The 4 Ps Of The Marketing Mix

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Marketing is a key component of most successful businesses, and to make the most of marketing, a great marketing mix is necessary. But what is a marketing mix? It’s a combination of approaches that you use to research and promote for greater impact in the market. Read on to learn more about the elements of a marketing mix and how to use them.

Key Takeaways:

• A marketing mix is a combination of areas that are analyzed, and then the data is combined together to create an effective and cohesive approach to reaching your audience.

• The four Ps of marketing are product, price, placement, and promotion.

• In the service industry, the four Ps are important, but an additional three Ps are often added; people, process, physical evidence/partners/packaging.

• Getting the right mix is critical to success and involves a lot of research and going beyond the Ps to meet your audience where it needs you the most.

What Is a Marketing Mix?

A marketing mix is the combination of approaches a company uses to promote its brand or product. Most modern marketing plans that are designed to sell a product use the marketing mix approach to reach more customers and do it effectively.

A couple of people are credited with creating the marketing mix concept, including Neil Borden and E. Jerome McCarthy. No matter who you believe was the originator, the four P approach began somewhere in the mid-1900s and has been the gold standard since.

What Are the 4 Ps of a Marketing Mix?

The four Ps of a marketing mix are Product, Price, Placement, and Promotion. To be truly effective, each one relies upon the other for a mix that appeals to your audience and sells.

• Product. This is the item the company is selling, and it’s theoretically what the consumer wants. It should be noted that a service can fit in here too, but we’ll touch on that later because there are additional Ps to consider when service is the main selling point.

• Price. The price of a product seems self-evident, but a lot of work goes into determining what consumers will pay for any item and how much is necessary to make a profit. Getting the right price for an item requires a lot of research and is critical to a company’s success.

• Placement/Place. Placement refers to where a product is sold, and this can mean what type of store carries the item or if it’s sold online. It can also refer to where in a store an item is displayed.

• Promotion. Advertising, public relations, and sales actions – these all fall under the promotion P in a marketing mix. Many companies consider marketing as only promotion, but it’s just a fourth of the equation.

What Are the 7 Ps of a Marketing Mix

While the original marketing mix consisted of the four Ps listed above, there’s been some fine-tuning that’s happened, and an additional three Ps were added to better accommodate businesses that sell a service as opposed to a product.

• People. The first way to think of people as it relates to your business, especially if it’s a service-oriented business, is the people your customers come in contact with. This could be the receptionist, salespeople, the individuals performing the service, or customer service.

• Process. The process is how the service or product is delivered to the customer and consumed. What is the customer experience like when they engage with your product or service, from the first moment until they’re completely done or until they’ve signed up for their next installment.

• Physical Evidence/Partners/Packaging. The seventh P is more of a catch-all than a clearly defined marketing metric. Some companies suggest looking at anything that represents your brand, others suggest considering your packaging, which could include an office or a treatment room, and finally, you’ll see that partnerships can figure into some marketing mix models.

  If you’re in the service industry, take advantage of the nebulous quality of the seventh P and customize your mix to suit your specific offering and brand.

Getting the Right Marketing Mix

Establishing a marketing strategy that works for your company is best when you pull in several marketing tools and combine them for a comprehensive plan.

It’s best to begin with the four Ps and examine each one individually, then determine how they can work together to build a stronger brand and give you a better position in your market. If you provide a service, you might benefit from taking a seven Ps approach.

Go Beyond the Ps for a Customized Marketing Mix

While understanding all of the Ps of marketing is very beneficial, it’s really just the data-collecting stage of marketing. Grabbing all of your data gives you insight into what would make your product or service a stronger competitor in the market, but it doesn’t get you there. The following steps will help you sculpt your marketing approach.

1. Set and Measure Goals. Setting goals is great, but setting them with a way to measure your progress and success is what really matters. If you want to attract new customers, then you need to find a way to measure those customers.

2. Budget. Knowing your financial limits helps you sculpt an appropriate marketing approach. Budgeting should include all financial aspects, how much you can spend, and how much you need to charge.

3. Define Your Audience. All of your marketing mix work pays off here, as you should know who your audience is and how that aligns with the audience you want to reach.

4. Create a Selling Strategy. What is your approach, and how will users benefit from your product or service. A common approach is to define a problem customers have and then detail how you and you alone can solve it.

5. Reach Your Audience. Again, rely on that research to guide you in your marketing reach. If the audience you want to reach relies heavily on social media, then that’s where you need to spend your time and money. Meet them where they already are.

6. Investigate Distribution. Your distribution channels are a big part of the customer experience. Don’t ignore this key component; rather, go out and investigate how your product is being marketed, displayed, and sold.

7. Feedback. Whether you welcome and encourage feedback or not, you’re going to get it. Social media channels have created a new way for customers to rant and rave. It’s to your benefit to stay on top of what they say and have an approach for dealing with both positive and negative comments.

8. Reassess. Constantly review your results against your goals to see if you’re hitting the marks. Then, review your data to see if you’re working with the latest information and moving in a positive direction or if you’re falling behind.

Marketing Mix FAQ

1. What are the essential elements of a marketing mix?

   The most popular and common marketing mix consists of the four Ps. Those are product, price, place, and promotion. Sometimes an additional three Ps are added, especially when dealing with a company that provides a service as opposed to a product. Those additional Ps consist of people and processes, and the third P can vary between physical evidence, partners, and packaging.

2. Can I just focus on one area of the marketing mix to make a difference?

   Your business is going to have its own unique circumstances, but it’s recommended that an all-encompassing approach to a marketing mix be used. By hitting each area of the mix, you get a deeper understanding of your target audience, your business as a whole, and how to make a profit and grow your base.

3. If my product placement is online, can I ignore this step in the mix?

   No, where you place your product, even when it’s online, is critical. Product placement goes beyond where an item sits in a store; it’s about what’s surrounding the item. For online sales, your website is something to consider and how easy it is to find and make a purchase. You’ll also want to consider where you’re advertising and ensure that it lines up with your audience.

   Some might say that product placement is even more important for companies that only make their sales online.

4. If I’ve researched all of the four Ps of a marketing mix, will I be successful?

   No, simply knowing the four Ps and how they relate to your company is very useful, but only if it’s put into action. Take that knowledge and craft an actionable plan that will speak to your audience with a product they want at a price they’re willing to pay, and at a time when they need it most. Once you have the data, your marketing approach is much easier to discover.

Final Thoughts

The marketing mix is a guide to creating your next marketing campaign to reach more customers and strengthen their bond and affinity for your product. You can take it even further and reinforce your brand and deepen connections.

While gathering all of the data you can for a well-rounded marketing mix is fantastic, it’s not the final step. This information needs to be developed into a marketing plan that pulls every aspect together effectively and cohesively.

Integrating your marketing data into an outreach plan is a great way to hit your target today effectively. The key is understanding that what your customer needs today might not be what they need tomorrow. It’s an ongoing process that is designed to morph with the market for continual success and brand growth.

Author

Kristin Kizer

Kristin Kizer is an award-winning writer, television and documentary producer, and content specialist who has worked on a wide variety of written, broadcast, and electronic publications. A former writer/producer for The Discovery Channel, she is now a freelance writer and delighted to be sharing her talents and time with the wonderful Zippia audience.