The term “marketing mix” has been defined as all marketing decisions and actions taken to ensure the success of a product, service or brand in its market. It’s important to mix these ingredients well so that the marketing mix recipe matches your unique distinctive qualities, which is, how you stand out from your competition.
In marketing, the acronym for 4P is defined as the foundation of marketing, the essential ingredients that are used to promote your brand or your unique products as well as your competitive advantages. In other words, the 4Ps are:
the Product, can be a tangible good (a product) or non-tangible (a service) that meets the expectations and needs of your customers. It is imperative that you have a very good knowledge of what your product is and what makes it unique in order to successfully sell it.
the Price, consists of the value of the product or service, which the consumer considers “normal” to pay. Two strategies result, that of skimming which favors the profitability research by the reputation of the product and that of penetration, which compensates a small margin by larger volumes.
the Place or distribution, the different functions of the distribution, the 3 forms of commerce, the choice of the distributor, the merchandising and the sales force are all elements that characterize the 3rd P of the marketing mix.
the Promotion (Communication or Advertising) must convince and therefore, make the sale. It includes different techniques such as flash sales, games, samples, discounts, product testing or tasting, fairs, demonstrations, etc. The goal is to educate the consumer about a product or service and stimulate sales.
Each of the P’s all have a huge influence on how you project the image of your business. What are the 4P’s of your marketing mix?
Communicate with the Project Officer, Mr. Benoit Brunette at 613 675-4661 extension 8106, at 613 306-2614 or by email at [email protected] for your entrepreneurial projects.