The Marketing Mix: Product, Place, Price & Promotion

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  • 0:07 The Marketing Mix
  • 0:35 Marketing Mix: Product
  • 1:36 Marketing Mix: Place
  • 2:24 Marketing Mix: Promotion
  • 3:11 Marketing Mix: Pricing
  • 3:54 Lesson Summary
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Lesson Transcript
Instructor: Jennifer Lombardo
A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.

The Marketing Mix

Marketing County Coffee Shop is opening and wants to create the perfect marketing mix to take the town by storm through the use of the four Ps. A marketing mix is a planned mix of the four Ps within a marketing plan. The four Ps consist of product, place, promotion and price. A successful marketing mix must have all four elements created to reach the target market effectively.

Marketing Mix: Product

Marketing County Coffee Shop must create a product offering that will satisfy their target market. A product consists of anything that is of value to a consumer and can be offered through a voluntary marketing exchange. A product consists of the physical product, packaging, brand name, etc.

It can also be an intangible item called a service. Services are intangible and they cannot be transported or stored. They are almost instantly perishable. Examples include lawn maintenance services, haircuts, airplane travel, etc.

A product's customer value, actual product and associated services are all contained in the product definition. For example, Marketing County Coffee Shop offers coffee drinks, which deliver the value of quenching a consumer's thirst, as their main product. The shop also offers associated services, such as free WiFi, newspapers, CDs and coffee mugs.

Marketing Mix: Place

The next key component of the marketing mix is place or physical distribution. Place is the location of where the product or service is available for purchase. It can consist of a physical location (brick and mortar) or a virtual location, such as a website. Marketing managers must decide on the correct location from which to offer their product or service. The product needs to be available when the consumer wants it.

Marketing County Print Book Store offers its customers hardback and paperback books at the downtown store. It also offers a website that allows customers to download and purchase books electronically. The coffee shop has chosen a great location near a section of independent stores that receives a lot of customer traffic.

Marketing Mix: Promotion

Marketing County Coffee Shop has to decide how they will communicate with their customers. How will they inform the target market about their coffee? Promotion allows marketing managers to communicate their product value through media, such as television, radio, billboards, social media, etc.

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