The Four Major Components of a Marketing Mix

When dealing with marketing, it is always important to keep in mind "The Four P's." The Four P's are recognized in marketing worldwide.

1. Product: It is essential that you provide the right "product" for you targeted market. The "product" can either be something physical or a service. The important thing to remember is that your good and/or service should satisfy your customer's needs.

2. Place: It is very important that once you have the right "product", you find the right "place" to sell it. A product isn't much good to a customer if it isn't available when and where it's wanted.

3. Promotion: Once you have the right "product" and the right "place" to sell it, you have to tell your targeted market about it. There are several different ways to go about "promoting" your product that include both promoting face-to-face and promoting through the masses.

4. Price: In addition to developing the right Product, Place, and Promotion, you must also decide the right "price." In order to come up with the price that best suites your product you have to consider your target market and how they might react to the price you have set.

All four P's are needed in a marketing mix. In fact, they should all be tied together evenly. But is any one more important than the others? Generally speaking, the answer is no - all contribute equally.

For this blog I have used information from the article "The Four Major Components of a Marketing Mix" by Mara Bateman.