MKT - The Marketing Mix [LESSON]
The Marketing Mix
In this lesson, we will learn about the importance of marketing to business success. The elements of the marketing mix, or the 4 P’s of marketing, will be identified and discussed.
Brand Recognition | Knowledge Point
Whether you realize it or not, marketing is all around you! Every day you are exposed to various marketing strategies. Companies have imprinted their brand reputation, logo, and product on your brain. Take a few minutes to quiz yourself and see if your brain can identify the company/product using only a logo. See how many you can guess correctly!
Marketing Mix | Knowledge Point
Marketing is a key component to the success of a business and can include many different activities a business might use to promote the sale of a product or service. If you think about your own interaction with stores, products, or businesses, you can probably identify many different marketing strategies you have encountered including advertising, social media marketing, loyalty programs, and many more! While there are many components to marketing, there are four main areas a company focuses on to promote its product. Explore the interactive below to find out more about the marketing mix.
Explore the interaction below to find out more about the marketing mix.
4P's of Marketing | Knowledge Point
| Product (or service): the product or service should be the best version of itself. This might include superb quality, various options or features, the type of packaging, or cutting-edge design. Some questions to consider about the product or service are: What fundamental advantages does the product or service offer? What additional benefits differentiate the product from other products a customer might be interested in? What non-tangible benefits, such as excellent customer service, will be offered with the purchase of the product? | |
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Place: it is important to place the product so customers can easily locate it and buy it. Consider where customers might be looking for the product. Does the product need to be in a physical location so people can touch it? Will people be shopping for the product online? Place also includes all the aspects of getting the product into the hands of the customer like the various channels of distribution, managing inventories, transportation, and logistics. If delivery will be offered, how long will delivery take? Quick access to the product can also be a deciding factor in many buying decisions. Consider this, have you ever bought a product online and paid more for it because you wanted it delivered by a specific date? In our technological world, being able to easily track a delivery is also important. All of these things need to be considered and also marked clearly to the customer. |
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Price: the price that is charged for a product or service can impact if customers are willing to purchase. Sometimes a higher price creates the impression that the product is a luxury brand or is a higher-quality product. On the other hand, sometimes customers will buy a product simply because it has a lower price than the competitors. Setting low prices can be a challenge for the business because prices that are set too low might prevent the business from covering the costs of producing the product. Therefore, it is important to understand competitors’ prices so the product or service can be priced similarly (if that is the strategy focus). Price is also directly related to the customer’s perception of value. |
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Promotion: Many people equate promotion with advertising, but it is much more than that. Promotion considers everything that might be used to tell customers about a product or service. Promotion includes many different strategies including television, online, and print advertising. Also, coupons, discounts, and loyalty programs are all promotional strategies that can be used for some products or services. Stop for a second and consider all the various promotional strategies you have encountered: social media, magazine ads, billboards, advertisements on the side of a bus, mobile apps, coupons, buy-one-get-one-free deals, gift-with-purchase, etc. |
The Marketing Mix Self-Assessment | Practice Activity
Test your knowledge of the marketing mix using the activity below.
Reflection
Marketing plays a major role in the success of a business. After all, without marketing, customers would never know about companies or their products/services! Now that you understand marketing and the role of the marketing mix, how have you been affected by marketing? Take a minute to reflect upon some of your most recent purchases. Did one of the 4 P’s play a role in your decision to make that purchase? The next time you make a purchase, consider which aspect of the marketing mix persuaded you the most.
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