 hello guys hope you're all having a wonderful day in this video i'm going to be talking about the basic marketing mix now there is two versions you've got the four p's and then you've got the seven p's and i'm just going to be talking about the four main p's in this video it's known as the four p's product price place and promotion and these are all core fundamental principles that every business needs to consider they need to also reevaluate these four p's as well they need to understand that these are not always going to be the same depending on the economic climate in innovation in other sort of competitors you're going to have to reevaluate all these different four aspects within your business so it's not just a set in stone thing where you start up your company and you figure out these for you know your product price place and promotion these are adaptable these are changing throughout your business from one month to the next now i mean one thing that might be more set in stone is your product depending on the products you're actually trying to sell but even your product or your service can evolve over time you can add new additions to the product you can add new additions to the service so your product's always going to be changing the type of promotion it depends sort of what elements of promotion there's going to be there's technological change going everywhere so you've got things like VR and all that sort of stuff that might be used for advertisements in the future you add the rise of the internet and facebook marketing and facebook ads fairly recently so you've got all these aspects that are just changing that you're going to have to adapt your business to to fulfill customers needs in the end of the day now what is price product place and promotion all linked to and the answer to that is the target market which is basically who are you trying to reach what customer do you want to reach what an income bracket do they have what is your target market that is important to understand because you need to direct all these elements around the target market you're trying to reach now the first element is price this will be linked to sort of income bracket or possibly location if the living in a ledc low economically developed country or their income bracket is very low they don't earn a lot of money then naturally the price of your product if you are trying to reach those people has to be competitive you have to have a really cheap price an example of that is we have a sort of higher end supermarket here in the uk called waitress and then you've got like a lower end sort of supermarket called alde or little now if if you're living in area where a lot of the people within that area have a low income bracket then the best thing to do would be to have a lower you know an alde or a little shop within that area because they offer cheaper prices if a waitress comes in and offers higher prices none of these people are going to be buying those products because it's just too much money for them equally if you live in a higher end area and it's a higher income bracket then they don't care as much about price but quality so they're thinking that they will pay more so therefore a waitress would be better within that particular area so you have to think about the place where is your product and that links to place so it's linked together this sort of example price and place so you've got to decide what the price point is going to be of the products and where are you actually going to sell it is it going to just be an e-commerce store are you going to sell it in particular areas maybe you want to sell it in student areas if you do that then obviously you need a lower price where are you selling your product and what is the place you also got to think what is the actual product in particular for example if you're selling a high-end restaurant then you know it's best to go into an area where you know it's got sort of on the verge of retired people probably middle-aged people with a really high career aspirations they've worked their way up into promotions you don't want to put a high-end restaurant in a very student-y area because not many students are going to be you're going to high-end restaurants they're going to be buying you know really basic noodle and things things of that nature so you've got to decide what product it is and you need to implement the correct strategy of whatever your target market is so I've kind of covered price place and product all in one really have sort of because the thing is with this sort of four p's they're all interlinked together so one can sort of affect the other decisions and the other one can affect the other decision and they're all interlinked so think of like a circle going around that way and then arrows coming back around this way they're all linked together one affects the other also another important aspect is promotion where are you actually going to promote your product now thankfully with sort of social media and that type of marketing that is very very effective because within Facebook marketing Facebook ads you can actually specify which target market you want to display your ads to within that social media network now the benefits of that is is that you are getting direct to your target market which is hopefully going to lead to more sales more people using your service but then there's also obviously more traditional methods you've got radio television I mean if you've got the money and to to run a TV ad one day you want to run the adverts specific to a certain time of a program so maybe you've got a program that's more targeted towards students then that's when you want to run the advert if your product is directed to students you know you don't want to run a I don't know run it run it on downtown abbey or something because not many students watch that and run a like a smain off advert or something it's just not going to work out so you've got to figure out the actual timings of specific TV programs and direct your adverts just within those timings instead of just sort of randomize it and not thinking about that you've also got like direct mail as well that is sort of phased out a little bit but I actually think it's still quite effective especially if you have a database of your actual customers so when you actually built your business you want to get the details of your customers so that you when you have a set and promotion for a product you can just send out mail to that specific segment there's loads of different ways of obviously promoting your product social media direct mail television radio all kinds of ways so you've got to think which method communication method is appropriate for my target market well not just the target market but also is it appropriate for the products that I'm trying to sell like if you're an e-commerce store then the best way to sort of promote that in my view is through the internet and social media because people are already using the internet they only have to click on a link if you're trying to promote an e-commerce store on television that means they've got to just sort of type it in etc I mean people like convenience so when you're actually providing a link on your social media marketing to that store the more likely to click on it then watching your advert and then having to type it in you know it really extends to that level of analysis really so you've got to think about all those four p's and they're all important like you cannot leave one of them out you have to think about them all so hope you guys have enjoyed sort of this little discussion about the market mix and the product price place and promotion I'll do one on the extended market mix in the future and I'll see you guys in my next video don't forget to leave the video thumbs up and subscribe if you want more videos like this or educational videos tips how to's and all the rest of it see you guys later