Understand the Concept of the Marketing Mix

The marketing mix is the marketing tool that considers four different elements of the target market that influence the business’s growth. The marketing mix concept is considered dynamic as it keeps on changing along with the change in the business environment. Therefore, it is essential for every business which wants to exist in the market for a more extended period and experience growth.

What is Marketing Mix?

The marketing mix concept can be defined as a combination of tools, techniques, and activities that a marketer uses to reach their target audience at the right place, time, and price. A marketing mix works as a link between the business and potential customers. So, we can say that the marketing mix is a set of variable and controllable marketing elements that a company utilises to achieve the desired level of sales in a targeted market. 

4 P’s of Marketing Mix 

Marketing mixes or 4P’s have developed and evolved over a while by different market experts and strategists to help businesses form and implement the best market strategies. 4 P’s of marketing mix includes:

1. Product 
2. Price
3. Promotion
4. Place 

Now, three additional P’s have been added to the marketing mix concept, giving rise to the 7 P’s of the Marketing concept. These additional 3 P’s are:

1. Physical evidence 
2. Process 
3. People 

Components of Marketing Mix (4P’s + 3P’s)

Above mentioned four ‘P’s’ are known as marketing elements, and they make up the marketing mix. All of them are interconnected because judgments made in one area impact decisions made in other areas. Now let’s discuss them in detail- 

Product 

The goods and services provided by the company are referred to as a product. In other words, a product is a set of benefits that a marketer offers to a customer in exchange for a price. For example, burgers and perfumes are all products; when we purchase a perfume, we purchase a good fragrance because perfume will likely make us smell good and fresh. 

A product can also be a service, such as air travel, cooking, or telecommunications. We can say that the product can be tangible or intangible. 

Price 

It is the most critical component of the concept of the marketing mix. The actual amount that a consumer is expected to pay for a product is the price. Therefore, changing the price of a product, even slightly, has a significant impact on its demand in the market. 

Many things that need to be kept in mind while deciding the product’s price are distribution channels, retail price, list price, discounts, offers, price of competitor’s product, location, etc.  

Promotion 

It is a type of marketing communication that aids the company in publicising the product and its qualities. It is the most expensive and crucial component of the marketing mix since it aids in capturing clients’ attention and persuading them to purchase the goods. 

Most companies employ different promotion strategies to advertise their product and reach out to the general public or their target audience. For example, one could use direct marketing, personal branding, e-mails, sales promotion, public relations, advertising, and other promotion methods.

Place 

The place specifies how the goods will be delivered or offered to the customer. This focuses on the most accessible approach for the target clients to access the company’s product. 

Customers are the king in the market, so they should not be expected to come to the product, which should be delivered to them. So, the company should choose a place where most of its consumers will be. 

Physical evidence 

There is no physical end product delivered to customers by service companies. So, anything related to the product or the physical setting in which a service is provided is physical evidence of the product. For example, delivery receipts, product packaging, and the physical store layout are examples of physical evidence. 

Process

Anything in the organisation that impacts how employees handle a product or service and provide it to customers is known as a Process. The number of inquiries salespeople get, where they lead clients for assistance, and how performance is managed and measured are just a few examples of the marketing mix process. It also explains which aspects of the process are universal and subject to customer-specific customization. 

People 

Employees play a significant role in marketing as employees provide services to the customers. So whether a person runs a customer service, copywriters, programmers, etc., it’s critical to hire and educate the right people to provide better services to the clients. 

Finding people who sincerely believe in a company’s products or services is critical. Furthermore, the organisation should welcome honest feedback from employees about the business and encourage them to contribute their ideas and passions to help the company develop and thrive.

Product Mix

The marketing mix concept includes the concept of product mix for a company. The complete set of products and services offered by a company is known as the product mix. It is essential to comprehend since it has a significant impact on its brand image. The companies need to consider many components of the product mix to optimize the product requirement. Some of them are:

Branding 

The brand is the identity of the product. It distinguishes it from its competitors. If a company can establish its brand, even customers will pay a higher price. Companies with higher brand value find it easy to market the new product or add new product lines to their product mix. 

Packaging

It is known for producing and designing adequate containers for its products. Good packaging protects the product from any damage or loss. Many companies employ exceptional designers to design packaging for their products as packaging works as a silent salesman. The more attractive the package, the more likely the customer will buy the product. 

Labelling 

The label is a component of the product’s cover that will give its name, ownership, manufacturing and expiry date, and contents. A label aids in product identification. It is jam-packed with product details. It aids in the product’s grading. It draws customers because of its vibrant packaging.

Conclusion 

The most effective marketing mixes adapt to the ever-changing business environment regularly. This could imply that a company adjusts its price, implements new promotion methods, updates its product, or changes its distribution channels as needed. Therefore, understanding the concept of the market mix and the concept of product mix is essential to produce a quality product.