A marketing mix is a tool used to effectively build a marketing plan. Marketing mix also known as the 4P's which are product, place, price, and promotion. These are the elements that drive the train, the marketing train. Put simply your just trying to market a product to a group of people that want to buy your product, but you have got to have the right place (location) to do this. You have also got have the just the right price for you product. Finally how do you promote your product to the people that you are wanting to buy it. In order for your marketing plan or strategy to work all of these elements must be in synch with the other. Hence there are a few questions that you are going to need answers to before you know you have the right blend.
The product that your going to market has to be directed toward the right group of people. What is the product going to look like? What color will this product be? These are just a couple of the questions that need answering, there are others. Your product needs to be directed towards a group that is in need of your service. Your product needs to work well and have attracting features that will keep the targeted groups attention. This product needs to be unforgettable, because when all is done you want the targeted group to be digging in their wallets and purses to purchase your product.
That's where having the right price comes in, because without the right price you are not going to have a profit. One of the ways to get your pricing is knowing what your targeted group expects the price to be. How about the competition what price are they selling the same or similar product for. This is also an important part of the promotion phase. Like I said there a several questions that need answers and we're just getting started. Pricing will also depend on how much product you have to sell, how much did it cost to manufacture. Is your product one of kind if that is the case then maybe you may want to look at placing a slightly higher price on your product.