When developing a new product or promoting a new business, the advertising strategy used is one of the earliest and most important decisions you’ll need to make. The marketing mix strategy is a used by many. This plan is a good starting point for anyone in business. The marketing mix strategy is made up of what are referred to as the four P’s – product, price, place and promotion. According to this strategy, these are the four areas that must be attended to in order to market a product effectively. Although some elements may be more pertinent to a specific business than others, the strategy as a whole is always useful for those in business. The more elaborate extended marketing mix includes additional elements, referred to as the three P’s and the four C’s. These additional three P’s consist of: people, process and physical evidence, and the four C’s are made up of: commodity, cost, channel and communication. This article will focus mainly on the initial four P’s of the basic marketing mix strategy.
Within each of these areas, specific steps need to be taken. In terms of the product element, this refers to your decisions about product specifics. Along with a name and the features of the product, this element also involves larger decisions. When thinking about the product, the marketer must also consider marketing to a niche market.
Many useful articles are available on using a niche group for marketing. In short, a niche group is a specific demographic of customers whom you choose to target with your product. Even more than making specific decisions regarding the features of a product, the product element of the marketing mix strategy refers to offers that accompany the product, such as warranties and guarantees. Although price is part of the features of a product, the marketing mix strategy provides a separate element for price. The price element is a very important decision because it affects the ability to market the product. Price refers not only to the direct price of a product but also consumer relations decisions regarding price, such as discounts given, specials and sales. These decisions directly affect the marketability of a product and its appeal to consumers.
The place or placement element of the marketing mix is extremely important. This refers to the placement of the product in the market as a whole and how it is presented and distributed to consumers. Promotion goes hand in hand with placement. The promotion element can be further broken down into four basic sections: public relations, advertising, sales promotion and personal sales. Together, these two elements cover decisions such as whether the company chooses to use representatives to sell their products or to sell only to distributors or only through the company store. Each of these options has its advantages and disadvantages, and it is crucial that the decision is made carefully. For example, if a product is sold only through representatives, this will affect customers who hope to buy online. Certain options are better for certain products. Promotion is probably the most important element of the marketing mix strategy for those looking to market their products online.