Marketing mix elements with examples
By Parasolla | Updated on April 4, 2022
Marketing mix elements with examples
The marketing mix (also known as “the 4 Ps of marketing") is one of the best strategies to promote your business because it includes the main four components you need to consider in any marketing process.
In this article, we have prepared a full explanation of the main four elements of marketing mix with examples to help you understand the main aspects you should consider when you want to produce a product, promote it, and sell it.
What Are the Elements of Marketing Mix?
The first thing you should know is the main components of marketing mix which is our article subject.
Product
The product is the starting point of the marketing mix strategy. Your product is that thing you want to sell your customers in the market. It can be physical such as clothes, laptops, mobiles, … etc. And, it can be an intangible thing such as courses online.
Whatever was your product, you should make research about it in the market to know your customers and competitor. In this way, you will know what are the exact requirements you should consider to create a high-quality product.
Another point you should know is that the different types of services are considered products. For example, the hotels try to sell you a high-quality hospitality service.
In summary, the product can be anything as you can sell it to a specific category of people. So, all you have to do in this paragraph is to identify your product specifications such as the design, brand, quality, …etc. And identify the final product you want to sell.
Price
The price is the value you will get from the customers who will buy your product. The value is usually money. So, in this stage, you should identify the most appropriate price for your product depending on the market requirements. This means you need to lunch your product price after you make research about the product consumers and your competitor in the market.
Also, you have to make other plans related to payment plans, discounts, credit terms, … etc.
Placement
The third element of the marketing mix is location, which is one of the most important factors in any marketing process because it lets you know where your clients are.
When we are talking about the location, we mean the way you will make a direct connection with your customers. So, you should try your best to choose a perfect location to sell your products.
The question here is how you should choose your business location?
The answer is pretty different depending on your business type and clients. But, you should always try the easiest way to reach your target customers.
For example, the best to sell Stationery is in front of the school.
So, you should identify the best place for your business depending on your customers and services.
Promotion
This is the last part of the marketing mix strategy. And it is the final stage of the marketing mix process.
Promotion is the process of marketing your products and services in a creative way to attract as many clients as possible and get more sales.
There are too many ways to promote your business, you should choose the most appropriate one depending on your customers and business budget. For example, if you are a photographer, Instagram can be a great way to promote your business.
Another example is if you are creating videos for your audience, YouTube can be the most appropriate choice to promote your business.
So, you should think about your business and customers. And assess your situation depending on that. After that, you can make a perfect marketing plan for your product.
4 P’s of marketing examples
To make the previous ideas clear, we are going to give you two simple examples to let you understand the elements:
Example A
Product: T-Shirt
Price: $70
Placement: In a clothes Shop
Promotion: Make ads on Facebook
Example B
Product: Pens
Price: $7
Placement: Library close to a university
Promotion: Make ads through Billboards inside the university.
Those were simple examples. It is not that easy on the ground because you need to study multiple things such as your project budget and business plan before thinking about producing a product and promoting it using a marketing mix strategy.
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