subject: What the Marketing Mix has to Say [print this page] You don't need a degree to be a successful business man. A little knowledge of a lot of things, and being street smart is enough. However, it might work to your advantage if you know how to technically gauge your business' performance. A pilot knows where he's flying because of his coordinates. You as a businessman can also gauge your position and control where to go more easily by understanding the marketing mix.
The term marketing mix was coined in the year 1964 by Neil H. Borden. It stresses the four of the most controllable parameters that define your marketing performance Product, Price, Place, and Promotion, more known as the 4Ps. Though the 4Ps is limited in terms of gauging how efficient of a marketer you are, it is strong enough that if your business becomes savvy at that four, your business is poised for further growth.
The first P is product. That is almost self-explanatory but still is an obvious importance. All of your company's effort, from branding, to marketing, to research and development is aimed at how to make your target audience buy your products.
Of all the 4Ps, price is probably the easiest to control. Though many external factors affect your pricing, you still have the last say on how to price your products. You drop your prices if you want a low-price competitive edge. You may also increase price dramatically if you feel like your product's quality deserves more. Besides, high prices create prestige to your brands. A web designer Toronto businesses hire can ask for a higher price if a denser traffic is desired by the website owner.
Place refers to all the locations you operate your marketing in. It involves your own office, the places you post your ads on, such as concerts or seminars. Place can also refer to your own website that conducts search marketing. The web development Toronto businesses apply involves methods that can make your website visitors translate to profit.
The fourth P is promotion. Because of the internet, promotion has changed dramatically. Nowadays, more and more businesses are turning to creating their own websites rather than investing on traditional magazines, TV appearances, and billboards. That same web development Toronto graphic artists spent more than 10 years of their experience on, is a good place to start if you are planning to put up, or expand your own small business.
