The marketing mix contains four principles.
Neil H. Borden introduced the term "marketing mix" in his 1964 article, "The Concept of the Marketing Mix." His marketing mix contained a set of principles that could attribute to the success of a product. E. Jerome McCarthy narrowed it down to four principles, which are known the 4 P's of marketing: Product, Price, Place and Promotion. Each principle requires a different approach, with different marketing techniques from which to choose.
Product
For a product to be successful, it needs to satisfy a consumer need. A business can apply several techniques to make the product more in demand than competitor products. A manufacturer could strive to create a product with a superior quality or a more appealing design. Adding features that will appeal to your audience is another way of promoting your product. Branding is another powerful marketing technique that applies to the product. Brands communicate a message of quality, reliability and confidence to their target market, encouraging people to purchase any product within the brand's range. Repairs and support, as well as the warranty that comes with your product, are other powerful marketing techniques you can use to sell your product.
Price
The price you allocate to a product is the only element of the marketing mix that generates a turnover for the organization. Several pricing marketing techniques exist. An organization can opt for penetration pricing, setting a low price to increase the number of sales and a bigger market share. Skimming pricing is a technique in which the organization sets an initial high price and then slowly lowers the price to make the product available to a bigger market. Some organizations settle for competition pricing, where they look at "acceptable" prices for products in the market. Bundle pricing is a way for the business to have more sales on unfamiliar or less appealing products by selling it in a bundle with top-sellers. Many stores offer cash or early payment discounts to encourage people to buy their product. Other price strategies include seasonal pricing, credit terms, psychological pricing, volume discounts and price flexibility.
Place
The place-principle applies to the distribution of the product. This principle stresses the importance of the accessibility of the product, as well as the cost efficiency of the distribution. An organization needs to choose whether it is going to sell the product directly or through a reseller. Other distribution techniques include intensive distribution, where the business sells the product in as many places as possible, selective distribution where only certain stores sell the product, or exclusive distribution where a single reseller has the exclusive rights to sell the product.
Promotion
Promotion entails how an organization chooses to advertise the product. It can be through a combination of media such as radio, television, print, electronic advertisement or word of mouth. Promotional strategies, such as the so-called "push" or "pull" advertising come in to play, as well as some psychological techniques to convince your audience that your product is more desirable than others. Designers can use colors, sounds and imagery in the advertisements to convey a product image to the target audience.
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