Michael Powell once said, “Only when you bring value to others, will you bring value to yourself.” Looking at this quote from a business standpoint, your brand value will only increase if your company is able to provide true value to your customers first. Your marketing mix (or 4 P’s), which is part of your marketing strategy, can help you decide what value to provide to customers and how to best communicate that value. The 4 P’s of the marketing mix outlines the right product (or service) to sell, the right price to sell it at, the right place to deliver it, and the right promotions to get it known. Value, of course, should be at the heart of every “P.”

Product

The product refers to the good or service that you will be selling. The product should be able to fulfill a need or a want. Only then, will it be able to provide value to the consumers’ lives. When deciding the best product to put on the market, ask yourself these few questions:

• Question 1. Will this product enhance my customers’ lives? If so, in what way?
• Question 2. Will my product provide more value than my competitors’ products? If not, what can I do to enhance it?

Question 1 helps you explore the different values your product provides. The answer to Question 2 will help you figure out the product’s unique selling proposition or the characteristic that differentiates your product from competitors’ products. Remember, your customers’ opinions of the product will determine its sales.

Price

Price plays a big part in your marketing mix, and ultimately, your marketing strategy. Price indicates the amount of money your customers have to pay in order to buy the product or get access to the service. Setting the price can be a bit tricky. Setting the price too low can affect your revenue and business’s growth. Setting a price too high can affect the demand for your product. To determine the best price for your product, take into account the production costs and the customers’ perceived product value. Product value is the product benefit minus the product costs.  Product benefits may include a product’s quality, convenience, performance, experience, healthiness, and environmental friendliness. This is the only “P” that will bring money into your company. The other three “P’s” are simply cost incurring factors.

Place

Location, location, location!

The “Place” element of the 4 P’s identify where your product or service will be sold. Picking the right place helps your product reach the right target audience. For the company, it means more sales. For the customer, it means an experience. A good experience will bring value. When determining a place to sell your product or service, consider the following factors:

• Reach- Is this the right location to attract the right customers?
• Convenience- Can your customers easily access this location? Should you sell your product online?
• Environment- Is this the place reflecting my brand? (Hint: You will not find Tiffany & Co.’s jewelry at a discount store.)

“Place” also includes the “online” environment. At Marketing Eye, we provide website development services to get your business on the virtual map. The place you choose should provide a great experience for your customers. Therefore, make it easy for customers to pursue your product--online and offline.

Promotion

Promotion refers to the process of communicating the product, price, and place to target customers. Your promotion objectives should include communicating the value of the product/service. There are several types of promotions, including public relations, direct mail, internet marketing, personal selling, advertising, and social media marketing. When looking for how to promote and where to promote, keep the customer in mind.

The marketing mix affects a company’s product success. This is why the marketing mix plays such a big role in a company’s marketing strategy. Need help with your marketing strategy? Contact us online, or call 404-626-8070 to speak with a marketing manager.

As Marketers we are always looking for ways to think outside the box, coming up with new approaches to showcase our products or reach new audiences. However, this isn’t as easy as it sounds. Throughout the marketing mix emerges a balance of structure and chaos. Walking this fine line takes a special mind, and we’re going to look at why this is.

The world of public relations can be summed up in three words: chaotic, wild, and tedious. Don’t get me wrong, public relations is an exciting facet to the marketing mix, but it isn’t for everyone. After personally delving into the world of PR and having several press releases published, let’s take a look at a few key takeaways from my recent experiences.

It’s time to break your business out of the Stone Age! Without a proper marketing and communications strategy your business will not accomplish exponential growth. Think to yourself, is it okay to start a business without a business model/strategy? No. So why are you still marketing without a marketing and communications strategy – it’s a waste of time and money and time is money so basically you just wasted a ton of money due to your lack of marketing efforts. [space height="HEIGHT"]

People often ask me why I write a blog when I am so busy that I struggle to find enough hours in the day. The answer isn't EGO - yes, I do love that so many people read my blog, but most of whom do, I have never met and probably will never have the opportunity to.

It's not because I am bored or I think that I am an exceptional writer - because I have never had a bored moment in my life (it's my dream to be bored one day) and as for the writing, I only write well when I put effort in, and this blog is more a rambling of my thoughts, rather than something that I have placed alot of emphasis on.

The ONE reason I write this blog is to CONNECT with my target audience and to communicate with other marketers who have interesting ideas on marketing or who have a point of view.

Here I go blogging away, tweeting about my experiences, updating my facebook with “having a great day” and uploading photographs of a boozy night out with the gals.