Where do people look for my products and/or services?.To nail the placement element of your marketing mix, answer these questions: Brick and mortar stores, ecommerce websites, your trunk at the back of a Walmart parking lot. “Place” refers to where your products and/or services are sold.

Are your ideal customers budget-conscious, or do they prefer premium offerings?.

Do you have the capital to lower prices until you’ve become an established player?.

Is your company new to the market or is it an established player?.

How high/low can you make your price before people think you’re expensive/cheap?.

What do your competitors charge for the same products and/or services?.

What is the perceived value of your products and/or services?.

There are so many factors to consider! Luckily, by answering these questions, you’ll gain clarity: Is your head spinning yet? This is why finding the “right” price is so difficult. Conversely, lower-priced products are generally considered to be lower quality.Īlso, It’s usually easier to break into a market with lower-priced products, but the margins are going to be slimmer, which can be tough on a company’s bottom line.

Pretty simple, right? But there’s A LOT of psychology that goes into pricing strategy…įor example, higher priced products are generally considered to be higher quality-even if they aren’t. “Price” refers to the amount of money you charge for your products and/or services. How can I make my products and/or services better so they appeal to more people?.How are my products and/or services unique from other company’s products/services?.How will my customers use my products and/or services? What will this look like?.What features do my products and/or services have that meet these needs?.What do my customers want from my products and/or services?.To get this element of your marketing mix right, ask yourself questions like: As such, the “product” category also includes services, consultations, etc. “Product” refers to the things your company sells. “What the heck do those terms mean for marketing professionals?” Let’s find out! 1. The 4 Ps of marketing are product, price, place, and promotion. The marketing mix is made up of seven elements, four of which are known as the marketing mix 4 Ps, or, more commonly, as the 4 Ps of marketing. Let’s start with a marketing mix definition…Īccording to Indeed, the marketing mix refers to the “methods, strategies and tools used to reach out to potential customers and drive sales.”Ĭompany leaders need an effective marketing mix to understand their customers, develop viable ways to communicate with them, and, ultimately, grow their businesses.īut before you can create and use the marketing mix for your organization, you have to understand the elements that make it up, which we’ll discuss in the next section.

Promotional mix base