Product Marketing Mix Definition

Do you know the product marketing mix definition? What does it mean? And what is involved in a product marketing mix? To know more about this topic, keep on reading.

Product Marketing Mix Definition

A product marketing mix definition refers to how a company carries out all of its marketing activities to promote and sell its products. The product marketing mix includes the 4 P’s that are Product, Price, Place, and Promotion.

Product

Also referred to as Product Mix or Product Portfolio, the product is the actual item or service that the company offers. It can be a combination of different products and services that are related to each other. For example, Apple offers iPhones, iPods, iPads, MacBooks, etc. Some companies offer only one product while others offer a wide variety of products.

Products are usually categorized into two different categories:

• Product Line. This refers to a group of similar products with a set of different brands under one umbrella brand name. For example, Coca-Cola has Sprite, Fanta, Minute Maid orange juice, etc. all under their brand name Coca Cola.
• Brand. This refers to a specific product that has its brand name and packaging such as Coca-Cola and Pepsi both of which are carbonated beverages but come in different packaging with different names.

Price

Price is the amount of money being charged for the product or service being offered by the company. It is also referred to as Price Mix or Price Strategy. Companies need to determine what kind of price strategy they’ll use for their products or services. Because it can have an impact on their sales volume as well as the profitability of the company. 

Further, pricing models are usually categorized into two types:

• Cost-Based Pricing. This refers to setting prices based on the cost incurred by the company in providing the product or service plus some profit for itself. 
• Price Skimming. This refers to setting the price of the product or service at a very high value to make sure all of the early adopters will buy the product or service.

Place

Place refers to how the company will deliver the product or service to the consumer. It is also referred to as the Distribution Channel Strategy or Channel of Distribution.

Then, this involves getting it from manufacturer to consumer in a place where it can be sold. 

The place is usually categorized into two main types:

• Direct Selling. Direct contact with consumers who want to buy your products or services. This can be done through different means such as online or other forms of media, telemarketing, etc.
• SalesForce. This refers to having an intermediary between you and your consumers who will sell and distribute your products or services on your behalf. For example, wholesalers.

Promotion

This involves communicating with consumers. So that they’ll know what your product is and why they should purchase it over others. 

Further, it can involve different means of communication such as Advertising, Public Relations, Marketing Communications, etc.

Product Marketing Mix: Conclusion

So, if you want to know more about the product marketing mix, then this is the place to be. Know more about it through this article and learn as much as you can about it.