If You Can’t Answer This, Prepare For Failure!

What is your Marketing Mix?

You may have heard this term used before, but many people don’t know what the term means or its importance. The marketing mix (also known as “the four P’s”) are used to pinpoint the four most vital elements of your business. Knowing the details of your marketing mix will help you understand the foundation of your business.

Product, Price, Promotion and Place are the key elements in a basic business marketing plan. Here are some of the question that we ask our clients. If you can’t answer any one of these questions confidently, schedule a review of your marketing plan.

Product

Your “product” is either a physical item or a service that you provide.

  • How does your product improve the life of your customer?
  • What makes your product better than your competitors?
  • Do you see your product expanding or evolving over time?
  • What makes your product better than your competitors?
  • What is your maximum capacity for

Price

The price that a potential client will pay for the product.

  • How much does the product cost you?
  • Is this product affordable for the target demographic?
  • What is the lowest price you can sell your product for and still make a profit?
  • What do similar products sell for in your local market?

Promotion

Promotion refers to the strategies and methods used to advertise and raise awareness for the product.

  • What is the profile of your ideal customer (Demographics, Interests, etc)?
  • What methods and platforms are the best to reach this ideal customer?
  • What is the maximum amount you are willing to invest to attract one new customer?
  • What deals or offers will you provide to entice first-time customers?

Place

The place refers to the methods of distribution that brings the product or service to your customer.

  • Where will your business be based out of? (Physical locations, digital methods of sale, etc)
  • From the beginning, what steps are required to get your product to your customer?
  • What is the minimum required space for you to sell your product?
  • How much will it cost you to distribute the product to your customer?
  • Are there any methods you can reduce the steps required to get the product to your customer?

Once you know your perfect marketing mix you are on your way to creating a solid business plan.

If you need advice on how to make the perfect marketing mix for your specific product or service – don’t hesitate to contact us today!

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