© mast3r/stock.adobe.com Store Group"Marketing mix" is a term that describes the various elements that play an important role in marketing planning for a product or service. Traditionally known as the "Four P's" - Product, Price, Promotion and Place. It is an evaluation system necessary for a correct and effective promotion of a product or service to obtain the best results. Therefore "blended" because it allows managers and marketing teams to focus on all areas of the brand and continue to improve existing products and processes. The marketing mix is the most important tool marketing teams use because it allows them to effectively position their products or services in the market they are trying to enter.
The marketing mix concept was introduced in the 1960s by author and marketing professor E. Jerome McCarthy. To organize the work of the marketing complex, the system is built as four "Ps". The four "Ps" are as follows:
Product: This is the product, good or service that is being sold. It includes many aspects such as product design, features and quality.
Price: The total amount a customer must pay to purchase a service or product. It also includes features like discounts, payment terms, and financing options.
Promotion: all marketing strategies that will be used to communicate the benefits of using the product or service to potential customers. Marketing tactics like advertising, public speaking, sales promotion and many more are part of the promotional segment.
Location: Where the product or service will be sold. This includes the brick and mortar building's physical location, website, distribution channels, and any distribution options.
Product
The first step in analyzing a product's marketing mix is to identify the product or service that satisfies the customer's needs and wants. The product must be specific to customers. Most customers buy products because they have a problem to solve. The product must provide a solution to the problem. Other questions to consider when evaluating a product or service are whether the product is unique and superior to its competitors. Product line, branding, packaging and labeling are part of a product segment in a marketing mix model.
PRICE
The price of a product or service is extremely important because it determines the potential buyers of the product and those who are willing and able to pay for the product. This aspect of the marketing mix requires some research on the part of the marketer or marketing team. To determine the most appropriate price, it is necessary to conduct in-depth research, statistics and conclusions on product development, production, marketing and distribution. This is known as "cost-based pricing". There are many factors that influence the price of a product or service.
on
The purpose of promoting a product or service is to convince potential customers why they need it and to convince the target market that the price of the product or service is right. If these two aspects of the promotion are met, the target market is more likely to buy the product or service. Marketing itself is the art of propaganda. It includes advertising, public relations, media strategies to present the product to the public and many other marketing activities.
Positioning
Positioning plays a central role in determining the ideal place to distribute a product and allow potential customers to see and buy it. It should be a product that customers can easily find and buy in any store. Some items are premium items and are only available in certain stores because they are more expensive or more expensive, or simply don't fit into the category of items sold in larger stores. Positioning consists of deciding where to sell a product or service: in a physical store, in an online store or both. Distribution channels, channel levels, and physical distribution components all need to be considered.
Appendix P
There are three other P's used for companies that focus on not only selling a product, but also promoting "people-centric" services within the company. This type of marketing mix is all about people, not products. The three Ps in this marketing mix are people, processes, and physical evidence. Some marketing groups and companies may find this style of marketing mix evaluation helpful in achieving their goals.
Create your marketing mix
The most effective way to identify a specific marketing mix and learn how to best use it is to evaluate the structure of the marketing mix with the marketing manager and team. Positioning your product or service in a way that stands out from the competition is extremely important. This is, of course, the goal of any marketing strategy, but the marketing mix structure allows a company to use best practices to introduce a new product or service to the public. Not only that, but using the four Ps allows marketers to identify which products or services need to be changed and improved.
Summary of the marketing mix
As a digital marketing mentor at venture capital firm Starta VC, I often help startups with their marketing strategies. I helped a startup to significantly increase their revenues by defining the marketing mix for their business. The marketing mix is the structure around which a marketing campaign is built, from initial ideas and product development to selling the product in the marketplace. It is based on the four Ps: product, price, promotion and positioning. Each of the four components plays an important role in the structure of the marketing mix. A company's marketing strategy will be stronger and more effective when the marketing mix is used.
Start your unlimited trial of Newsweek