Marketing is a very wide and complex subject because it has numerous concepts and theories. It becomes very difficult for students to study, understand, and memorize those concepts and theories. Thus, it is important for them to study one by one concepts and take notes by writing down the key points. It helps in memorizing the concepts and writing in exams if questions come from those concepts or theories. The marketing mix is one of the most important and crucial concepts. Thus, every marketing student should study, learn, and understand. In this blog, I am going to discuss this concept in detail and easy terms so that you can easily understand it.
What is a marketing mix?
It’s a set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market (Kotler & Armstrong 2008: 215). Marketing Mix is a combination of four elements as Product, Place, Price, and Promotion. A company must decide on its marketing mix and then implement it in an effective way. However, there are 7Ps of the marketing mix but only 4 are more important. 7Ps of the marketing mix are Product, Price, Place, Promotion, People, Process, and Physical Evidence.
Product
The product includes any substance or an object that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It also includes services that are tangible or intangible. The product of the organization is used to attract potential customers because it satisfies the needs of customers. So, the organization should focus on making the product attractive.
The product should deliver the benefits as well as features that are being sought by customers. If a product does not deliver the value that customers are looking for, it is very tough for the organization to achieve in the market. Customers will not prefer to purchase the product. Moreover, the organization should also focus on designing the product according to the need of the market segment. For example, if the organization offers products for children, the packaging of the product should be in a way that can catch the attention of children.
Price
Price refers to the amount of money charged for the good or service. It is always related to what customers will pay, how much customers will pay, and why customers pay. Since price affects the overall image of a product or service to consumers as well as total revenue earned from it, management decides upon a pricing strategy for products including discounts, markups, warranties, and returns.
The price of a product is one of the most sensitive things. Hence, it is important for the organization to determine the most suitable pricing strategy. For example, if the price of a product is more than the price of a competitor product, customers will shift to the customer product. On the other hand, if the price of the product is less than the cost of the product, the company will not survive in the market due to losses. Hence, it is very important to determine the most suitable pricing strategy for the product so that the organization can earn maximum profit.
Promotion
Promotion refers to any communication used to inform, influence, or persuade an audience. This is how a business communicates value to the consumer. Promotion includes advertising, public relations, personal selling, and sales promotion.
This is one of the most significant activities that affect the success of an organization in the market. With the help of a promotional campaign, the organization makes potential customers aware of organizational offerings. Along with making customers aware of the organizational offering, the organization also convinces and motivates them to purchase the product. Thus, the organization should design and develop a promotion strategy that can help the organization in achieving its goals and objectives.
Place
Place refers to how a product gets into the hands of consumers. It includes channels of distribution including wholesale and retail stores, wholesalers/distributors, agents, brokers, warehouses, and direct shipment of goods. A business must carefully consider the type of placement that would be best for its product or service in order for it to garner maximum sales.
It is also one of the key factors that make a product successful in the market. People purchase a product that is easily available to them. If a particular brand is not easily available, customers will purchase products of other brands. Nowadays, companies are providing products at the doorstep of customers. So, people are now highly engaged in online shopping. Thus, companies should build an online platform to deliver the product to the doorstep of customers.
People
People refer to those who manage and implement the marketing program. It includes everyone from the company’s CEO to its suppliers. People are a diverse group of individuals with different interests and different preferences for goods and services which can influence decisions by marketers as to how to target customers effectively.
Process
Process refers to the way a marketer decides to produce and distribute goods and services. It involves the following steps: research, design, development, production, marketing deployment, and control.
Physical Evidence
Finally, physical evidence is anything that provides a visual reminder of a product. This could be the shape, form, color, or size of a product including storefronts, store interiors, and packaging materials.
Conclusion
Marketing Mix is a key marketing concept that helps companies to develop marketing strategies to achieve overall organizational goals and objectives. Thus, companies should extensively focus on developing their marketing mix effectively and efficiently.
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