THE MARKETING MIX: Product, Price, Place and Promotion

The term Marketing Mix refers to the "four Ps” (price, product, distribution and promotion) you can use to market and sell your products. It is a good strategy to determine the optimal position for your ofer in the marketplace.

An efective marketing mix is balanced, consistent, and creates a competitive advantage for the business. But if your marketing mix doesn't meet your customer needs, they will not be satisfied and that dissatisfaction may impair your sales.

Product - Is the item sold to the customers. Your product should have unique features and design to be appealing to your target market. There are some things to consider in making the product more attractive to buy. Try to ask yourself the following questions:

•  Consider your target market. What does the customer needs?
•  What are the features you can add to meet their needs?
• How will the customer use it?
• Is there any diference between your ofers over competitors?
• How is it branded?
• How long is the life cycle of the product you're marketing?

Price - Is the amount a customer pays for the product. It should be high enough to cover costs and make a profit but low enough to attract customers. When setting a price, you'll need to consider competitor pricing and be aware of the brand and its integrity. It's not always good to set a low price because the customer may feel that the quality is being compromised.
Basic Pricing Strategies

• Creaming - Charging a low price to gain a position in the market
• Penetration Pricing - Charging a high price to persuade people that the product is of high quality
• Cost Plus Pricing – Total of the cost plus a margin added on for profit 

Promotion - It covers all types of marketing communications. With promotion, you can raise the awareness of the people into your product and encourage them to purchase. Advertising, personal selling, sales promotion, and public relations are just some of the elements of promotion.
Advertising is conducted on TV, radio, online, newspapers, leaflets, billboards, Yellow Pages and by 'word of mouth' which often performed by sales staf.

Place :Is the location where you stored or sell your products. It is very important to assure that the products are available in the right place at the right time in the right quantities. But nowadays, place is becoming less relevant because of the rise of internet.