Marketing mix is a term often used in marketing that stresses the mixing of a variety of factors in marketing strategies, in ways that both targeted consumer groups are reached, as well as organizational objectives are reached. Marketing mix involves four "P's", and the following paragraphs will discuss those four "P's".
The first "P" in the marketing mix is the Product. One of the most important aspects of good marketing is to be sure to produce products or services that meet your targeted consumer group's needs, as well as their desires. Define the characteristics of your products or services, ensure your products or services will meet the expectations of your targeted consumer group.
The next "P" in the marketing mix is the Price of your product. Price your products or services competitively. Deciding on a pricing strategy beforehand can really aid in making pricing decisions. How you price your products or services is just as important as the product itself. If your products and services are priced considerably higher than like products and services, you may have a harder time building clientele. On the other hand, if your price your products or services too low, you are bound to loose profits. Developing a pricing strategy, and pricing your products or services competitively, will likely get you the best results.
The third "P" in the marketing mix is product Promotion. It is vital to your new business to promote your products or services. When associated with the marketing mix, promotion can also include:
• advertising
• selling
• public relations
• sales promotions
Finally, the last "P" in the marketing mix is Place of distribution. You must have a place in mind to distribute your new product or service. There are many places available for consideration including:
• the internet
• home based business
• on-site facility
