About the 4P Marketing Mix template
What is a 4P marketing mix?
A marketing mix comprises the elements an organization might use to execute a successful marketing plan. The term was coined in the late 1940s, and Harvard professor Neil Borden used it in his 1953 address to the American Marketing Association.
The 4P Marketing Mix Template allows you to map out four controllable factors affecting your company profits: product, place, promotion, and price. By deciding on the mix of these four factors, you can determine the ideal way to take a new product or service to market. Read on to find out more about how this template can help your team
What are the 4 Ps?
The 4 Ps stand for: Product, Place, Promotions, and Price. Let’s look at each one in more detail.
Product: is the tangible good or service that satisfies the target audience’s needs.
Place: refers to where and when the product is available.
Promotions: include advertising, digital marketing, PR, event marketing, direct marketing, personal selling, channel marketing, and alliances.
Price: consists of the policies regarding basic price, upgrades, discounts, coupons, distributor price, etc.
Benefits of marketing mixes
An effective marketing mix can help your business develop strengths and limit weaknesses, become more competitive, adapt to the market, and collaborate with partners. Specifically, a marketing mix can help your organization answer the following questions: Who is your customer? What problem do they have? What prevents them from solving it? How does your product or service solve that problem? How does your customer or potential customer feel about your competitors? How do they feel about your business? What motivates them to make a purchasing decision?
When to use a 4P marketing mix
Organizations can develop a marketing mix at any stage of growth. Once you’ve answered the questions above, you can begin to build your marketing strategy.
Create your own 4P marketing mix
Miro is the perfect tool to create and share your marketing mix. Here’s how to create yours using this template:
Step 1: Start by selecting this 4P Marketing Mix template.
Step 2: Choose a specific product or service to analyze.
Step 3: Go through each quadrant, adding relevant information in sticky notes or uploading other file types.
You may also want to color code your sticky notes so you can distinguish between positive and negative points. Once your team is satisfied with the result, you can easily share with other teams to get their feedback.
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