more P should be added in those things: people. Well, everything changes. Time will also come when the Four P’s would turn to Ten P’s. Who knows, right? The business industry continues to emerge and get bigger and bigger.