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Marketing mix is a set of different tools which a company or an organisation uses to market their products. While marketing a product or a service, a company considers the place, promotion, product and price of the good or service.These tools comprise the marketing mix.
Concept and Elements of Marketing Mix
Marketing mix comprises four elements or 4P’s. These are all factors under the organisation’s control, and the company can allow variations according to their requirements. The marketing mix varies from company to company and organisation to organisation, as every company uses its own unique strategies to market its goods and services. The 4P’s that serve as elements that form the concept of marketing mix are as follows:
- Product
- Promotion
- Place
- Price
Product
The first element of the marketing mix is the product. A product is an item that a company presents to its customers that adds some value to their lives by providing benefits. Companies strive to make their product different from their competitors by using various methods.
- Branding
- Labelling
- Packaging
- Design
- Technology
It is always important to consider the product’s life cycle and the demand of the product in the market by doing the SWOT analysis before entering the product into the market.
Price
The next element of the marketing mix is price. Price is something that the consumer will pay to the seller to have something in return. Price should always be less or equal to the deliverables given by the seller to maintain and grow their customer base. A company should always set a price on which it can cover its cost and generate some profit from it. Companies should also consider the competitor’s price while finalising their product or service price.
Place
The next important element is the place that determines how the product will channelise from one place to another, how the consumers will get the products or services, and which is the best and cheapest source of transportation.The company should use proper methods to minimise costs and improve the services. Companies should place their product so that consumers can have easy access to them, and naturally, this will vary from product to product and company to company.
Promotion
The last tool, which is the most crucial tool for every organisation, is how they will promote their products in the market. Promotion refers to increasing the awareness in the market about the product by using various means or tools. While doing promotion, companies should always focus on their promotional tools and evaluate in advance which devices will help them maximise the traction. They should also consider studying the tricks and hacks that their competitors are using.
Some other elements of the marketing mix are as follows:
People
Company employees are at the forefront of interacting with customers and receiving and processing customer inquiries, orders and complaints directly via online chat, social media, or call centres. They interact with customers during their journey and become the organisation’s ” face ” for them.
Process
Every company wants to create a smooth, efficient and customer-friendly journey. This cannot be achieved without the proper processes. Understanding the customer journey steps, from online inquiries to requesting information and making purchases, can help consider what process customers require to have a positive experience.
Physical Evidence
Physical evidence provides concrete proof of the quality and experience your company is providing. This is especially useful if the customer has never purchased from your organisation and needs confirmation or if you have to pay for the service before delivery.
Importance of the Marketing Mix
- Marketing mix is crucial because it helps establish a strong connection with the goods and services of the company.
- Marketing mix helps increase the range of the product in the market by adding some great features to the existing product.
- It helps in making the organisation dynamic.
Conclusion
The marketing mix concept is quite wide, which includes several things and gives insights to the organisations about determining the quality standards of products, fixing their price, and using the most suitable promotional tools and ways of channelising their products. 7P’s of the marketing mix are price, promotion, product, people, physical evidence, process and place. Having a sound understanding of the marketing mix is crucial to creating brand value in the market and developing a competitive edge.
