The concept of “marketing mix” is firstly introduced in 1960 by E. Jerome McCarthy. He was a professor and author of “Basic marketing: a managerial approach”, which was the most famous book in all universities.
Hey! Are you a marketer? I have a new product can launch this product in the market successfully? if you can’t think so, you should understand some basic concepts of marketing.
The marketing mix is also an unseparated part of those basic marketing tactics. without knowing the marketing mix, you can not go ahead in your marketing career.
In this article, I will make you understand all about marketing mix. let’s have a look at the table of content-
- Table of content——-
- marketing mix definition
- 4P’s of marketring mix
- its example
- Importance of marketing mix
Marketing mix definition-
The steps like product’s quality, price deciding, find audience/market, and its promotion which Involved in the launching of a new product to making it a successful product is understood under the marketing mix.
it is a very common term in the world of marketing and a fundamental step of the Marketing strategy of any company.to understand the marketing mix first of all you have to understand the 4P’s of the marketing mix:
Elements (4P’s) of the marketing mix-
Elements are also known 4Ps of Marketing mix, basically consists of 4 elements without which the concept of the marketing mix is incomplete. let’s break it down to it. 4P’s means 4 times “P” which is defined as Product, Price, Place, and Promotion.
Product- Product is an important part of the marketing mix. Without a product, we cannot even start the marketing process.
While designing the product, we have to keep many things in mind like category, branding, packing, and labeling.
Price- The second step after the product is to set its price. The pricing of the product depends on many factors such as the quality of the product, packing cost, distribution cost, and labor cost as well as we have to keep in mind the price of our competitor.
Place-In this part of the marketing mix, we do planning about the channel of distribution, channel level, the factor of determining choice, components of physical distribution, etc.
Promotion- Your product is made, price is set, product distribution is planned, so now promotion comes last. In this step, you include advertising, sales promotion, personal selling, public relations, etc.
Example of the marketing mix-
Coca-cola: coco-cola is one the most recognized brand in non-alcoholic drinks and syrups, Coco-Cola has been awarded many achievements in the field of non-alcoholic beverages such as the largest manufacturer, distributor, and marketer.
Coca-Cola offers its products in 200 countries and at the same time is the sole owner of 500 brands. Coco-Cola serves more than 1:6 billion bottles per day to the customer.
How did you get such a big achievement, so understanding is not a one-day task, nor is it so easy to describe it?
In today’s article, we will understand the development of Coca-Cola’s marketing mix, how the marketing mix is involved in its business.
4 Ps of Coca-Cola-
product- Coca-Cola is the company with the highest brand equity with more than 33 years of products, they have divided their products into many categories like energy drinks, coffee drinks, fruit juices, water, diet categories, etc.
According to a 2010 report, Coca-Cola was the market leader in its field with the most products. they sell their products in more than 200 countries, as well as produces some additional products according to the culture of each country.
Price- Beverage segment comes under an oligopoly market (less producer more demand), so their price competition is not with many companies but with whom it is quite strong.
Talking about Coca-Cola, its direct competition is from Pepsi, Cocoa Cola decides the price of its product according to its category, targeted region, and geography.
Place- In almost all countries of the world, from big cities to small villages, you will find Coca-Cola products. Their distribution pattern works on the FMCG distribution pattern.
Because of the distribution network, small brands are not able to stand in front of Coco-Cola, there are many places where you will not find Pepsi products. Cocola eliminates the competition by serving its products there too.
Promotion- Coco cola does a variety of marketing and promotional activities to promote its brand such as Gorilla Marketing, CSR Tools, Holdings and Banners, etc.
A screenshot of their creative marketing is attached below, please see in the screenshot, Coco cola made a machine with the help of a vacuum cleaner and fitted it in a public place.
By pulling the clothes of the people passing around that machine, the machine creates a recalling value of coca-Cola in their heart, similarly, you will be able to see many marketing techniques of Coco-Cola on the Internet, in which they touched the emotion of the customer.
Importance of marketing mix-
The marketing mix is a well-planned process from launching a product to converting it into a successful brand. your organization gets several benefits from this process, which proves it very important.
- Makes you understand the demand for products.
- helps to Create a better pricing strategy
- It helps to Identify your audience
- Helps to understand the launching of the product.
- Promotion and selling strategy.
Marketing mix strategy-
- Define Your Goal and Set a Budget
- Study Your Target Customer
- Understand Your Competition
- Create a Pricing Strategy
- Choose Your Distribution Channels & Promotional Methods
- Identify the Unique Features of Your Product