Understanding the four elements is the first step in creating a powerful marketing mix. Knowing how to properly implement the four P's is the key to success. Let's look at examples of how different organizations use the four main elements in different ways.
Product examples
The music industry provides many examples of how merchandise can be sold in a variety of formats, from physical products to digital downloads, digital broadcasts, and live streaming.
Although CDs - a physical product - are not common, they are still available in some physical stores as well as online marketplaces. Vinyl albums are making a comeback among audiophiles, reminding us to keep the specific interests of your audience in mind when developing your product.
The popularity of different product formats may change as new technologies emerge. Once upon a time, you needed an Apple iPod or similar device (also known as a "product") to listen to music online. Now you can use any Internet-connected device to purchase digital music or subscribe to popular subscription audio streaming sites such as Spotify, Pandora and Apple Music, giving you access to millions of songs.
Live performances are another popular musical product; just ask a big Taylor Swift fan for a ticket to one of her sold-out concerts. Of course, when you attend a live event, you can purchase a variety of physical music products, from t-shirts, pins, caps and caps, to collectible software.
Price examples
You can buy a watch for less than $100 or spend $100,000 or more; Both clocks will show you the time. The price a person is willing to pay for an hour says a lot about their resources, interests, style, quality preferences, and what they value in an hour.
Chanel, Dolce & Gabbana, Versace and Armani sell expensive clothes, jewelry and accessories. However, in reality, these brands are selling a luxurious lifestyle. The premium prices charged by these luxury brands reflect quality and exclusivity; Their target audience has the means to buy groceries and the desire to live a rich life.
Meanwhile, Old Navy targets buyers on a budget with daily low prices and frequent promotional discounts. Dollar Tree is an example of a brand targeting low-income consumers and those looking outward. Dollar Tree, which had to raise average product prices from $1 to $1.25, has seen profit growth in recent years.
No magical price range will produce exceptional results for every product line. When evaluating your product, consider not only how much it costs to produce, but also who your ideal customer is and how much they currently spend on the products they buy.
Place examples
Companies today have more options and flexibility to sell their products and services. The best POS systems and credit card readers allow you to accept payments from almost anywhere.
Where a brick building was required to open a restaurant, now aspiring restaurateurs and bakers can sell their edible creations through food trucks, pop-ups or shared kitchens.
Artists and artisans may sell their products through their own galleries or exhibit their work in galleries of others. Artists also sell art online through their websites or popular online marketplaces such as Creative Market, Etsy, Amazon Handmade and Fine Art America. Art and craft fairs are growing in popularity, as are festivals and temporary markets that invite artisans to showcase their work.
Many companies start selling their products online or through a store and then expand to other stores as sales increase. A multisite strategy is the best way to increase sales of your product.
Examples of promotions
If you want your business to be successful, you need to find ways to effectively promote your business. Some promotion efforts, such as paid national advertising, require a relatively large promotion budget, which is possible for big brands like McDonald's, Amazon, and Toyota, but can be problematic for small businesses.
Examples of promotions that work for small businesses include creating a business website where you offer discount coupons and promote current sales. You can also ask customers for their email addresses and use email marketing software to continuously promote the business. If you have a real business, consider placing banners, flags, or attention-grabbing characters in front of your business to grab the attention of passers-by.
Other types of promotions may work for different businesses, such as customer loyalty programs. Kohl's loyalty program, called Kohl's Rewards, pays back members monthly based on their spending. Because Kohl's requires you to provide your contact information in order to join the Program, the Company may use this information to send you regular emails about current sales and new products.
