{Teen Launch Blog Series}The Marketing Mix

Hopefully you don’t expect to start a new business assuming customers will just flock to you. Because business doesn’t work that way.  If it did, we’d all be wildly successful and rich.  You need to do some marketing to get the word out about your business.

What is Marketing?

According to Mirriam-Website online dictionary, marketing is

the activities that are involved in making people aware of a company’s products, making sure that the products are available to be bought, etc.

There are four things you need to think about when considering how to get the word out about your business, your marketing.  They are usually called the “Four P’s” or the “marketing mix”. The “Four P’s” are the ingredients that work together to make your business stand out from everyone else. Can you guess what they are?  They are:

Product – The price or service you buy
Price – The cost of buying the product or service
Place – Where customers by product or service
Promotion – How you will reach your customers

Okay, open up that trusty notebook you’ve been using throughout this series.  Answer the 4P questions below to help you make decisions about your marketing.

Product

      What customer needs does your product or service meet?
      How will the customer use it?
      Where will the customer use it?
      What will you call it?
      Will you offer variety? (color, sizes, etc)
      How is your product/service different from others?

Place

      Where do buyers look for your product/service?
      If a store, what kind? Grocery? Boutique? Online?
      How will you distribute your product/service?
      What do your competitors do? How can you do it different or better?

Price

      What is the value of your product/service to your customer?
      Are your competitors prices similarly priced?
      Can you offer discounts?

Promotion

        Where can you reach your target market?
        Will you reach them online? Through referrals? At community events?
        How do similar businesses reach their customers?

You may have noticed that many of the questions focus on what other businesses like yours do.   There are a couple of good reasons to look at other businesses.  First, they are already in business.  They know what is working and you can copy what they are doing.  Second, you can see what they might be missing in their business and fill that missing link.

In the next post in the series we will talk about how to use your answers to start making decisions about marketing your business.  And you’ll finally get those freebies!  I Promise!

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