The marketing mix simply refers to the planned mix of the controllable elements of a product’s marketing plan. These elements are usually referred to as the 4Ps and they are Product, Price, Place, and Promotion.
Adjustments are usually made to each of these four elements until a perfect blend that adequately caters to the needs of the customers and at the same time generates optimum revenue is obtained.
This is what you are offering to the market. It is a very important part of the marketing mix as it is what you will use to attract the customers. When developing a product, it is imperative that you come up with a product that solves a certain problem for your target market. It is commonly said that a business opportunity exists where there is a gap to be filed in the needs of a market.
For your product to be profitable, it has to be filling a certain gap in the needs of your target market. Do not simply develop a product; develop a product that people will want to buy to meet a certain need.
There are quite a number of factors that go into determining the price of a product including the operation costs and distribution costs incurred while availing the product to the market. One very important factor that you should never forget though is your target market. Ensure that the price you set for your product is one that will be within the means of your target market. Failure to do this will result in your not making enough sales or none at all.
Place is a very important factor in the marketing mix. Marketing is all about getting customers for your product. It is thus imperative that you reach out to these customers. To do so, you have to get to where they are. Marketing has to take place where your target market is.
Promoting the product is all about selling your idea to the customer; showing your customer how the product will be of benefit to them and that it will be good value for their money. This should come out clearly when you are promoting the product.