In this article, you'll learn what the marketing mix is, why it's important, and the 10 steps you need to take to build the perfect marketing mix for your business.
What is the marketing mix?
In its simplest terms, the marketing mix means putting the right product in the right place at the right time and the right price.
Includes all the things the company can do to create demand for its products or services, using a range of tools to plan and implement marketing activities that specifically target the target audience.
The marketing mix usually consists of four variables referred to as the four marketing elements or 4P's (we'll discuss them in this article). It is designed to meet the company's marketing objectives and program by providing customers with value at all stages.
The "marketing mix" was originally coined by academic Neil H. Borden in the late 1940s, when the management approach replaced the "functional" marketing school.
Because they are very well known, there can be a tendency for companies to ignore them as very basic, but they remain one of the most common marketing strategies for businesses of all sizes.
What are the 4Ps of the marketing mix?
The marketing mix is the pillar of marketing strategy and consists of a series of tools to guide the company during the ups and downs of its industry.
It leads the decision-making process through the full process of delivering a product or service to the market.
There are many marketing mix models that marketers have followed over time.
Let's see what they are and how they evolved.
The first model has presented in Basic Marketing: An Administrative Approach by an American marketing professor and author, Edmund Jerome McCarthy, in 1960.
McCarthy categorized the various marketing activities into four dimensions:
- Product
- Price
- Place
- Promotion
That's why it's called 4Ps for marketing mix.
1. Product
"Product" means any goods and/or services provided by the company to its customers. To be successful, you must represent something that the customer wants and needs, and must be designed to meet those requirements.
Important aspects of this category include product design, features, overall quality, variety of products on offer, and the fit packaging in which it comes.
In-depth market research is needed to make sure that the right and fit products are provided to your customers.
Here are questions that can help you clearly define what you're offering.
This refers to the amount of money customers pay to purchase a particular product or service. Related items include special offers, discounts, payment periods, and credit terms.
"Price" is a very important element in the marketing strategy for two reasons. First, you must balance the prices you charge for your expenses to ensure that your business makes enough profit to survive.
Second, pricing strategies will shape the buyer's perception of your product. While customers always look for value for money, the shallow price point can make the product look cheap – while a very high cost would be inappropriate unless you were in the luxury market.
The price of your product also affects brand status, or the way users view your product, as well as the cost and benefits analyses that make the most sense.
If your product is below its price, consumers may question its effectiveness or think it is too good to believe. On the other hand, if you value your product at a very high price, especially compared to similar products from competitors, consumers may wonder if the price is fair.
Unless you're an old, established brand, you'll find it hard to sell – and even older brands should monitor current trends or fall behind.
Make sure you get a good answer to the following questions.
The "place" where customers can view and buy your fits products. This may be a physical store or another distribution channel such as e-commerce or mail-order catalogs. This category also covers inventory, transportation, and logistics.
Making products available to potential customers seems obvious, but once again it's about knowing your target audience and putting your product where they want to shop. The distribution channel can also be determined by product type and budget.
However, it is not enough to think about the place. Thinking about the place means thinking about the perfect distribution system as well as the final destination. You also need to think about how to do this. Making the following questions is a good place to start:
The answers to these questions will affect not only your overall marketing strategy but also your business program. For example, questions about logistics are related to how to plan the distribution of your product, and where.
This person doesn't need to be explained – it covers all the activities that help you promote the product and convince customers that they want to buy it.
Advertising, selling promotion, personal selling, and public relations can be used to communicate with the target market, while social media has become an increasingly important promotional tool.
Access to digital analytics has made direct marketing easier, as promotions can be designed for customers who are more likely to want a particular product.
Great product and perfect value, is that not enough? No, of course not. The promotion covers all the communication methods you use to tell people about your products and services.
This includes promotional messages themselves, but also the audience to which messages are addressed, the broker, and distribution channels. These questions cover the factors to consider when considering your promotional strategy:
You may notice that all these questions are related to each other. For example, your choice of the promotional channel will probably depend on your target audience.
Note that promotion is not synonymous with marketing. Promotion focuses on how your product delivers to people. Marketing consists of more than just promotion, where you should think about the four elements of the marketing presentation and promotion along with other offers.
At the same point, promotional activities also include more than just marketing. Promotion may also include sales, public relations, and advertising.
Before you start putting the 4 Ps into practice, you should start with a strong understanding of your ideal customer and target market. After all, the whole goal of this exercise is to market your merchandise and sell it in the end.
That's why the customer should be at the center of any discussion about the merchandise, price, promotion, and location. To put the client first, you need to know the client.
Do a custom search and learn as much information as possible about your current or potential customer base.
Many marketers find it useful to create buyer characters, one-page documents that cover the basics of your ideal customer. Who are they, what do they want, and what do they care about?
Keep in mind:
Once you have a clear understanding of who your target audience is, you can start thinking about the four elements of marketing.
Pricing your product and services can be difficult. This is partly because pricing agreements vary greatly depending on the industry, the brand, individual brand, and other factors.
We are not here to take you through the ins and outs of these complexities. However, we have a list of basic questions to help you get started, whether you are self-employed or you are the head of a small team.
If you have some kind of company in which the transaction ends in a one-time purchase, the individual price may be enough. For example, if you run a banana holder, just set the price of a banana.
If your merchandise or service is something that can be replaced by a single transaction, one price may be enough. For example, you may just have to determine the price of bananas in your banana holder or the price of a one-hour session in your photo studio.
However, some merchandises and services require a more comprehensive pricing plan, as buyers may be charged for continuous access to a service rather than a one-time license. If so, you may need to choose a subscription-based pricing model, and consider how often you will charge your clients.
The first consideration for promotion is: Where and how will you sell your merchandise? Sales must inform promotion.
Any consideration of sales and promotion must include the following considerations:
For decades, the marketing mix and four marketing tools have been key elements of the business.
Here are questions that can help you clearly define what you're offering.
- Why would someone choose your product over competitors? For example, does it taste better or is it laminated or better priced?
- What problem does it solve?
- What attracts people to your products or services?
- Is the user experience the same as the one you sell?
2. Price
This refers to the amount of money customers pay to purchase a particular product or service. Related items include special offers, discounts, payment periods, and credit terms.
"Price" is a very important element in the marketing strategy for two reasons. First, you must balance the prices you charge for your expenses to ensure that your business makes enough profit to survive.
Second, pricing strategies will shape the buyer's perception of your product. While customers always look for value for money, the shallow price point can make the product look cheap – while a very high cost would be inappropriate unless you were in the luxury market.
The price of your product also affects brand status, or the way users view your product, as well as the cost and benefits analyses that make the most sense.
If your product is below its price, consumers may question its effectiveness or think it is too good to believe. On the other hand, if you value your product at a very high price, especially compared to similar products from competitors, consumers may wonder if the price is fair.
Unless you're an old, established brand, you'll find it hard to sell – and even older brands should monitor current trends or fall behind.
Make sure you get a good answer to the following questions.
- What is the cost of producing and distributing your product? At a minimum, you don't want to charge less than you spend.
- Is there high consumer demand? The order pays the cost.
- What industry do you work in?
- What are your competitor' fees, and do you want to charge more or less?
3. Place
The "place" where customers can view and buy your fits products. This may be a physical store or another distribution channel such as e-commerce or mail-order catalogs. This category also covers inventory, transportation, and logistics.
Making products available to potential customers seems obvious, but once again it's about knowing your target audience and putting your product where they want to shop. The distribution channel can also be determined by product type and budget.
However, it is not enough to think about the place. Thinking about the place means thinking about the perfect distribution system as well as the final destination. You also need to think about how to do this. Making the following questions is a good place to start:
- How will customers find what you're trying to sell?
- Will they be sold in retail stores or exclusively online?
- Will it sell directly to consumers or wholesalers?
- Will you have your store, whether online or offline or will you sell in a market like Amazon or through a broker?
The answers to these questions will affect not only your overall marketing strategy but also your business program. For example, questions about logistics are related to how to plan the distribution of your product, and where.
4. Promotion
This person doesn't need to be explained – it covers all the activities that help you promote the product and convince customers that they want to buy it.
Advertising, selling promotion, personal selling, and public relations can be used to communicate with the target market, while social media has become an increasingly important promotional tool.
Access to digital analytics has made direct marketing easier, as promotions can be designed for customers who are more likely to want a particular product.
Great product and perfect value, is that not enough? No, of course not. The promotion covers all the communication methods you use to tell people about your products and services.
This includes promotional messages themselves, but also the audience to which messages are addressed, the broker, and distribution channels. These questions cover the factors to consider when considering your promotional strategy:
- What will the message contain? The promotional message should not only tell people that your product exists. It should provide all the necessary information they may need about the product, such as the problem your product solves and how it benefits users.
- Who is your target audience?
- In what way is your message - text, video, or voice?
- What channel do you use to deliver your message? Tiktok or a full-page newspaper ad? Podcasts or email newsletters? Online advertising or mobile phone?
- When's all this going to happen? Broader chapters and social changes affect the way consumers think about buying.
You may notice that all these questions are related to each other. For example, your choice of the promotional channel will probably depend on your target audience.
Note that promotion is not synonymous with marketing. Promotion focuses on how your product delivers to people. Marketing consists of more than just promotion, where you should think about the four elements of the marketing presentation and promotion along with other offers.
At the same point, promotional activities also include more than just marketing. Promotion may also include sales, public relations, and advertising.
5 steps to apply and support the four elements of the shopping mix
Step 1: Select your audience
Before you start putting the 4 Ps into practice, you should start with a strong understanding of your ideal customer and target market. After all, the whole goal of this exercise is to market your merchandise and sell it in the end.
That's why the customer should be at the center of any discussion about the merchandise, price, promotion, and location. To put the client first, you need to know the client.
Do a custom search and learn as much information as possible about your current or potential customer base.
Many marketers find it useful to create buyer characters, one-page documents that cover the basics of your ideal customer. Who are they, what do they want, and what do they care about?
Keep in mind:
- lifetime
- Socio-economic status
- site
- Sex reminder or feminization
- Level of education
- hobbies and interests
- The profession or industry in which they work
- Common problems they face
- Other characteristics
Once you have a clear understanding of who your target audience is, you can start thinking about the four elements of marketing.
Step 2. Describe your product or service
- Your description should answer the following questions.
- What's it called?
- What are you doing, or what are you doing?
- What are its advantages?
- How do these features benefit users? What problems do they solve?
- What does it look like and how is it classified?
- How is it used by customers?
- How the product is different from your competitor' merchandise
Step 3. Choose the competitive price
Pricing your product and services can be difficult. This is partly because pricing agreements vary greatly depending on the industry, the brand, individual brand, and other factors.
We are not here to take you through the ins and outs of these complexities. However, we have a list of basic questions to help you get started, whether you are self-employed or you are the head of a small team.
- What are the production and distribution costs per unit?
- What is your revenue target?
- How much money do you expect to make?
- How much will my target client be willing to pay?
- What are your overhead costs?
- How much do your competitors charge?
- What is the competitive price for the industry?
If you have some kind of company in which the transaction ends in a one-time purchase, the individual price may be enough. For example, if you run a banana holder, just set the price of a banana.
If your merchandise or service is something that can be replaced by a single transaction, one price may be enough. For example, you may just have to determine the price of bananas in your banana holder or the price of a one-hour session in your photo studio.
However, some merchandises and services require a more comprehensive pricing plan, as buyers may be charged for continuous access to a service rather than a one-time license. If so, you may need to choose a subscription-based pricing model, and consider how often you will charge your clients.
Step 4. Promotion and sale
The first consideration for promotion is: Where and how will you sell your merchandise? Sales must inform promotion.
Any consideration of sales and promotion must include the following considerations:
- Where are my perfect clients?
- What's the best way to get to them?
- What is my competitor doing?
For decades, the marketing mix and four marketing tools have been key elements of the business.
When used effectively, the 4-element framework can provide a solid foundation for your business development and marketing strategies, especially if you're trying to create one from scratch.
As I noted in our step-by-step guide, the four items work best when you put clients first.
Your target audience should be aware of your merchandise presentation.
The successful promotion of your merchandise includes different elements, such as:
Direct marketing: Communicate directly with carefully targeted individuals to form lasting relationships. For example, catalogs and marketing over the phone. Used to communicate directly with potential clients in a database or sales list. (More about direct marketing)
Public relations: press releases, exhibitions, sponsorship deals, and conferences. Used to get news attention.
Advertising: TV, radio, and print media will be your focus in offline mode. Used to introduce your audience to new products and services.
Personal Sale: A personal offer by your sales team. Showing how your goods works are key. Used to sell expensive, specialized, and technically advanced goods.
Sales promotion: Short-term incentives to encourage purchase. This includes discounts, promotions, and payment terms. Used to make people use your goods often and gain new clients.
Talk: Create positive verbal talk through your purchases staff, recommendations from buyers, and social media. Used to promote brand awareness.
4Ps Marketing creates the basis of your marketing strategy, but internal marketing also plays a vital role in developing your marketing mix.
The effective internal marketing mix should include:
The evolving marketing mix will help you develop products and services that better serve the desires and needs of the target marketplace.
If done correctly, your marketing mix will help your clients understand why your product or service is better than that of your competitor.
Although the 4Ps concept should remain essential to your marketing mix, internal marketing should also be part of your overall intelligence marketing strategy. Use these 10 steps to help you develop the perfect marketing mix.
despite the total competition, you can succeed with good performance strategies to helps your clients to change decisions and success to make money from the internet.
We hope you enjoyed this post. Please leave a comment below on any future business topic you'd like to know more about.
As I noted in our step-by-step guide, the four items work best when you put clients first.
Your target audience should be aware of your merchandise presentation.
The successful promotion of your merchandise includes different elements, such as:
Direct marketing: Communicate directly with carefully targeted individuals to form lasting relationships. For example, catalogs and marketing over the phone. Used to communicate directly with potential clients in a database or sales list. (More about direct marketing)
Public relations: press releases, exhibitions, sponsorship deals, and conferences. Used to get news attention.
Advertising: TV, radio, and print media will be your focus in offline mode. Used to introduce your audience to new products and services.
Personal Sale: A personal offer by your sales team. Showing how your goods works are key. Used to sell expensive, specialized, and technically advanced goods.
Sales promotion: Short-term incentives to encourage purchase. This includes discounts, promotions, and payment terms. Used to make people use your goods often and gain new clients.
Talk: Create positive verbal talk through your purchases staff, recommendations from buyers, and social media. Used to promote brand awareness.
Step 5. Use Inbound Marketing
4Ps Marketing creates the basis of your marketing strategy, but internal marketing also plays a vital role in developing your marketing mix.
The effective internal marketing mix should include:
- Your website: Today's consumers want to interact with your brand and newly developed products. Use your site to meet this need for interaction. Make sure your site is fast-loading, effective, and easy to navigate.
- Search Engine Improvement (SEO): For clients to interact with your site, they should be able to find it first. Use descriptive keywords to help search engines, such as Google, direct users to your website.
- E-mail marketing: One of the fastest and most direct ways to connect with potential clients and consumers. You need to constantly collect customer expectations and contact information to develop your database and follow up regularly (read more about email marketing).
- Social media: Besides having a website, you should use popular social networking sites to spread your message and create brand awareness. Twitter and Facebook are invaluable for describing existing products, introducing new products, offering promotions, and advertising sales (see our guide to social media marketing).
- Blogging: Blogging will help your business stay at the forefront of your interests by offering regular content. Add the blog to your site and type in good content, making sure you respond to every comment on the blog.
Last words
The evolving marketing mix will help you develop products and services that better serve the desires and needs of the target marketplace.
If done correctly, your marketing mix will help your clients understand why your product or service is better than that of your competitor.
Although the 4Ps concept should remain essential to your marketing mix, internal marketing should also be part of your overall intelligence marketing strategy. Use these 10 steps to help you develop the perfect marketing mix.
despite the total competition, you can succeed with good performance strategies to helps your clients to change decisions and success to make money from the internet.
We hope you enjoyed this post. Please leave a comment below on any future business topic you'd like to know more about.
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