The term Marketing Mix was first coined by Neil Borden in the late 1940’s to describe a list of important ingredients that constitute marketing programs. This term was later built up by E. Jerome McCarthy in his 1960 textbook Basic Marketing: A Managerial Approach. This textbook outlined the conceptual framework that would be used by Marketers worldwide for the next six decades.
As all markets become increasingly competitive, it is often valuable for business owners to revisit the Four P’s: Product, Price, Promotion and Place.
The first of the Four P’s of marketing is product. A product refers to an item that satisfies the consumer’s needs or wants. A product can be either a tangible good or an intangible service. Whether you sell sustainable soil or synergetic solutions, it is vital that you have a clear understanding of what your product is, what its point of difference is and what it is offering to the consumer. These product decisions include quality, features, style, design, warranties and the product’s life cycle.
Once you completely understand your product offering, we can start to make some pricing decisions. The price of a product will impact your profit margins, your supply and demand and your marketing strategy. The price that you set may influence your positioning in the market, and affect the way customers perceive the value in your products. Set your price too low and you may put pressure on your