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At the beginning of every company start-up, the first thing to do is to define the company goals and then, based on this, the marketing strategy. The concrete measures of the marketing strategy are called the marketing mix.
Themarketing mixconsists of four “four P’s” tools. This includes the product, price, distribution and communication policy. Companies use these four marketing tools to achieve their marketing goals.
Marketing Mix Four P’s:
The product policy (product)
The first ‘P’ is typically the most important part of the marketing mix. The product or service is the core of every company and forms the basis of every entrepreneurial success. Product policy includes, for example, product composition, quality, packaging and product variations.
It’s about developing the right offer and tailoring it to the needs of the respective target group. Because only with the right, up-to-date products and services will a company be able to assert itself in the market in the long term.
The price policy (price)
The second ‘P’ includes the determination of fair conditions. This includes the concrete product price and, for example, determining possible discounts and negotiating delivery conditions and financing options.
In principle, the price always depends on the respective market, i.e., the supply and demand of the respective product or service.
The distribution policy (place)
This marketing tool is mainly about where and how the product should be distributed.Sales channelsare thus defined through which the product is to be marketed.
This can be, for example, sales via classic department stores or Internet platforms. Coordinating the sales channels with the corresponding customer target group is particularly important.
The communication policy (promotion)
The fourth ‘P’ is about making the product known and creating a need for the product among the target group. The main instruments of communication policy are, for example, advertising, sales promotion measures, trade fairs and public relations.
A good customer approach is a basic requirement for customer trust and satisfaction. The communication policy is about the outward presentation and the communication between the customers, for example.
The method
The four components of the marketing mix must be coordinated as optimally as possible. The most important goal of all marketing measures is long-term customer loyalty and the associated long-term competitiveness of a company.
Defining the marketing strategy and implementing the marketing mix is not a one-off procedure but a continuous process. There are always changes that have an impact.
New providers are entering the market with similar or innovative products, and customer behaviour is changing. New sales channels are being used, and unprofitable products are being removed from the range and replaced by new ones.
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