The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place, and promotion. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers: (Yasar, 2022)
Product. The item or service being sold must satisfy a consumer's need or desire.
Products are commodities and services that solve problems and satisfy the needs of consumers. A product can be tangible, such as a vehicle or a piece of clothing, or intangible, such as a cruise or house cleaning service. A successful product either fills a void in the marketplace or offers a unique experience that spikes demand. (Yasar, 2022)
Example: Before the iPhone was launched, most consumers did not realize the need for a phone that would let them access everything at their fingertips. The way Apple marketed its product compelled people to simplify their lives by carrying a smartphone that could also serve as a GPS, calendar, search engine, flashlight, weather guide, and calculator. (Yasar, 2022)
(AppleInsider, 2023)
Price. An item should be sold at the right price for consumer expectations, neither too low nor too high. (Yasar, 2022)
When marketing a product or service, it is important to pick a price that is simultaneously accessible to the target market and meets a business’s goals. Pricing can have a significant impact on the overall success of a product. For example, if you price your product too high for your targeted audience, then very few of them will likely purchase it. Similarly, if you price your product too low, then some might pass it up simply because they are concerned it might be of inferior quality and cut into your potential profit margins. (Coursera, 2022)
( Odjick , 2022)
Promotion. The public needs to be informed about the product and its features to understand how it fills their needs or desires. (Yasar, 2022)
Promotion refers to reaching the target audience with the right message at the right time. It gets the word out and is an effective way to conduct a sales promotion and connect with consumers. A promotional strategy aims to show consumers why they would need a certain product and the reasons for buying it over other products. The core of marketing communications, product promotions push out specific and meaningful advertising through popular channels: word-of-mouth seeding, social networking, Instagram campaigns, print marketing, television commercials, email marketing campaigns, social media marketing, and more. (Yasar, 2022)
Example: Timing can play an influential role in promotional marketing. Take, for example, the football season during which pizza delivery deals are targeted during games. This entices consumers to try new products they may not have enjoyed otherwise. (Yasar, 2022)
(Panem, 2023)
Place.The location where the product can be purchased is important for optimizing sales. (Yasar, 2022)
This is where and how the product or service is purchased by the customers. It also entails where the product is stored and manufactured. Digital transformation has evolved how products are sold -- online, in small local shops, or with global producers. This marketing plan also considers where the product is advertised and in which format, such as magazines, online ads, radio, infomercials, or film product placements. (Yasar, 2022)
Example. The place is where the product is marketed and distributed from. For example, when targeting a product to seniors, it would be wise to not market it on TikTok. Similarly, products targeting the younger generations would gain more attention if they were promoted online and on social media platforms. (Yasar, 2022)
(In my opinion, all 4 Ps are very important. For business, all 4 Ps are essential. But personally, I will put a lot of effort into the price and promotion. Because you will dedicate these two to my personal motivation. The price is very important and certainly also to be studied to evaluate the product, we should understand the product well and its current price on the market before selling it. If we can sell the product cheaply and do the right promotion, then surely the customers will come and get the product.)
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Reference
AppleInsider (2023) IPhone 14: Plus, features, price, AppleInsider. AppleInsider. Available at: https://appleinsider.com/inside/iphone-14 (Accessed: February 11, 2023).
Coursera (2022) The 4 PS of Marketing: What they are and how to use them, Coursera. Available at: https://www.coursera.org/articles/4-ps-of-marketing (Accessed: February 11, 2023).
Odjick, D. (2022) How to price a product in 3 simple steps (2023), Shopify. Available at: https://www.shopify.com/blog/how-to-price-your-product (Accessed: February 11, 2023).
Panem (2023) Situational Marketing for Pizza Delivery Advertising, Panem. Available at: https://panem.agency/a-situational-marketing-in-wartime-adapting-pizza-de (Accessed: February 11, 2023).
Yasar, K. (2022) What is the marketing mix (4 P's of marketing)?, WhatIs.com. TechTarget. Available at: https://www.techtarget.com/whatis/definition/Four-Ps (Accessed: February 11, 2023).
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( Odjick , 2022)
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