Definition of Marketing Mix - Product, Price, Place and Promotion

Getting the marketing mix right for your product or service means you are covering all of the important bases in your marketing campaign. Here is a definition of marketing mix and a description of its main components.

The term marketing mix refers to the primary elements that must be attended to in order to properly market a product. Also known as The 4 Ps of Marketing, the marketing mix is a very useful, if a bit general, guideline for understanding the fundamentals of what makes a good marketing campaign. Here is a brief description of each component of the 4 Ps of the marketing mix.

Product: The marketing mix concept has its roots in the 1950s U.S. corporate marketing world, and the practice of marketing has obviously evolved tremendously since this term was invented. One of the changes is that there are a lot more services available nowadays, such as those available online. Also, the distinction between product and service has become more blurry (e.g., is a Web-based software application a product or a service?). Either way, product here refers to products or services. The product you offer needs to be able to meet a specific, existing market demand. Or, you need to be able to create a market niche through building a strong brand.

Definition of Marketing Mix - Product, Price, Place and Promotion

Price: The price you set for your offering plays a large role in its marketability. Pricing for offerings that are more commonly available in the market is more elastic, meaning that unit sales will go up or down more responsively in response to price changes. By contrast, those products that have a generally more limited availability in the market (but with strong demand) are more inelastic, meaning that price changes will not affect unit sales very much. The price elasticity of your offering can be determined through various market testing techniques.

Place: This term really refers to any way that the customer can obtain a product. Provision of a product can occur via any number of distribution channels, such as in a retail store, through the mail, via downloadable files, on a cruise ship, in a hair salon, etc. The ease and options through which you can make your product available to your customers will have an effect on your sales volume.

Promotion: Promotion is concerned with any vehicle you employ for getting people to know more about your offering. Advertising, public relations, point-of-sale displays, and word-of-mouth promotion are all traditional ways for promotion. Promotion can be seen as a way of closing the information gap between would-be sellers and would-be buyers. Your choice of a promotional strategy will be dependent upon your budget, the type of offering you are selling, and availability of said promotional vehicle.

Marketing has come a long way from the 4 Ps of yesteryear, and yet understanding this marketing mix is for your product remains very relevant today. The marketing mix serves as an excellent touchstone for continually checking that you are covering all of the bases in your marketing campaign.

Definition of Marketing Mix - Product, Price, Place and Promotion
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Network Marketing Tip - Defeat the Big Bad Wolf, Be the Third Little Pig!

So... What is the desired result of every Network Marketing Tip? Well, we both know that it is to generate more quality leads and make more money - Right?

But, how do you make that happen?

Networking

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By now you have become a member of a Network Marketing business and you attended your first corporate meeting, got really excited, and you went back to your house and started making your list of family and friends. You are going to your company's old school marketing training and you're leaving your business cards all over the place, you talk to to people in line at the local bagel shop and even try to get your kids swimming coach to join this amazing opportunity you've found.

Network Marketing Tip - Defeat the Big Bad Wolf, Be the Third Little Pig!

And for some unknown reason, you've worked through your 'warm' leads and all you see at the bottom of your pockets is blue fuzz and no green dollars!

So have you seriously considered just what you are selling? Seriously?

And you say, "Bruce, we have 25 different juices and vitamins - those are what I am selling."

But let's just step back and think about that for a minute. Of course you have numerous product that you are selling, but really, is that what ? Think about what your prospect is buying. Think about when you first got started in your opportunity - what was the main factor in your final decision?

This brings me to the story of the Three Little Pigs:

As the tale is told the First Little Pig built his home from straw. He had just joined Piglet Berry MLM and he was sharing their products with everyone from his home. He was giving it all he had, but at day's end when the Big Bad Wolf came knocking...

"Knock, knock" and "POOF"!

All it took was a ferocious blow from the wolf to crumble his home.

Then, that same day, his MLM called him and they went out of business with no warning! He quickly realized that promoting their products initially was exactly like him living in a straw house and as quickly as they were out of business, he was out of business too - immediately. He realized quickly that he had no control over his future and ran to his second brother's home.

The Second Little Pig see's his first brother coming, opens the door and quickly welcomes him into his home made of sticks. Now inside and feeling secure, the Second Little Pig decides to share his new MLM opportunity with his first brother. He lets him know how great it is and all about the vacations he is going to go on and about all of the endless buffets that will be at their conferences and oh what fun it will be.

He goes to the closet and brings out his stand and white board and shows him exactly how he is going to find financial wealth quickly by sponsoring all the other piglets he works with. The second brother is trying so vigorously to sell his first brother on the "Dream", but he's not buying it. Knowing that it's all fast talk and after living in a home of straw, he's a little weary of all the smoke and mirrors of this "Dream" his brother's selling him. (Sounds like the builder who sold him his house of straw!) The Second Little Pig realizes it might be simpler to sell sand to an armadillo than to sell little pigs on the "Dream" and quits his MLM.

Then... "Knock, knock"

"POOOOF", It's the Big Bad Wolf again and down goes the house of sticks. And the first two brothers run to Third Little Pig's house !

As they arrive at their brother's home made of bricks, they perceive how well it is constructed. The effort and time that went into it's construction and foundation. Their brother meets them as he's just about to get on his laptop and attend a webinar training with some of his other network marketing team members. The first two brothers just sit in amazement at what they are hearing - No Sales Pitch At All! Well no sales pitch about their brother's MLM. He's just answering people's questions and helping them with advice.

Then... "Knock, knock"

"POOOOOOF", "POOOOF", "Pooof", "Puh..." Hah!! The Big Bad Wolf has met his match and leaves in frustration, because the foundation and house of bricks are too much for him! The Third Little Pig has defeated the wolf and never ever got up out of his chair!

Undisturbed inside the house of bricks...

The Third Little Pig's training ends and the three brothers are sitting around having a snack when the phone rings... "Hi, Third Little Pig, would you please tell me about that attraction marketing you were discussing earlier and by the way... what is you business anyway? You were so helpful in answering our questions tonight, but you never even mentioned what company you are in and how you do it." The first two brothers are awe-struck! As soon as the Third Little Pig is off the phone, the others say "We never have anyone call us! We cold call all day long and never talk to anyone who want to talk with us - it's awful and it doesn't work!"

Then the Third Little Pig shares his secret with them. He says "Here is the ultimate Network Marketing Tip for you that will change your results for all eternity and put you in a position of personal power and release you from the constraints of any MLM company that you join".

The first two brothers interrupt How can we do that?"

Then the Third Little Pig replies to his brothers "Aha, you are starting to get it. I am selling ME first, not my company, not any products and not any crazy dreams. Pigs like pigs they get along with and can relate to. They like pigs who are helpful and teach them how to be successful versus attempting to sell them something like a used car dealer. And here is the best part! You too can do this just like me and have success beyond your craziest imagination, if you just give value to other pigs first, build relationships and help other pigs create their success - You too, will find your success."

The End

A few parting thoughts: If you are still struggling in your network marketing company, most likely it is due to one of the following two reasons:

1. You flat out don't have enough quality leads to talk to. (This problem is solved by first mastering your marketing skills and having a system in place to attract quality leads.)

2. You just aren't calling back your leads. (Because it all seems like cold calling and that just stinks - even the toughest marketer will wear out in time. Lead with the value you provide first and people will naturally be attracted to you.)

Network Marketing Tip: By being yourself, leading with value and promoting you first, you will attract quality leads and you're going want to call them back. So if your current marketing system makes you feel like you're always cold calling, then I'd say it's time you found yourself a new system for marketing!

Network Marketing Tip - Defeat the Big Bad Wolf, Be the Third Little Pig!

After reading Bruce Krueger's Network Marketing Tip, thousands of online entrepreneurs are attaining success in their Network Marketing company by visiting Bruce Krueger's MLM Traffic Takeover. When you visit the site, you'll be able to get access to free marketing training and a behind the scenes look at the step-by-step system that has generated over 400,000 leads online in the last year.

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