I will share with you the marketing mix, which happens to be very important for your marketing plan. The 4 P’s! every marketer should incorporate them into their marketing plan.
What are the 4 P’s are and why they are important? The 4 P’s are Product / Service, Pricing, Promotions and Place.
1. Product- Product is a good or service that is desired by your consumer. What is your product going to be? An amazing skin cream?
2. Price – The value of your product. You need to know what the value of your product is in order to be able to price it. If you price to low, you may not make a profit, if you price to high you may not make any sales or minimal sales. You need to find a happy medium. What are you going to sell it for? $35.00?
3. Promotions – How will you promote your product. Word of mouth, online advertising, such as, YouTube Ads, Instagram, E-mail promotions, home mail? How about a True View video Ad during the time someone one is watching a YouTube video on Skin care?
4. Place – You need to know WHERE to market your product. Before you know where to market your product you need to know who your target market audience is. For example, Women, ages 20 – 60, who live in the U.S. and want to use beauty products.
Once you know who your target market is, you can know where you will place your marketing efforts. Such as, online (Instagram, Facebook, Google Shopping or in stores, Such as, Macy’s, Sephora, Walmart.)
The place is where individuals will be able to go to purchase your product / service.
*Now that you know what the marketing mix is, and you follow the 4 P’s strategy. I am sure you will be very successful and marketing your next product / service!