What is Marketing Mix?
A marketing mix is a set of tools and tactics a company uses to market its products. Historically, the concept began with the four Ps of marketing. It consisted of Product, Price, Place, and Promotion. The 7 Ps model came in due to modern trends in marketing – powered by new technologies.
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Facts about Marketing Mix
- Professor E. Jerome McCarthy developed the marketing mix in 1960.
- It is made up of crucial things that a business can do to influence the demand for its products and/or services.
- The elements of a marketing mix work together towards a common goal of boosting sales.
- The 4 or 7 Ps of marketing forms the building blocks of business strategies (plans).
Why is it Important to have a Marketing Mix?
Managers use the marketing mix to develop both short-term and long-term business plans. The role of these tools is to guide market research. Importantly, the business should define and understand its core values.
The company should identify its profitable products or services to generate impressive sales. Marketing mix can also help them know the customers’ buying behavior.
Additionally, the 4 Ps or 7 Ps of marketing promote the brand identity of a business. To expound more on that, it differentiates a business from its competitors.
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What are the 4 Ps of Marketing?
Although we can examine each component independently, marketing mix elements depend on each other.
Product
This feature represents an item or service that can satisfy the customer’s needs or wants. An reliable approach to marketing a product begins by identifying its unique attributes. What makes it different from the competitors’ products?
Price
In a marketing plan, the price of an item is a critical element. Price is the amount your customer is willing to pay for the product. While setting up the cost of a product, it is crucial to consider the following:
- Competitor’s price
- List price
- Discounts
- Product’s cost
- The physical location of the customer
- Terms of sale
Placement
The place of distribution is a point or location where the customer/buyer can find the products. If it is a service, they can as well access it online. For instance, we offer online writing services via Falcon Writers Hub website.
Assuming Sam wants a new storybook, where can he buy it?
Answer: at the bookshop
Promotion
It is a campaign or communication process to create awareness of the product. The aim of a promotion is to inform buyers about the existence of a product in the market. This component can contain the following specifications:
- Product Features
- Benefits of a product or service
A creative marketer constructs messages incorporating details from the other Ps of marketing.
The 7 Ps of Marketing (Extended Ps of Marketing Mix)
The modern marketing mix model extends beyond the classic four Ps. In general, it consists of
- Product
- Price
- Placement
- Promotion
- People
- Physical Evidence
- Process
People
Interestingly, people play a significant role in marketing. In a typical organization, they are the support desk, IT specialists, marketers, customer service personnel, copywriters, etc.
These people interact with buyers daily. In fact, did you know that successful organizations accept honest feedback from their employees? Ultimately, that helps them develop better products and services.
Physical Evidence
It refers to the layout or physical store of a business. The essence of this feature is to reinforce a brand, enhance trust, and create more value for the customer.
Process
A process is a means of achieving an outcome. It is a flow of activities that takes place when a customer interacts with the business. The exercises may include everything from delivery logistics to managing third-party retailers.
It is advisable to maintain a well-structured and verified business process. That will drop all forms of confusion and errors. Effectively, the goal is to cut costs and maximize profits.
Marketing Tools
Each component of a marketing mix has its own variables.
| Marketing Mix | Variables |
| Product | Brand, packaging, labeling, variety, services, features |
| Price | List price, payment duration, discounts, allowances, credit terms |
| Place | Logistics, transportation, locations, coverage, channels |
| Promotion | Advertising, sales promotion, public relations, individual selling |
| People | Designers, marketers, managers, recruiters, training personnel, programmers, copywriters |
| Physical Evidence | Shops, supermarkets, websites, offices, premises |
| Process | Technological processes, electronic processes, registration, subscription, internet marketing, telemarketing |
Collaboratively, all these tools work together to make selling of products and services seamless.
A marketing mix also supports brand awareness and promotes a long-lasting relationship between the customers and the business.
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