If you have created the product or service, it’s the first step of launching the business. Next, you have to advertise your offer, educate your target customers about your offers, amplify your market reach, and connect with your target customers that show interest in it. Today, we’ll discuss what is marketing mix; its importance, 4Ps, and 7Ps of marketing.
What is Marketing Mix?
The marketing mix comprises tools, strategies, techniques, and methods that a business employs to approach customers and increase sales. A good mix includes various types of strategies that allow business owners to establish a brand, target a specific customer market, and connect with customers.
However, the market plan offers specific steps for the companies to advertise their products. The market mix helps you to recognize various elements impacting the target market, and how they collaborate with each to amplify the customers’ reach.
Importance of Marketing Mix
A market mixs plays a significant role in the short-term and long-term strategies of the company to increase its sales. It offers guidance to businesses and companies in recognizing the most viable product, identifying core values, and conducting market research.
A market mixs has the characteristics of adjusting variables to increase customer reach, optimize sales, and target oriented. It makes your business flexible and encourages you to employ various tools when it comes to understanding and responding to the purchasing behavior of customers. The mixs is an important element of your brand identity and brand image; it helps you to distinguish yourself from the competitors and approach new customers.
4Ps of Marketing Mix
The marketing specialist, Neil Borden first floated the term “marketing mix” during a speech in the 1950s. Professor E. Jerome McCarthy refined and broaden Borden’s concept and added four Ps in the market mixs and they are; product, price, place, and promotion. The detail 4Ps of market mixs are as follows;
Product
The main product or service that the company has created for sale; has got an impact on customer outreach. The objective of creating a certain type of product or service is to satisfy the needs and target specific types of customers. However, the focus of products in the market mixs is the preparation of the product, the type of material being used or needed for preparation, and the durability of the product.
Price
The main deriving factor of the product is “price” in the market mixs. Companies develop pricing strategies to make their product or service easily accessible and affordable to a lot of people. You should keep in mind the budget-friendly element of your target customers. But you can increase the price with higher quality as a premium product or service. The retail price of the product impacts the total sale volume and profitability of the company.
Place
The place or location where you’re selling your product or service; has a connection with the type of market tools you’re using. Selling products and services in a physical brick-and-mortar store is completely different than selling products online. You would require different strategies for the e-commerce store.
Place impacts the overhead costs and distribution channels you’re using. Like how many people you should recruit and how they would deliver the product to the customers. Finding the frequently visited location of your target customers where they do shopping would allow you to select the ideal place to leverage the ideal market mix.
Promotion
Advertising the product directly to the customers is the promotional element of the market mixs. The focus of the promotion is on pricing to approach more target customers and the placement of ads. However, a successful promotional strategy requires a lot of market research about the media channels and tools to use in order to receive higher customer responses.
The four Ps of market mixs also goes by the name of four Cs like a consumer (product), cost (price), convenience (place), and communication (promotion).
7Ps of Marketing Mix
The 7Ps of marketing comprise product, price, place, promotion, physical evidence, people, and process. Since we have already discussed the first four Ps, now the remaining three and 7Ps of the marketing mix are as follows;
Physical Evidence
The physical evidence builds up the physical environment where the company offers and sells the product or service. The packaging of the product is the other element of physical evidence along with signage, ambiance, and layout of the store. A store with a charming front, attractive colors, and clear signs would amplify the attraction of target customers.
Process
The workflow and company’s procedures influence the overall customer experience, and it’s the main element of the market mix. The process comprises the type of employees customers engage with while shopping and fulfilling orders. However, whether the focus of the company is on regulating one particular product or personalizing or customizing the whole sale process; it changes the company’s marketin’ message and the type of tools to use.
People
Appearance, behavior, and training of employees and potential buyers add up to the marketing consistency and brand messaging. The recruitment of skillful staff and their professional development drives the company’s marketing strategies. The workforce of the company is the main element of its public perception; the market mixs could rebrand and reinforce.
Conclusion: What is Marketing Mix? 4Ps and 7Ps of Marketing
After an in-depth study of what is marketing mix; its importance, 4Ps and 7Ps of marketing; we have realized that market mixs is very important for a company’s sales. If you’re developing it for your company, then keep in mind the abovementioned suggestions and tips.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.
