Marketing 101: Let’s Learn About Marketing Mix
Marketing mix is defined as the set of tactics or actions a company uses in promoting its products and services. In every marketing decision, the four P’s or broad levels of every marketing decision include the price, product, place, and promotion. In this modern times, marketing mix may include other Ps such as people, packaging, positioning and politics. Product pertains to the item that is actually being sold which satisfies the needs and wants of customers. The price is the amount of the product or the amount a customer is willing to pay to acquire the product. Promotion is advertising or letting consumers know about a product or service. The place is choosing the right location for your business.
Because the 4Ps influence each other, they are the basis of a business plan to achieve greater success. In terms of working using marketing mix, it requires a lot of understanding, market research as well as consultation with traders, manufacturers and customers. For the product element of marketing mix, the typical marketing decisions include product design (quality, features), product assortment (product mix, product lines, product range), branding, packaging and labeling, services (after-sales, service level, complementary services), warranties and guarantees, returns, and managing products through their lifecycle. The marketing decisions for the price element of marketing mix include price strategies, price-setting, price tactics, discounts, allowances, and payment terms. For the promotion element of marketing mix, the marketing decisions include promotional mix, message strategy, media or channel strategy, and message frequency. When it comes to the place, it refers to the direct or indirect marketing channels, distribution, market location, order fulfilment, retail outlet, territorial coverage, catalogues, inventory and logistics. Distribution strategies, location decisions, inventory, market coverage, franchising, channel member relationships, assortment, warehousing, transport and logistics are the marketing decisions involved in the element of place.
Physical evidence, people, and process are the categories of modified and expanding marketing mix. When it comes to physical evidence, it refers to the environment surrounding the service, the space where service personnel and customers interact, tangible commodities (furniture, equipment), and artifacts reminding customers of a service performance. Physical evidence involve marketing decisions such as spatial layout, facilities, interior design, signage, ambient conditions, artifacts and design of livery. The people element refers to the human actors participating in service delivery, service personnel representing the value of the company to customers, and interactions between customers and employees. The marketing decisions involved when it comes to people element are the recruitment, training, scripting, uniforms, handling customer complaints, queueing systems, and managing social interactions. The element of process of marketing mix include flow of activities, procedures, and mechanisms by which service is rendered. It is crucial for companies to choose a marketing agency that implements marketing mix.
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