What Is the Difference Between Place & Promotion in the Marketing Mix?
The traditional marketing mix includes four key components of a marketing strategy that, when optimized, create a high level of synergy in your marketing efforts. Product, place, price and promotion are the four elements, which is why the mix is also known as the 4 P's of marketing. Place and promotion are very different elements, but they must correlate with each other and with product and price for a strong strategy.
Place was originally depicted as the location of your business. Over time, though, it has more commonly become known as distribution. This element of the mix suggests that you communicate a clear method of acquiring your products or services to target customers. For a local company, this normally means sharing your business address and proximity to notable landmarks in your ads. If you have a web business, you present your web address and process of order fulfillment.
Differentiating your business products and services from competitors is a central objective of marketing. With the place element, you can do this by emphasizing the convenience of your location. This is especially true for convenience stores located near residential areas to offer quick access to emergency items. Fast delivery or shipment and quick turnaround on product or service orders are other place- or distribution-related advantages you can use to distinguish your company.
The promotion element of the marketing mix relates to your specific marketing strategies, tactics and execution. Advertising, public relations and sales promotions are three major types of marketing communication. Advertising is the paid messages you deliver through mass media such as TV or newspapers, PR is news coverage or publicity events, and sales promotions are discounts or deals offered to customers. Over time, a key aspect of your promotional strategies is to build up the long-term value perception of your brand. This helps you attract and retain customers who become loyal.
You optimize your promotional "P" by selecting the right media to reach your target customers efficiently so you get the most value out of your investment. Within your marketing, you normally incorporate the other three elements, including place. You typically discuss the products or services you sell and either promote them as low-cost or affordable, or leave price out when marketing high-end solutions. As noted, emphasizing your distribution strengths or simply noting how customers can get to your business or products is common as well.