A marketing mix is a set of tools used to promote a product or service in the market. It is also known as the 4Ps (product, price, place, promotion) of a marketing strategy. Using these components, a business can maximize its profit and the chances of its product being recognized by customers.
It is vital for interpreting the product or service that helps prepare effective marketing strategies.
Definition of Marketing Mix
The marketing mix is the tools a business uses to achieve its marketing goals in the target market.
The marketing mix refers to the set of tactics that a company uses to promote its brand, product, or service in the market. 4 key elements are used to make up a typical marketing mix: product, price, place, and promotion.
4 Ps of Marketing Mix
The 4 Ps classification for developing an effective marketing strategy was first introduced by Professor E. Jerome McCarthy. According to the business and the goal of the marketing plan, marketing managers take several approaches to each of the 4 Ps. Each component of the 4 Ps can be analyzed separately, but in reality, they often depend on each other.
A product is any good or service that satisfies consumers’ requirements. A product comprises some physical aspects, such as volume, brand name, design, etc.
A product can be tangible (car, food, dress) or intangible (beauty solution, house cleaning, disinfectant service). A successful product either fills a blank in the market or brings a unique experience that increases demand.
Your audience will support the marketing approaches and investments if the product has potential.
Here are some questions that will help you better understand “product”;
- What do customers want from the product?
- What are the features of this product?
- How will customers use it?
- What should be its colors and sizes?
- Which features make it unique compared to any competitor’s product? etc.
Price is the most important factor that directly influences sales volume and business profit. The pricing of a product depends on the cost of manufacturing, demand, government policies, competition, and pricing trends.
It is important to fix a price that is affordable to the customers, and also profitable for the business. Price can fluctuate according to the demand and supply, and product sales cycle.
Here are some great pricing strategies to get a better result:
- Setting a higher price than competitors implies a higher quality product offering.
- If you fix a similar price, then you have to offer better specs and benefits that other brand lacks.
- Lower price products attract value-conscious customers.
- Set the price of the base variant higher so that you can provide bundles with the product and create more effective promotions.
Place here refers to the areas of distribution. You need a proper distribution channel and a perfect place to deliver your product to customers. If you put your product in a place that is not noticeable to your target customers, then you will probably not reach your sales target. Better placement of products causes better capturing of the attention of the customers.
Here are some quarries when it comes to place:
- Where your product can be found?
- Will customers be looking for your product in third-party marketplaces?
- Will customers checkout and purchase your product from your own e-commerce website?
- How can you solve product-related issues?
Promotion is the process of acquainting the target consumers about the brand and convincing them to purchase the product or service. Effective promotions can bring change to the purchasing behavior of the consumer.
Promotion benefits a business in the following ways:
- To establish a brand
- To create and increase the demand for a particular product in the market
- To communicate the differentiating factor
- To strengthen the brand image
The elements of promotion are:
- Sales promotion
- Public relations
- Direct and database marketing
- Online and social media marketing
- Mobile Marketing
3 Extensions to The Marketing Mix
There are 3 more Ps in marketing;
Businesses depend on the individuals who manage them. Develop a pattern of thinking in terms of the people inside and outside of your business who handle every aspect of your sales and marketing activities. It is important for your business to select, recruit, and retain the right people, with the abilities and skills to do the job you need to have done.
It’s important to the success of your brand that everyone who represents the company is polite, professional, knowledgeable, and fully trained. Be sure to maintain a positive brand reputation by addressing and solving customers’ complaints. If handled correctly, this will support your recovery and help you avoid any future damage to your brand reputation due to customer reviews.
You manufactured a product, and you have your target audience. Now you have to decide how to deliver the product to your customers. This aspect is called “process”. So, the process is basically a set of actions that are involved in delivering the product or service to the customers.
The process involves how you run your business, how your service is delivered, how customers move down to the sales funnel, product packaging, checkout, shipping, and delivery.
Nowadays, word of mouth has the power to make or break a brand. You can minimize customer complaints and enhance your process by observing online reviews. Plan your processes in a way that minimizes the costs on your part, at the same time maximizing the benefits for your customers.
7. Physical Evidence
Physical evidence is more than just proof of purchase. It includes a thinking website, physical office, proper branding, brand logo, attractive packaging, thank you Email, and feedback channel. All these elements offer your customers the physical evidence they need to be sure that your business is viable, honest, and authorized.
There are so many fake companies, duplicate brands, scams, and untrustworthy businesses in both the online and physical world. For customers to truly be comfortable with you, to make a purchase, and to remain loyal to your brand, they need to be sure that you’re sensible and worth their time.