Marketing Mix Definition
The marketing mix has consisted of various tools of marketing a firm uses to run to run its business. It’s a combination of some elements that are vital in the business world.
- Also known as marketing mix 4ps.
- An extended version of it includes Marketing Mix 7 Ps:
- 4Ps of it has another modified version which is the 4cs of marketing’ although this version is not so widely known as the other two.
Moving on to the marketing mix 4ps.
Marketing mix 4ps
Fig- Marketing mix elements
Marketing mix product
The product is one of the marketing mix elements which keeps the system going. It’s produced by a manufacturing company or bought from a manufacturer to satisfy the needs of the targeted audience.
- It can be tangible or intangible (in the form of service)
- For example, if you offer clothes to our targeted audience, you’re selling a product.
If you’re offering any kind of service like delivering stuff to your customer you’re offering the service in exchange If money.
Marketing mix price
Price is the value or amounts your targeted audience pay you in exchange for the product or service you offer to them. Price actually places an economic value to your offerings.
In terms of selecting the price for your product or service you have to keep certain things in mind such as,
- Not too low: If your pricing is too low compared to your competitors in the market then your customers may think your product or service is not that valuable compared to them
- Not too high: If your pricing is too high then your customers will outweigh the too high price with the benefits received from your product.
The pricing has to be just perfect so that you can gain your profits while it’s convenient for our targeted audience as well.
Marketing mix promotion
Promotion refers to the steps a firm takes to induce its targeted customers to its products or services. Promotional activities can be divided into 5 types.
- Personal selling.
- Direct marketing.
- Sales promotions.
- Public relations.
All these include several activities which all aim to familiarize the targeted audience with a firm’s offering as much as possible.
Marketing Mix Place
Place refers to selecting a place which would be convenient for your targeted customers. This marketing mix variable includes deciding which distribution channel to go with while distributing the products to the retailers and wholesalers who will sell your product to the targeted audience.
Selecting prominent places is an important cause if the locations are easily accessible to everyone, then there will be more customers looking to buy your offerings.
Marketing Mix 7 p’s
Although marketing mix the 4ps is initially used worldwide, this model actually has an extended version which is the Marketing Mix 7 p’s. This version includes 3 more marketing mix elements.
Marketing Mix People
This marketing mix element refers to the people involved with the whole process: your employees and the targeted customers.
Firstly you have to determine if the size of the targeted audience is big enough to demand the product or service you’re going to offer. Let’s face it if you bring a product or service in the market but no one wants it or a very small number of people do compare to how much you are offering then who’s going to buy all these extra ones?
Secondly, you have to select your employees very carefully as well. Your employees represent your company. They deliver and sell the products to the customers. Some of them are part of your promotional activities as well. If your employees are good and loyal to your company, they will do their best while operating. They will give their opinions and recommendations to the customers, influence them to buy from you.
Marketing mix Process
This refers to the overall operations you go through while doing your business. This marketing mix element is basically the execution or implementation of the whole marketing strategies you make. This includes your payment system, distribution system etc.
While evaluating and selecting your marketing mix process, make sure you select the one which would be convenient in achieving your goals (e.g. – more production in minimized costs).
Marketing mix Physical Evidence
This one refers to the environment where services take place. This marketing mix element includes all the tangible factors that operate in the process such as machinery, furniture etc.
4cs of marketing
There is another modified version of 4Ps of marketing which is the 4cs of making mix. It views the whole marketing mix elements from another perspective.
It’s best for all if firms research about the customers wants and demands before launching products or services in the market. If firms do this carefully, then they can make tentative forecasting about customer demand.
Hence, lower chances of surplus or shortage.
Price is not the only cost concerned with buying a product. The opportunity cost of choosing one company’s product over another or the switching costs or merely the convenience of choosing one firm’s products should be also included in the costs.
Products should be easily accessible or available to the targeted audience. Marketers of the firms should select the distribution channels and place the products in suitable ones.
According to this version, promotions can be manipulative or even misleading sometimes considering they are supposed to induce customers towards the products. Open communication should be encouraged and practiced instead to make sure the targeted audience gets to know all they need to before they make a purchase. This marketing mix element refers to being more open to the targeted audience.
Marketing Mix Importance
While going through all these, it’s normal to think why a firm would need to identify all these marketing mix elements in the first place.
Truthfully told, identifying marketing mix helps a business in ways you may not have thought before!
- It works as a guide to your business
- It helps to evaluate options while making decisions
- It helps to forecast strategies for future operations
- It helps to determine the targeted audience with more precision
- It helps a lot while starting a new product line
- It gives you a clear idea of the whole process
Marketing mix helps you in growing and improving your business in so many ways. The best part is, developing the marketing mix modeling is not very time consuming and the process can is fun as well!