Marketing Minute with Jennifer: The Marketing Mix and Q&A

So, I’ve spent the past few years of my life getting my B.B.A. in marketing communications. I have decided that now would be the best time to start sharing some of the things I have been taught or that I’ve found to be the most interesting over my time at the university.

Since this is the first post devoted to sharing what I know about marketing, I thought I’d let everyone know what classes I’ve taken so hopefully I can answer questions rather than having to post everything from Principles of Marketing to Advanced Campaign Planning.

Here’s a list of the marketing classes I’ve taken:
Marketing Principles
Services Marketing
Advertising and Promotion
Public Relations
Advanced Campaign Planning
Consumer Behavior

If you have any questions about any of these topics, I will be writing articles on Saturdays and Sundays regarding marketing.

So, here’s the first thing I want to share: The 4 P’s of Marketing! Also known as the “Marketing Mix,” the 4 P’s of Marketing are the building blocks of any marketing curriculum. The marketing mix is typically in chapter one of every marketing textbook.

* Product – Product is referring to the tangible item or the service that the client has to offer. For example, this website currently offers information and that would be the product that Lucrative Investing offers. It is important to have a product that makes you unique. The more unique an item is, the more likely that someone will come along and buy it.

* Price – This is, in a very basic sense, how much will your product cost. Pricing decisions should take more into account the value that the customer puts on the product or service, but should also take into account profit margins and competitors’ pricing.

* Place (distribution) – “Location, location, location!!” Place has to do with the distribution channels or locations that the product or service is purchased or consumed.

* Promotion – This, in my opinion, is the most fun part of the marketing mix and the “P” I have had the most classes in. This is the part of the marketing mix that deals with advertising and public relations. It deals with getting the word out to consumers.

All these elements come together to try to reach the target market and get a response from them (hopefully the response is positive and they make a purchase decision about the product). All these elements need to be coordinated in order for the marketing mix to be successful.

Here’s a chart I found on the internet that summarizes the marketing mix:

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