The four P’s- product, price, place, and promotion- should work together in your marketing mix. Often, decisions on one element will influence the others. Selecting an effective mix for your business will take time and effort, but these will pay off as you find and delight your customers, creating a profitable business along the way. Once you have the right marketing mix- the right product at the right price, offered at the right place and promoted in the right way- you must stay on top of changes and trends in the market. Change up your mix as necessary to stay in front of your customers.
Managing your marketing mix is not a one-and-done deal. It is an on-going element of your business success. No two businesses have exactly the same mix, so make sure you do the work necessary (or hire a qualified outsourced marketing professional) to uncover the right recipe for yours. When your marketing mix keeps up with your customers’ tastes, you will have a long-term enjoyment of the sweet taste of success.
Check out these words of wisdom from Philip Kotler, marketing guru: