What is Marketing Mix?
Jerome McCarthy introduced the 4Ps marketing mix idea (also known as the 4ps of marketing) in his book: “Basic Marketing
A Management Approach”. It states the considerately planned combination of policies and practices a company used to promote business and successful product promotion.
Initially 4P, these elements are product, price, place, and promotion, now later expanded by with people, packaging, and process. These are now considered to be the “7 Ps” mix elements.
Definition of ‘Marketing Mix’
The marketing mix states the usual activities, or strategies, that a company practices to promote its brand or product in the market. The 4Ps component is in the marketing mix – Price, Product, Promotion, and Place.
But, these days, the marketing mix progressively contains several other Ps like Packaging, Positioning, People, and even Politics as dynamic mix elements.
What are the 4Ps of marketing?
Price is a very important factor in the marketing mix definition. The value of the product is basically the amount that a customer pays to enjoy it.
Price is the maximum critical component of a marketing plan because it commands a company’s existence and profit.
Regulating the price of the product, even a slight bit, has a big effect on the entire marketing strategy as well as importantly affecting the sales and demand of the product in the market.
We need to keep in mind while defining the cost of the product are the competitor’s price, list price, customer position, discount, terms of sale, etc.,
- Product: The item is really being sold. The product must deliver the lowest level of performance; otherwise, even the best work on the other fundamentals of the marketing mix won’t do any good. There is an old saying stating for marketers, “what can I do to offer a better product to this group of people than my competitors”. This strategy also helps the company to build brand value.
- Place :It refers to the point of sale. Distribution is a very important part of the marketing mix approach. We should site and distribute our product in that place which would be easily reachable to potential buyers/customers. In all businesses, easily spread the eye of the customer and making it easy for them to purchase it is the primary goal of a good distribution or ‘place’ approach. Vendors pay a premium for the right location. In fact, the mantra of a fruitful retail business is ‘location, location, location.
- Promotion: It is a promotion communication process that helps the company to advertise the product and its features of the product to the public. It is the most expensive and important component of the marketing mix that helps to grasp the attention of the customers and influence them to buy the product. Most marketers use promotion strategies to endorse their product and reach out to the public or the target audience. The promotion might include direct marketing, advertising, personal branding, sales promotion, word of mouth, press reports, incentives, commissions, and awards to the trade. It can also include consumer schemes, direct marketing, contests, and prizes.
What is the importance of the marketing mix?
A marketing mix is an amazing tool for making the right marketing approach and its application through effective tactics.
The calculation of the roles of your product, promotion, price, and place plays an important part in your total marketing approach.
While the marketing mix strategy goes hand in hand with positioning, targeting, and segmentation. And at last, all the elements included in the marketing mix and the extended marketing mix have an interaction with one another.
The marketing mix needs a lot of understanding, market research, and discussion with several people, from users to trade to manufacturing, and several others.
For further understanding about the what is marketing plan you can checked this article Secrets of Top Marketers: How to Build a Marketing Plan That Delivers Results.