Marketing 101 – The Marketing Mix

Marketing is a concept that’s often misunderstood. Many business owners use the word loosely, thinking it simply means promoting. While promotion is essential to the marketing mix, it is not the only element. To be successful, a business needs to market:

  • The right product to
  • The right people at
  • The right price in
  • The right place and at
  • The right time.

Marketing 101: The Marketing Mix

The “Marketing Mix” is made up of five elements also known as the five P’s – Product, Price, Place (distribution), Promotion and People.

1| Product

Refers not only to the physical product but also to all of the features and benefits that your customers will enjoy by purchasing your products or services (What’s in it for me?).

Your product or service should give people what they want or provide the ideal solution to their problem.

 

2| Price

Pricing is very important in marketing because, along with the quality of your product/services.  It influences the perceived value of what you offer to your customers/clients.

Price also includes discount, financing, etc. It’s also important to price your product or service to remain competitive and make a profit.

Related Post: Pricing Your Small Business Products And Services

 

3| Place

Where people purchase your products or services.  In an age where you can have access to the world from your phone, place is not just your brick and mortar location anymore, it’s also your online locations including your website.

 

4| Promotion

is all about communication. If your ideal customers do not know about you; you cannot be an option in their purchase decision. The main methods of promotion are:

  • Advertising:  magazines, newspapers, television, online, etc.
  • Sales promotion: coupons, samples
  • Public relations: events, sponsorship, press releases, and more use to build up a good corporate image
  • Direct Marketing: direct mail, email, etc.
  • Personal selling: one-on-one communication in person, phone, or email

Your budget, target audience and marketing strategy will determine the best promotional mix for your business.

 

5| People

Refers to the staff and salespeople who work for your business. Hiring the right people and providing excellent training will give your business a competitive advantage.

Related Post: How to Deliver Great Customer Service

People also refers to your customers who can help spread the word about your business. As a small business you cannot afford to make everyone happy, focus on one or more target audience and find out everything you can about them.

Knowing the who, what, how and where of your ideal customers will help you perfect your “marketing mix.”

 Related Post: Define Your Target Market 

 

Marketing is everything that your customer or client encounter when it comes to your business, from your advertising and online presence, to what they hear, to your place of business and the customer service that they receive. Marketing has not changed; the tools we use to reach our customers have changed.

 

As a small business owner finding time for regular and consistent marketing can be difficult because there is always other “business stuff” that takes priority. CONTACT US, we can help you develop a plan that’s right for you.  We can even help you with implementation and staying on track with your plan.

Happy Marketing!