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Marketing Archives - FalkenTEC, LLC https://falkentec.com/category/marketing/ Bob Falkenberg, The Educated Choice Wed, 26 Aug 2020 17:48:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://i0.wp.com/falkentec.com/wp-content/uploads/2020/08/cropped-Site-Logo-Browser-Tab-1.png?fit=32%2C32&ssl=1 Marketing Archives - FalkenTEC, LLC https://falkentec.com/category/marketing/ 32 32 179324022 The 4 Ps https://falkentec.com/the-4-ps/?utm_source=rss&utm_medium=rss&utm_campaign=the-4-ps Tue, 21 Jul 2020 19:36:48 +0000 https://falkentec.com/?p=373 One of the first things I learned in my initial marketing class […]

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]]> One of the first things I learned in my initial marketing class was the marketing mix, otherwise known as the 4 Ps. At the time, I was attending night school while working full-time. I had told my company, which was paying 100% of my tuition and the cost of books, that I wanted to earn an MBA with a concentration in Information Technology. This seemed to mesh well with my engineering background, and I figured that this was an easy sell to justify the cost of my classes.

The 4 Ps changed all of that. I was hooked. I soon changed my concentration to marketing, and never looked back. Product, Price, Promotion and Place. Four simple yet powerful words. With these four words, a marketer could set the direction of a company’s efforts to sell the good or service that they produced. The entire business environment, internal and external to the company, depended on the proper use of the marketing mix.

As an engineer, I was used to working with formulas. Although the elements of the marketing mix did not constitute a formula, they were the building blocks of a company’s strategy and ultimate success. An engineer may argue that the essential ingredient of a successful company is the product, but it is only one facet of the mix. Engineers and sales / marketing folks have been at each others’ throats since the beginning of time (and I’ve been on both sides of the fence), but the proper use of the marketing mix clearly is a collaborative effort between several departments within an organization.

  • Product: The good or service
  • Price: What the consumer pays for the product
  • Promotion: Advertising and selling of the product
  • Place: The distribution method, i.e. how and where the product is sold

Marketers know that they sell benefits, not features. A product may have an infinite number of bells and whistles, but if it doesn’t satisfy some latent need, it will sit on a warehouse shelf. The sales price of a product must recapture the costs to produce it, and offer a high enough margin to allow the company to make money. Whether the product is considered a premium or high-end item, or is offered at a discount, depends on the demand for the product and the industry. How much is put into advertising will go a long way for most products in determining its success. Finally, where the product is sold and through which channels must be decided.

The marketing mix is a very simple concept, yet clearly requires a great deal of effort in determining how the individual Ps work together. The Fab Four opened my eyes, and opened a world of possibilities.

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