The Marketing Mix

Creating a business requires considering and studying many factors. One of which is marketing. Answers to questions like "how are we going to sell our product?" or "What are we going to sell?" are to be answered. In marketing, there's this thing that we call the Marketing Mix. It's composed of four (4) P's: Product, Price, Promotion, and Place.

Product refers to the goods or services that our business is giving. How are we going to sell if there is nothing to sell? It was said that having a good product will take care of the rest. A good product will promote itself.

Price refers to the strategy on how we give valuation to our product. How much does it cost our customers to acquire the product? It is also important to know this because a wrong pricing strategy will cause us to lose our client base. An overpriced product or service will drive customers away. An under-priced product will create doubts about the product itself or the company selling it.

Promotion refers to how we how we let our customers know about the product or service. Should we use large ads at the mall? Or should we use the newspaper? Many other media are available for this purpose.

Place or Distribution refers to how we let our product reach our customers. Are we into retailing? Is our target located locally? Do we target everyone in the globe and put our product online? Do we focus on adults or children?

Let us try to examine one company:

Product: They are selling promotional products or promotional items and corporate gifts.
Price: Prices vary and are within the market's average.
Promotion: Well, it's quite obvious. They're using the web for promotional purposes.
Place or Distribution: Target market are internet junkies. Buy the product through the web, and the product shall be delivered through courier service.

Conclusion: satisfied the marketing mix. What's left to know is whether or not, their products are sold with the foundation of quality focus.


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