THE MARKETING MIX refers to a combination of a variety of factors in business marketing that all share the intention of reaching the organizational objectives and targeted consumer groups (target market).  The marketing mix is mainly composed of the four P’s of marketing: product, price, place and promotion.

When you are creating the products, you should ensure that they are up to the standard that will meet the needs of your targeted consumers.  Ensure to have a good definition of the characteristics of the services and products of your business.  This will help in ensuring that the goods you have produced meet the needs and desires of the targeted consumer group.  When a business is designing products, various things are put into consideration to come up with the right product; geographical locations, buying habits, purchasing power, etc.  The business might decide to budget the best product available or the cheapest commodity, depending on the desires of the targeted customer base.

Another facet of the marketing mix is the price of the product or service.  Choose a competitive cost for the products or services you are offering.  The pricing of the business’ products should be determined even before you start making it.  You should look for all means to lower the production cost so that the business will have a lower or similar cost to like products.  If your products are more expensive than the competing products in the market, you may have hard time building a customer base.  Come up with a pricing strategy that will help you to give competitive prices to your products.  In addition to the cost of manufacturing, put into consideration different factors such as market share of the business, local tax regulations, logistics and distribution costs, and the perceived value of the products to the clients.

Promotion is another essential facet of the marketing mix.  The aim of promoting products is increasing popularity of the products in the market.  Some of the common strategies that can be applied when promoting products include: selling, advertising, sales promotions, and public relations. The strategies that are used in taking the product from the business to the customers vary from one business to the other.  Consider factors such as the customers, product itself, your budget, and the market.

Lastly, the place of distribution is another important part of the marketing mix.  You will at least need to have a place in mind where your new products or services shall be delivered.  There are a variety of destinations that you can put into consideration when identifying the place to take your products such as an onsite facility, home-based business, and the Internet.  The absolute decision is up to the entrepreneur and the location of the targeted audience.  You will need strategic planning to come up with the right place to market your products.