The elements of the marketing mix and how to use them effectively
What is Marketing Mix?
Marketing mix is the set of marketing tools that a company uses to sell products or services to its target customers.
Technically, businesses have always used marketing tools to promote and sell their work, but the term “Marketing Mix” was coined in the mid-20th century. One of its earliest uses was in a 1953 speech to the American Marketing Association, in which Harvard professor and marketing expert Neil Borden described how marketers develop and execute a successful marketing plan.
Identifying and organizing the elements of the mix enables your company list of armenia whatsapp phone numbers to make profitable marketing decisions at every level. These decisions help you:
Develop your strengths and limit your weaknesses
Be more competitive and adaptable in your market
Improve collaboration between departments and staff
Since the 1950s, the elements of the marketing mix have undergone various transformations in response to new technologies and other changes in marketing best practices.
The four Ps of the Marketing Mix
Since the 1960s, the marketing mix has been associated with the four Ps: price, product, promotion and place.
Price . The cost of purchasing a product. Price depends on the customer's perceived value of the product and can dramatically change your marketing strategy. A lower price makes a product accessible to more customers, while a higher price attracts customers seeking exclusivity. Either way, the selling price must be higher than the cost of production for your company to make a profit.
Product . What is being sold? Marketers need to consider the product's life cycle to address any challenges that may arise once it is in the hands of the consumer. For example, early versions of the iPod had a serious battery life problem that was only noticeable after a certain period of use, and Apple needed to develop ways to combat that problem.
Promotion . Advertising, direct marketing, and sales promotion. Television commercials, Internet ads, catalogs, trade shows, and billboards are all types of promotion. This category also includes public relations, press release distribution, or ongoing media relations. Promotion encompasses what is communicated, to whom it is communicated, how that audience is reached, and how often the promotion is done.
Place . Any physical location where a customer can use, access, or purchase a product. This includes distribution centers, transportation, warehousing, inventory decisions, and franchises.
The seven Ps of the Marketing Mix
Sometimes the four Ps are expanded to include 3 additional Ps. In addition to the usual four Ps, the seven Ps include physical evidence, people, and processes.
Physical evidence . Anything tangible related to a product or the physical environment in which a service is performed. Physical evidence may include product packaging, delivery receipts, signage, or the layout of a physical store.
People . Employees, including those who interact directly with customers (such as sales, customer service, or delivery drivers), as well as hiring and training staff. This category includes how well employees perform their jobs, how they appear to customers (for example, how their uniforms look), and how customers feel about your interactions with them.
Process . Anything within the organization that impacts how employees handle a product or service and deliver it to consumers. Examples include the order in which employees should perform tasks, how many inquiries salespeople receive and where they direct customers for help, or how performance is tracked and measured. It also covers which parts of the process are standardized and which have room for customization per customer.
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What is Digital Marketing Mix?
Digital Marketing Mix is how a company achieves its marketing goals using digital technologies. As more business is done online, digital marketing tools become important for all types of businesses, not just those in the technology industry.
A digital marketing mix follows the same principles as a traditional marketing mix. However, those elements are adapted to the way the Internet influences consumer behavior.
The four C's of the Marketing Mix
In the 1990s, the four Ps were adapted into the four Cs to focus less on the business and more on the customer.3 The four Cs are consumer, cost, convenience, and communication. In some cases, the four Cs may be more applicable to a digital marketing mix than the four Ps.
Consumer . The wants and needs of the consumer. According to this model, a company should focus on solving problems for consumers rather than creating products. This requires studying consumer behavior and needs, as well as interacting with potential customers to find out what they want.
Cost . The total cost of acquiring a product or service, beyond price. Cost includes the time it takes to research a product and make a purchase. It may also include the cost of trade-offs consumers must make, such as forgoing another purchase, or the cost of guilt they experience for buying or not buying a product.
Convenience . How easy or difficult it is for consumers to find and purchase a product. The rise of Internet marketing and shopping has made convenience more important in customer decisions than physical location.
Communication . A dialogue that depends on both the consumer and the seller. This includes advertising, marketing, and media appearances. In the digital world, however, it also includes emails that customers accept or initiate, brand ambassadors, blog posts, websites, sponsored product placement, and social media channels.
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How to identify your marketing mix
To generate early sales and build a customer base, any business must begin by identifying its marketing mix. The first step in this process is to identify your target customer.
Once you know who your customer is, you can begin to understand their relationship with your business.
What problem does your target customer have?
What stands in the way of solving that problem?
How does your product or service solve that need?
Do you know how your target customer feels about your competition? How do they feel about you?
What motivates your target customer to buy?
Next, identify your sales and growth goals, as well as your budget for marketing efforts. Then, choose a marketing tactic that will help you reach your target audience and achieve those goals.
For example, if you need 25 leads to sell a product, and you want to sell 1,000 products this month, then you need 25,000 new leads. You know that your target customer reads and trusts two different websites, one with 25,000 visitors per month and one with a million visitors per month. The website with only 25,000 visitors per month is much less expensive to advertise on, but all 25,000 visitors are unlikely to convert into new leads. Therefore, the website with a million monthly visitors is a better choice for your advertising budget, even if it is more expensive.
By working with the elements of your company's unique marketing mix, you can create a strategy that effectively reaches consumers, generates sales, and grows your business.
If you have come this far, it is because the topic interests you and you need to implement a successful marketing strategy for your company or venture and we can help you; contact us and together we will develop the winning strategy that you need.
