Marketing Mix is a term coined in the height of modern marketing in the 1950s by Neil Borden, the President of the American Marketing Association. This term is the process of bringing a product to the marketplace and getting it into a customer’s hands.
The basis of the Marketing Mix is known as the Four Ps. These are: Price, Product, Promotion and Place. There have been some people who have added to this idea over time, but these are the original Four Ps. The order of the Ps is irrelevant; it is the P that is important.
The Four Ps
This is the price you put on your product or service that you are selling.
What you are selling is the Product, whether it is a service, a physical product, an idea, fundraiser or an awareness campaign.
Promotion is your marketing strategy for getting your potential customers’ attention and creating interest in your product.
Place is where you are going to place that product for sale. Are you going to put it in a warehouse and sell it online, sell the idea or service in the customer’s home, or set up a shop downtown?
How to Implement a Marketing Plan
Even if you haven’t heard of the Marketing Mix term before, you were probably automatically implementing it in your business plan. You have to do all four of the Ps in order to sell a product. If you are just starting up your company, give many hours of thought about each of the Ps before launching your company. You have to have a proper plan for each of these parts of marketing. You have to know what you’re selling, the price you’re selling it for, where the product will be sold and how you’re going to promote it. If you are missing one of these Ps, it could possibly shorten the life or more important the level of success of your business.