The marketing mix is the set of marketing tools or tactics that businesses use, to sell and promote their products and services to the target customers.
The selling and promotion of the product need proper management with the help of several elements, to build up a product brand.
“All the product-based companies use marketing mix strategy for positioning the product, for building product brand, and decide to sell it in the right place, at the right time, at the right price.“
So, on behalf of this, we can say “marketing mix is the process of designing the marketing strategies by the marketing manager in such a way, to ensure the products can be sold according to the desired results.”
The component of the marketing mix consists of 4ps know as product, price, place, and promotion.
However, nowadays for the vital development of business, the marketing mix increasingly has included several other Ps like packaging, people, and physical evidence as well.
Now we will talk about the 4ps in detail that what are they and how they work. And how you can apply this to your business for marketing objectives.
What are the 4ps of the marketing mix?
The marketing mix is the name of the combination of 4Ps are product, price, place, and promotion, known as marketing mix variables or controllable variables that can be used according to business requirements.
The classification of the four Ps was first introduced in 1960 by E. Jerome McCarthy in his book “Basic marketing” for developing an effective marketing strategy.
The marketing managers of every business may take various approaches to each of the four Ps depend on the target of the marketing plan.
The four Ps are the following;
1. Product in the marketing mix
A product is a commodity or item produced or designed to satisfy the need of a group or an individual. Before developing the product, it is important to do extensive research about the product.
It will help you to identify that- the products which you are going to produce will be better for your business or not, how much it is capable to give you the best revenue.
Every product has a very certain and fluctuating life cycle that includes the maturity phase, growth phase, and decline phase in sales as well.
That’s why for every marketing manager, it is very important to get to know the product position in the competitor’s market.
For a marketer, it is important that if your product reaches into the sales decline phase, then you should prepare it again and try to build up trust in your customers’ minds, and show them that it is best from your competitors’ products.
2. Price in the marketing mix
The price of the product is the amount that customers are willing to pay for it. It is a very important component of the marketing mix.
The price of the product determines the profit and survival of the company, so it is the most important element of the marketing plan.
Marketing managers need to focus on related to the development, research, manufacturing, and marketing of the product.
Only adjusting the price of the product even a little bit, gives a big impact on the whole marketing strategy and also affects the sales and demand of the product in the market.
So you should focus on the list price, customers’ price, customer location, discounts, and terms of sales while determining the price of the product.
3. Place in the marketing mix
The place is also a very important component of the marketing mix. You should choose any physical place for distribution and selling your product that is easily accessible by the customers and buyers.
4. Promotion in the marketing mix
Promotion is the process of marketing communication that helps the business to publicize its products to the public.
It is the most cost-consuming component of the marketing mix that grabs the attention of the public towards the product and influences them to buy the products.
The promotion includes advertising, direct marketing, sales promotion, press reports, media communication, personal bonding, TV commercial, internet ads, and catalogs, etc.
What are the 7ps of the marketing mix?
Nowadays, the 7ps modal is in trend, it is a modified modal of the 4ps of the marketing mix.
With increasing new technology and the new modern concept of marketing, every marketing business needs a deep understanding of the marketing surroundings.
So, 3 new Ps (Physical evidence, people, and process) have been added in the 4 Ps, contributory called them 7 Ps of the marketing mix.
1. Physical evidence
Any physical environment in which services take place knows as physical evidence of the product.
In physical evidence product packaging, delivery recipients, signage, and layout of the physical store can come. Physical evidence means anything by which you can click your business to the public mind.
Employees become the backbone of every business, so best trained employees are very necessary.
Employees (such as delivery people, customer service, and sales) are those who interact with customers or clients directly for delivering the services.
So, it is very important to hire and train the right people to deliver superior services to the clients.
whether they run a customer service, Copywriter, programs or support desk, etc.
The employees’ behavior towards their customers ensures that how much trust you can build up your products, and services between the customers.
So always choose the right people as your employees.
There is a great saying that; “choices we make choices make us”
We should always keep eye on the processing of the business strategy. You should ensure that the business’s process is well maintained regularly to avoid mistakes.
In the processing, anything can come within the organization that has an impact, how a product or service is handled by the employees and delivered to customers.
- Employees performance on the order
- Which employees must perform the task
- How many queries off the customers do your employees handle
These all works come into the processing of marketing.
Importance of the Marketing Mix
Making the right marketing strategy and its positive implementation in your business’s marketing mix is a remarkable tool for this.
All tactics of the marketing mix like the place, promotion, people, physical evidence, prices all play a vital role in your overall marketing approach.
Marketing mixes modal influence all your business parts from product to employees and customers. So, they make up the business plan for a company and handled it right, which can give it great success.
How to identify your marketing mix?
Every business should start to bring the early sales and build a customer base, after identifying their marketing mix. In marketing Mix first step is to identify your target customers.
Once you get to know your target customers, then you can start building up your relationship with them to influence the sales of the product.
Here are several points you need to know for a better marketing mix of your business;
- How many problems do your target customers have and why?
- To identify that how can you solve your customers’ problems?
- How does your product and service address that need?
- How do your target customers think about your products in comparison to your competitors?
First of all, find out the answer to these questions, and then decide your goal for sales and growth.
One more thing is that decide your marketing tactics according to the budgets for your marketing initiatives. It will help reach your target customers and achieve your goals.
Now, I will say it definitely that you will get to know all about the marketing mix. If you will apply this learning in your business, then definitely you will find success.