Taking Care of Family, Clients & Community for Three Decades
Let's Connect

Marketing mix: The 4 Ps of strategic marketing

marketing mix

Businesses that implement the right marketing mix have discovered a recipe for success. 

Much like chefs experiment with ingredients to create culinary masterpieces, a splash of this and a sprinkle of that – in terms of marketing – can generate positive results. 

The marketing mix differs for every business. That’s why Priority Marketing customizes marketing plans for each client. Some organizations benefit from focusing on public relations and social media, for instance. Others rely on digital marketing, emails and mobile geofencing to drive sales. 

The exact recipe is never set in stone. Businesses and nonprofits must adapt their marketing mix based on technology, consumer demand, economics, budgets and dozens of other criteria.  

Marketing Mix: The Recipe for Success 

Every type of cake requires a different list of ingredients. However, there is a list of ingredients that are common across cake types, such as flour, butter, eggs and sugar. 

Successful marketing also has its own set of common ingredients. Known as the 4 Ps of marketing, the right marketing mix helps businesses reach their goals. 

The four key factors include: 

PRODUCT

Every business has something for sale. It’s either a product or service that can fill a need, deliver a solution or satisfy a want. 

Sales volume helps determine a company’s scale, and ultimately, its success. As such, marketing efforts should focus on selling that product or service. It should be an integral component of advertisements, social media posts, emails, digital marketing and print collateral.  

PRICE

Businesses have a cost to produce a product or service. This is the production cost. 

The price that a consumer pays above that production cost equates to profit. 

Sticker prices are based on real and perceived value, and there is a strategy behind raising, lowering and discounting prices. Charging more for a product or service can increase revenue… if consumers are willing to pay the asking price. If not, consumers could turn to competitors with lower prices. 

PLACE

Generations ago, businesses could only sell their products in brick-and-mortar stores. Today, they can still sell products in stores, as well as online marketplaces like Amazon and Etsy, social media sites like Instagram and Facebook, and through e-commerce stores. 

How and where businesses place their products ties directly to sales. Where companies advertise is important. A business that sells products through Facebook Marketplace, for example, should consider advertising on Facebook. 

PROMOTION 

Even great advertisements can fall flat if they aren’t reaching the right customers. The target audience consists of customers who may need or want your product or service. A fine-dining restaurant or custom homebuilder, for example, needs to reach potential customers with higher incomes; that could include advertising in upscale lifestyle magazines. A child care provider or pediatrician might try to reach parents through family magazines, social media posts and flyers. 

The right promotional strategy is critical in connecting with the right customers. 

EXAMPLES: See Our Portfolio 

Adding the 5th P 

There is a fifth P that many Southwest Florida businesses and organizations have discovered – Priority Marketing. Founded in 1992, the firm employs 60 savvy creatives and mastermind strategists whose areas of expertise include brand development, public relations, graphic design, social media and email marketing, media planning, web solutions, event planning, video production, digital advertising and more. 

Looking for a secret ingredient to spice up your marketing strategy? Please give us a call today at 239-267-2638 or send an email to LetsTalk@PriorityMarketing.com. 

Looking for additional marketing inspiration? Priority Marketing’s popular #FAQfriday video series covers a range of marketing topics, including the following:  

Channel into the Best Marketing Channels for Your Business 

4 Ways to Leverage PR to Maintain Your Market Share 

Unlock Your Brand with a Brand Guide 

Share now!

More To Explore