My 4 P’s

Hey again, welcome back to my blog, on this occasion more than an explanation about a business topic I’ll tell an anecdote or an experience that I had or well have with marketing mix. This blog will be a combination between experience and explanation of what the marketing mix is.

Before we start with our little story we have to know what is marketing mix and the four aspects is made of. Marketing mix is the combination of the minimum variables necessary to be able to develop efficient and effective strategies for the selected market. It is composed of 4 aspects: product, price, promotion, price and place.

Along as I tell my story I’ll explain the 4 P’s. First we start with product which is the good or service that aims to meet the needs of the client. My product, t-shirts, a few weeks ago I talked about my brand, a brand call Lykke apparel which has minimalist and cool designs. My first thought when I started was people during this pandemic are spending a lot of money on e-commerce, and some of theme are renewing their closet so why not give them some new cool and comfortable t-shirts to wear. After several months on being stuck with a no-go business I gave it a turn and move to the next P once I had the product. The price, which is the only P that translate into monetary terms and generates income. There are three ways to set the price of your product: costing which is how much you spend making the product and adding a little bit more so you can have profits. Then we have pricing which is based on the cost of the competition so you  have a better price and kinda like an advantage over them. Lastly we have consumer perception which is how much are your clients willing to pay for your product. For my t-shirts I went with costing and consumer perception. I could have gone with pricing too but my production cost compared with my profits wasn’t high enough. When I add up how much it would cost me produce each t-shirt it wasn’t a really high investment, I took how much will I be winning if I added 30,35,40,45 and 50% more but I felt it wasn’t enough, so I did a survey on much will my customers spend on a t-shirt like mine. Most of them said a price I already had in mind so I went with that price and I’ll be winning more than 80% compared to the production cost. Once I had the cost I asked myself where would I sell it. That takes us to the next P, Place, which considers the distribution channels that the organization requieres to deliver the products. Because I’m just starting with this brand I’m selling through Instagram, in which people can send me a message if they want a t-shirt, they make the deposit and I give it to them, if my brand starts to have more sales, I’m planning to open a website where my clients can go to and buy their t-shirts. Finally we have promotion, it is integral communication that the organization uses to attract, persuade and remind the consumer of the brand, the good or service. My way to promote my brand is by contacting influencers from Merida who ca wear my t-shirts and show them to their followers, also by contacting one on one of my possible customers to buy my product, another way I planned was putting advertisements on Instagram so when people are scrolling down their home screen on Instagram it will show my brand’s account and they ca go check it out and follow me.

That’s all of my little story about marketing mix, I hope you were entertained by it and also learned something from it. I’ll see you all in my next post.