The Marketing Mix

Marketing Mix Components

1. Product - The product side of the marketing mix looks at branding, design, the product features and the unique selling point (USP) the product has to offer.
2. Price - The price side of the marketing mix looks at how a product should be priced. Different factors need to be considered before the final price can be decided upon. Things like production costs, distribution costs and promotional costs need to be considered before the final price of the product can be decided upon.
3. Place. It is important to make sure that the product is available in the right place for customers to make a purchase. Depending on the image that the firm wants to create they can decide to sell their product exclusively through one store or they may want to select a  handful of stores or they could sell their product intensively in a wide variety of different stores.
4. Promotion - Promotion is all about  getting the message across about your product. There are different promotional methods that are available to a company including advertising, public relations, sales promotions, direct marketing, personal selling and sponsorship.

Coherent Marketing Mix

The marketing mix needs to be coherent this means the 4p’s have to work together in order to develop a good marketing strategy. There is no point in developing a very good product with exceptional quality, if the price does not reflect this, it is not promoted well, and distribution of it is poor.

Conclusion

Overall the marketing mix forms the basis of the marketing strategy of the firm. A carefully maintained and monitored marketing mix should lead to fruitful gains for the company.