Are you spending large amounts of time and money on marketing only to discover that their efforts have been largely lost and have nothing new to show You are not alone - this situation is common among small business owners and entrepreneurs, indeed common in all types of company, even bigger. Successful marketing of your business depends on many factors, however, one of the key elements of any marketing plan is a proper use of the Marketing Mix.

So what is the marketing mix It is often referred to as the 4 P and is divided into the following four elements

Product

Price

Place

Promotion

Your Marketing Plan and ultimately success will depend on the proper use of these four elements. You may need to add new products - or services - or modify existing ones. You may have to change prices, the place of sale or promotional methods used.'s all a matter of finding the right balance between the 4 P as the modification of one of the elements that have an effect on others. Let's start with a brief explanation of each of the elements.

Product

What product or service is going to sell What features will it have How does this make What type of packaging is used It offers no warranties or guarantees What additional services do you offer Is it a quality product or service These are just some of the questions you must answer, but remember to always identify what it does for its customers.

Price

The key question here is what you charge for your product or service Will you offer volume discounts What payment terms will be offered What specific pricing strategy will you use Skimming the market Market penetration

The pricing decision can differentiate your product from the competition, a Ford Focus and a Rolls Royce, are more or less at the opposite ends of the spectrum of car. The point to make here is that the pricing strategy has an effect on other elements of the mix as they have to find different methods of distribution and advertising of different channels depending on the price level you have chosen.

Place

Where are you going to sell your product Are you going to sell only in a socket Will you sell in mass at the point of as much as possible Will you sell directly or will use the wholesalers or retailers It is the right product for Internet sales

Promotion

The promotion includes all efforts to sell advertising and marketing plan. In order to get buyers to a store or distribution channels to drive to store and sell their products, there are five general categories of promotional efforts

Advertising - TV, Radio, Internet, Newspapers, etc

Personal Selling - This is used when it is necessary to contact directly with a buyer to customize the message

Sales Promotions - Samples, coupons, rebates, etc.

Public Relations - The idea is to create positive word of mouth about your product does not sell directly

Direct Sales - Catalogs, Internet sales, direct mail. This allows you to target your market with a focused mailing list and send a sales letter.

So let's try to implement the above strategies for a real product as an example. Let's keep it simple to highlight the main points - Rolex Watches.

Product - exclusive watches, designed and built to extremely high standards, well packaged in boxes of design, excellent after sales service, branded as a luxury item and is aimed at high net worth individuals.

Price - The price reflects the target market and therefore has a high price level

Place - These watches are usually only available in specialty stores or high jewelry end department stores. ie exclusivity.

Promotion - Advertising in journals of high quality of life, television, sponsorship of high quality sports such as sailing. This is possible thanks to the strategy of pricing and margins achieved.

The short example above is just to emphasize how each element of the marketing mix affects others and the importance of achieving the right balance to ensure a good marketing plan. You can change each of these elements and determine if this change improves sales and profitability, but just remember they are all interlinked, and the slightest change in which one can have a profound effect on others - his mixture of management marketing has to be a dynamic process that is constantly being adjusted in response to market forces.