What is and what is the purpose of the 4P marketing mix

The marketing mix is one of the easiest tools you can use in business to plan your strategy and achieve better results. Learn about its principles and put them into practice with the easy-to-follow guide we've written for you.

Marketing strategy ≠ marketing mix

Marketing mix is often confused with marketing strategy. However, it has a much broader concept and a longer-term nature. Strategy always answers questions such as:

• WHERE am I;
• WHERE I am going;
• WHAT I want to achieve.

Strategy sets the vision for the business - that is, a framework and a rough idea of where you want to get to over the next few years, what the pillars of your business plan are and what values you hold as a brand.

Strategy is followed by what we call tactics. The latter develops the strategy into concrete forms and sub-plans by asking questions such as:

• HOW will I achieve my vision;
• WHEN I want to meet specific milestones or goals;
• HOW MUCH I will invest in these activities.

This is where the marketing mix will help you with your planning. It will then be followed by the specific operational and sub-tasks you set or delegate within your team.

What is the marketing mix and how to create it ?

The marketing mix is a set of tools - areas that are interrelated and help you think coherently about your offer.

The marketing mix is known as the 4Ps, made up of the first letters of the English words. The basic concept of the 4P mix includes:

1/ Product

The first area of the mix represents the product, either as a physical product or a service you offer. When describing the product, be as specific as possible and write down everything that goes with it - its packaging, design, variations, quality...

Add other attributes, ideally if they differentiate your product from the competition. Do you provide superior product services, a wider warranty, premium packaging? All of these will serve as building blocks for the next steps of your marketing planning.

2/ Price

The next area is price and everything that can affect it. Describe how you determine the price - are you basing it on real costs + margins, competitor or market prices, or are you setting premium prices that have a partly psychological effect?

Again, include other factors that enter into the price. Do your customers pay in one lump sum, in instalments or by subscription? Do you offer discounts, deferred payments or loyalty bonuses?

Often, you will get sales arguments from your pricing setup or strategy that you can capitalize on in your promotion planning.

3/ Place

The third area answers the question of where and how your product is available. Are you trying to penetrate the market as widely as possible, or are you instead focusing on exclusive segments? Do you sell your products physically or only online?

Write down the ways in which the product can reach the customer. Think about whether you want to prioritise certain ones, or whether you need to tailor packaging, storage or delivery. Does your product require a sales specialist and would you provide them with specialist training? Do you give out free samples to try?

The more details you get clear, the better you can plan the remaining areas of the mix.

4/ Promotion

The last area is promotion, i.e. all the ways in which your product can get in front of customers. Naturally this includes advertising, but not only that.

Is your product being discussed on networks, are you using PR, influencers or recommendations from business partners? What are you doing for your corporate image and brand? Do you attend exhibitions, conferences or sales events? Do you prefer face-to-face sales or online communication?

Promotion can be the first or last link in the supply chain between you and your customer - depending on whether you create tailor-made products according to a specific demand or offer ready-made solutions.

When 4Ps alone are not enough

The 4Ps of the marketing mix described above are the very basis of how to think about marketing planning. But you can also add other dimensions to your mix, such as:

5/ People

Or all the people involved in production, sales or purchasing. The human factor is important in client service, in the sales person, but also in the back-office (back office) or in production itself.

If you pride yourself on your people, you can elaborate on this area separately beyond the basic mix and emphasize everything you want to focus on.

What are your requirements for recruitment and company culture? Salespeople can't do without special training or do you pride yourself on a 24/7 client line? Do you need experienced designers for your business?

You may be surprised at the interconnectedness of these factors with other components of the marketing mix.

6/ Processes

Sometimes the final product is not as important as the process that goes into getting it. Within it, describe:

• the product's journey from production through packaging and storage to distribution or
• the customer's journey from enquiry through communication with your company to purchase and possible after-sales support.

When you see the processes in black and white, you can better identify key milestones or points where things could go wrong.

7/ Physical evidence

Think of physical evidence as tangible information that is consistent with what you are communicating to your customers. This area goes hand in hand with your unique tone, brand and the values you want to convey

Are you presenting yourself as an established law firm? Then your corporate space should be sufficiently presentable too. Do you want to act as an informal bank for the young? Then bet on a modern online presence, reviews from satisfied clients, a casual communication style and vibrant colours.

The 4C's, or how does the client's view differ from the salesperson's?

You can look at the marketing mix a little differently - from your client's perspective. While the classic 4P concept works with the company's offering, i.e. the seller, the alternative 4C concept looks at the same elements from the buyer's side and therefore the value to the client. It puts their interests and user satisfaction at the forefront.

The modified marketing mix in the 4C variant then looks like this: