The marketing mix is a prominent framework of marketing concepts firms use worldwide to make informed decisions. Firms have focused on various marketing mix products to achieve their long-term goals. The four marketing mix elements, i.e., product, price, place, and promotion, have helped firms design unique selling propositions in their Business. These 4Ps of the marketing mix are the key factor influencing a business’s decisions about whether they can sell their products profitably. Though there are several marketing mix articles, this blog today will break down its concept from scratch. So, let’s begin!
What is the Meaning of Marketing Mix?
Marketing Mix is the set of actions through which a company publicizes its product or brand in the target market. The marketing mix 4Ps combinedly define its concept and also influence each other. All these elements help a company make the right decisions to achieve splendid success. However, if managed wrong, the Business can incur heavy losses. Therefore, the marketing mix strategy needs much consultation before applying it to the business processes.
Importance of Marketing Mix
- The many benefits of marketing mix make it valuable to business firms. These are:
- It lets you understand what your product should offer to your customers.
- It helps plan a result-oriented product offering.
- Helps form and execute a successful marketing mix strategy.
- It helps in identifying certain risks.
- Help determine whether your product is appealing enough.
- Help understand consumers’ needs.
- It helps understand when, where, and how to publicize a product.
- It helps firms identify and use their strengths and eliminate unnecessary costs.
What are the 4Ps of marketing, and How Can I Use them In Business?
The 4Ps of the marketing mix, i.e., price, place, promotion, and product, are key factors that should be wisely implemented to successfully promote a product or service. They encompass a range of factors during promotion, including consumer needs, how the product will satisfy their needs, how the firm interacts with the potential customers, and how the product gains a competitive edge in the market. The concept of marketing mix 4Ps has been around since 1950 and was popularized by the advertising professor of Harvard University, Neil Borden, to define the ways of engaging consumers in a business.
When the concept was introduced, it helped firms to break physical barriers via the internet. People, process, and physical evidence are the added elements of the original 4Ps and are also prominent in current marketing trends. The initial 4Ps of marketing are:
Product: A product is the part of a company’s brand they sell. It may be the software of an IT firm, face cream in the cosmetic industry, soft drink or beverage industry, or medicine in the healthcare industry. The product can also be the services like a therapy session or a paid speaking gig. Simply put, a product is designed for customers. To use a marketing mix products strategy in your Business, you need to determine the unique selling price of your product. If your product doesn’t offer an extraordinary value, it may be difficult for you to survive in the market.
To make your product stand out in the competition, define its qualities while introducing it to the customer. Form plans to combat the challenges at every stage of the product lifecycle. The type of product you offer also defines its cost, unique value, where you should place it, and how you should market it.
2. Price: Price is the financial value of a product that the consumers pay willingly. A business person should associate a product’s real value to the price based on a competitor’s price, retail markup, seasonal discount, and supply cost.
If you think your product carries an x-factor any other market product doesn’t have, you may increase its price to present it as an exclusive commodity or decrease the costs so that more and more consumers purchase it.
A marketer should also understand when and why special deals, discounts, and offers are appropriate. On the one hand, special deals, discounts, and offers can bring bulk customers; on the other, it can also leave an impression that the product is unappealing. To ensure your product doesn’t make much of an image to consumers, maintain its quality while you market or sell it.
3. Place: Place is the target location of where the product should be accessible and how it should be presented to consumers. The idea behind this consideration is to ensure that the product is rightly displayed to the right consumer likelier to purchase it. This implies showing your product in specific stores is as important as its success. Product placement also suggests promoting a product among the suitable media to seek consumers’ attention. It involves identifying the store type and the online or offline platform you will use for higher conversions.
4. Promotion: The primary aim of advertising is to interact with the target customers to inform them precisely about the product’s needs and price. Marketing the products involves organizing PR and advertising campaigns and forming a good media strategy to introduce the product.
Here, the marketers must link the product placement and promotion idea together to reach the target market or potential customers. Ensure your product is appealing enough and gets to the right audience with the right message.
What Are The Three Extensions of the 4Ps of Marketing Mix?
The three extensions of marketing mix 4Ps are the changed versions of the marketing mix model discussed below.
People in a marketing mix model refer to the employee and customers who are directly connected with your product. While you `research your target market, you also have to employ the right staff who can help you connect with it.
Process: It plays a vital role in offering your customers high-quality service and identifying the improvement stages.
Physical evidence refers to what your customers notice about your product before or after purchasing it. This may involve packaging or branding.
This concludes the overview of the marketing mix and its four 4Ps that play an essential role in business processes. All these factors assist a firm to make informed decisions concerning their product price, placement, and promotion to achieve brilliant success. Therefore, implying all these factors, along with the other three extensions, are the hours needed for a business.