what is a marketing mix Archives

Need a Marketing Mix 4P Example? This tends to be a popular marketing question so I thought I would answer it.

The four Ps are Product, Price, Place, Promotion, and they should also occur in that order when starting a new business.

Why? Because all the promotion in the world is not going to help you if the product is no good, the price is way off, and you are not selling in the right places.

The “Product” in Marketing Mix

So let’s start with your product. It all really does have to start here. I have so many clients who jump ahead and start designing logos and doing the fun things, but it has to start with the product.

Does the product (or service) serve a need, have a purpose, offer value, is good quality, has desired features, has features competitors do not have, comes in a variety of options targeting various markets and customers?

In other words, have you done your research? Even if the product or service is not new, but one you have been selling for a while, when was the last time you looked at your market and competitors to see what’s new in terms of what customers want.

For example, let’s say you sell graphic t-shirts. So what makes your product special? Is the material good quality? Are they for men, women or both? Are they in sizes from XS to XXXL? Are they in a variety of colors? Does the shirt come in long sleeves and v-neck? Is the graphic design high quality? Will the design stay on the shirt or peel and fade?

I’m not saying you have to have a shirt that covers all of this; it depends on who the target customer is. But they are the things you need to think about.

The “Price” in Marketing Mix

The next P is price. This is based on a variety of factors. First of all, cost of production is number one as you have to make money. If the t-shirt costs you $12 to make, you can’t really charge $13. If all of your competitors are charging $20, you need to stay in this range to be competitive, unless you can justify the higher cost (i.e. luxury branding, higher quality material).

The “Place” in Marketing Mix

The next P is place and it is all about where you sell. There are so many options these days from online to retail to out of your car. Again, where does your ideal buyer shop and where do they expect to find products like yours? Never sell just in one place, it is way too restrictive and your whole business is dependent on that one channel. You really want to sell as many places as possible to widen your reach.

The “Promotion” in Marketing Mix

The final P is promotion, and this covers another type of mix, the promotional marketing mix. This is where your marketing strategy is comprised of advertising, SEO, email marketing, publicity, social media and sales promotions.

Be sure to download my 96-page Marketing Planner and check out my Marketing Coaching.

You might also want to read How to Start a New Business Step by Step.