Shhh... It's the Secret Marketing Recipe

The AMA approved definition of marketing is “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

Wait, what was that? I fell asleep.

The more concise Merriam-Webster version is “the act or process of selling or purchasing in a market.”

The rest of us would say it’s “selling something.” And I think it’s safe to say that everyone pretty much gets that concept. It’s almost as if making money is the survival instinct of the 21st century. But when push comes to shove, how does one actually market. And, more importantly, is there some secret recipe for how to reap the most profit possible from your marketing?

Believe it or not, there really is a term for the secret marketing recipe: marketing mix.

In yesterday’s blog I discussed marketing mix in terms of utilizing a variety of media to communicate a brand; however, the phrase has a much larger reach and refers to what is commonly called the Four Ps of Marketing: Product, Price, Place and Promotion.

The Fours Ps came about in the 50s or 60s as a way to classify the elements of the marketing mix. Think of them as the ingredients for the marketing recipe.

Product refers to what’s being sold (a service would also fit into this category). Price is how much the product is sold for. Place is how it will get into the hands of the end user. And, finally, promotion is how details about the product are communicated to customers.

The 4Ps are simple concepts, I know. Unfortunately, there's no secret recipe for combining them. Each business is unique, and the 4Ps are all moving parts that directly and indirectly impact one another in countless ways.

In order to maximize the bottom line, you must know what to move and when to move it. So, much like gourmet cooking, great marketing is a balance of science and art... a talent partly learned (science) and partly God-given (art).

-Sarah, Emogen marketer