Marketing Mix is a term for different components that make up your product’s overall message, including its name, packaging, price, promotion, distribution, and place in the market.
Marketing Mix is an essential tool that helps businesses connect with their customers; this is done through various channels like advertising, public relations, sales promotion, etc.
The marketing mix includes the Product, Price, Place, Promotion, People, Process, and Physical Evidence.
It’s also worth noting that a successful marketing mix will have both strong and weak areas. For example, if your product is generally low-cost, your distribution network should be able to reach smaller markets easily.
Conversely, if your product is high-end, you may consider an advertising campaign to showcase your brand, as it might not be widely available in every market.
In other words, a solid marketing mix doesn’t necessarily mean all of its elements are strong; instead, it means that each part can help compensate for the weakness of another.
4Ps of the marketing mix
The 4Ps are a “marketing mix” comprised of four key elements: product, price, place, and promotion. E. Jerome McCarthy first proposed the concept in 1960.
The 4Ps are a marketing mix comprising four key elements: product, price, place, and promotion. These 4Ps are also known as a “marketing mix,” As you can tell by their title, each one is responsible for different aspects of marketing a product or service.
They help to create a strategy that can help get your brand in front of more customers than ever before.
The 4Ps used in marketing include Product, Price, Place & Promotion. Each has nuances and uses, but they can be used together to create a successful and effective campaign.
These 4Ps are often presented to potential clients in a sequence, starting with the product and ending with promotion.
1. Product – what do they sell?
2. Price – how much does it cost?
3. Place – where can I buy it?
4. Promotion – how can I promote my product?
Let me explain
Product
Product is what your company sells. A product can be anything from a physical good like a car or a book to a service like a haircut. When marketing something, you must ensure that people understand what you are selling.
This means that you have to know what you are selling. You should always be clear about the benefits and how the customer will benefit from using your product.
You need to know your target market if you are trying to sell something. Are they looking for a specific type of product? What problem does it solve? Once you have recognized your customers’ needs, you must determine what makes your product unique.
You need to understand who your customer is and how much money they have to spend. After doing this, you need to consider where you can get the best price.
Your product needs at least 1 of these characteristics: good quality, unique, safe, effective, & timely. Different ways to market your products include retail stores, online sites, word of mouth, and direct mailers.
To choose the best course of action for your product, start by asking yourself the following questions:
What is your product’s main selling point?
Who do you consider to be your ideal clients?
What issues must your intended audience deal with?
Which of your consumers’ problems are the most urgent?
Price
The second P stands for price. Price is the cost of buying your product. If you want to sell many products, you have to charge less than other companies that do not offer the same quality.
However, if you want to make money, you must set a price higher than competitors but still affordable.
Your pricing strategy should include not only cost but also value. Value means that your customers get more than just a good deal. You want to offer them a great experience.
To make a profit, you need to set a high price to cover the costs involved in producing and distributing your product.
Asking yourself the following questions can help you choose the best pricing strategy:
Should I run promos or discounts to draw in more customers?
If consumers know more about a product with more features (like a guarantee), would they pay more for it?
Is the product being offered backed by a contract or a free trial so customers can test it out before purchasing it?
Place
The third P stands for the place. Place refers to where you are going to sell your product. Where you choose to sell your product is based on many factors. These include location, competition, customer demand, shipping cost, and taxes.
Where do you sell your product? Do you sell your product in person, over the phone, or through an internet site? Will you use traditional methods like print ads, TV, radio, et cetera.? Or do you prefer digital marketing strategies like Facebook Ads, Instagram, Pinterest, YouTube, and so on.?
Every technique has benefits and drawbacks. For example, selling your product through a website gives you complete control over who purchases from you.
However, if someone buys something directly from you face to face, they receive better customer service, and you get a chance to build relationships with customers.
To start, ask yourself the following inquiries to determine which strategy is appropriate for you:
Where do you want your product to be advertised?
Where do your consumers go online to hang out?
In online communities or on social media sites?
How will you get in touch with them?
Promotion
Promotion refers to any advertising or marketing campaigns you use to get potential customers aware of your business. These include social media posts, flyers, website promotions, etc.
How do you advertise your business? Through social media, flyers, word of mouth, etc.? Some companies choose to use multiple methods of promotion and promoting their business. For example, some companies put ads in local papers while others create websites and send emails.
However, in the digital era, even more, marketing channels are available, including email marketing, social media marketing, and content marketing.
Advertising can take many forms like television, radio, the internet, etc. Word-of-mouth promotion is done through social media, email, text messaging, et cetera.
These platforms are great for advertising and spreading awareness about your product.
Try asking the following question yourself to help to develop your advertising strategies:
How will people learn about my goods or services?
Which message is most likely to catch their attention?
How can I use social media sites like Facebook and Instagram to my advantage to expand my market?
7Ps of Marketing
Place, Price, Product, and Promotion make up the 4Ps. The 7Ps approach, on the other hand, combines the 4Ps with three additional parts that stand for People, Process, and Physical Evidence.
People
Customer service is simply one of the most important aspects of any business. It can make or break your company’s reputation and success. This is especially true if you are working with people who have problems with their order or question about it. You might lose customers if you don’t provide good customer service.
People are showing how our company works internally. Any staff interacting with a company’s customers will leave an image, and this impression can significantly impact consumer satisfaction.
Getting these recommendations from loyal customers is another incredible example of how marketing initiatives can assist the sales process.
Customer Service is the first impression that a business makes on its customers. Whether your company is large or small, no matter what industry you are in.
Customer service can make or break a brand, so getting this right is essential.
To provide excellent customer service, you must know how to handle any situation. Having a plan to handle everyday situations is essential, but you also want to be prepared for anything.
Check out these tips for providing exceptional customer service.
– Be friendly and approachable. Customers appreciate being treated like people rather than numbers.
– Listen carefully to their needs and concerns. Make sure to carry them along in the process.
– Provide clear answers to questions. If someone asks you something, don’t assume they already know the answer.
– Offer solutions to problems. Even if you don’t have the solution, offer to find out what options exist.
Process
The process is essential in marketing because it allows us to understand what we are doing well, where we need improvement, and how to improve our results. Marketing is about understanding your customer’s needs and wants.
You can’t assume that people know what they want; you must ask them. To do this effectively, you need to use a process. A process is a series of steps you follow to accomplish something.
If you don’t have a process, you’ll waste time and money trying to figure out what works best.
Knowing the phases of the customer lifecycle, from online inquiries to requests for information to purchase, helps us determine what processes should be in place to guarantee the consumer has a great experience.
You should plan the delivery of your goods to the customer to achieve the best result and reliability.
How long will it take for a consumer to get a response after inquiring? How long does it take to schedule a meeting with the sales staff before the meeting occurs? What takes place once they place an order? How can we ensure that reviews are produced following a purchase? How can we use technology to improve the effectiveness of our procedures? Each of these factors contributes to a satisfying customer experience.
There are various topics to look at for this pillar:
How effective is your sales process?
Do you have a solid procedure in place for handling technology problems?
Are your methods client-centered?
The process is a commonly neglected Ps, even though it frequently serves as many clients’ initial introduction to a company.
Physical Evidence
Physical Evidence is essential in Marketing because it provides proof that a product has been sold. When someone purchases a consequence, they are committing to buy it at some point in the future.
If they find out the product was not what they expected, they may have second thoughts about purchasing it. If the person finds physical Evidence of the product being purchased, this can prove that the product was purchased.
Physical Evidence indicates the quality of the company’s experience. When a customer is expected to pay for a service in advance of receiving it or when they have never purchased from the company before, it can be beneficial.
Examples of Evidence that your brand includes things like a physical location or shop, a website if your company only conducts business online, and printed business cards that you hand out to people.
Show physical proof that gives the buyer assurances regarding the offered product. This frequently entails providing Evidence, testimonials, and feedback, mostly from individuals who have already positively interacted with the company.
Differences between 4Ps and 7Ps of Marketing
The 7Ps model is neither better nor worse than the 4Ps model. They serve different purposes, depending on the company itself and its goals. The goal we wish to achieve is what distinguishes the 4Ps from the 7Ps.
Businesses benefit from having a more excellent grasp of the requirements and expectations of their customers, thanks to the broader marketing mix.
A 4Ps approach is a crucial tool, even though it is occasionally considered out of fashion. Small enterprises that sell average products find the model to be very helpful.
For instance, a business that focuses on standard products might do better with the 4Ps and clearly understand who they are marketing to. On the other hand, a company that focuses on exclusive services or highly distinctive products will benefit from the 7Ps strategy because it will help them explore different target audiences.
Here, customer satisfaction can be influenced by both the purchasing experience and the post-purchase support and guidance level.
However, this doesn’t mean it can’t come along with 4Ps or that the model has to be used separately wholly, especially if there’s a clear understanding of who you’re marketing to.
In summary
The idea behind marketing is to influence people’s behavior by using the right combination of these tools for your target market. Sometimes, you will find that a single product requires a unique blend of marketing mix elements.
You might find that multiple products use similar techniques—like price and packaging—to gain a competitive edge. Regardless, it begins with understanding how your product’s ultimate sale will take place.
Marketing is ever-changing and complex marketing. As technology evolves and customers become savvier, your products’ message must also evolve to stay relevant.
Please take advantage of the marketing resources at your disposal, test different messages to learn how they affect sales and work to refine the aspects of your marketing mix that deliver the most value for your business.
RELATED: The 4Ps of marketing every Marketer should Know
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