FUNDAMENTALS OF A RESEARCH DESIGN Meaning of research design Decisions are taken under research design Needs of research design Essentials of research…
What is Marketing Mix?
Normally the question arises what is marketing mix? it is the set of actions, tactics, that a company uses to promote them and their product in the market is what is marketing mix explained as. Marketing Mix is a strategy in which a company starts to formulate a product/service offering to its customers. marketing mix that is followed by actions, tactics, and strategy is typically processed by 4p’s in the market. As nowadays 4p’s are replaced by 7p’s.
Don’t get confused by all these terms I will explain to you them in a detailed manner. Now first let’s talk about 4p’s in the market.
What Are 4P’s?
The 4p’s collectively making a typical marketing mix that is:-Product, Price, Place, Promotion. These all factors play a vital role in formulating any marketing strategy. Let’s move ahead and discuss all these factors in a detailed manner.
Product refers to the item that is actually being sold, as the product it the actual thing to be sold every marketer should do the extensive research before actually start manufacturing it, every business should know what is the need and wants of the customer and as per the need and want the product should be manufactured.
All the marketer should think what and how could they deliver the better thing to their customer than their competitors.
so before developing any product every marketer should keep these question in their mind:-
In developing the right product you should keep them in mind :
- What does the client want from our product?
- How will they use the product?
- Area of use?
- Features of the product are the same as the need of the client?
- name of the product?
- Availability of product in every size and color demanded?
- Differentiation between your and competitor product?
- Looks of the product?
Price refers to the value put on a product. It usually depends on costs of production, targeted segment, how much market can pay, market demand and supply and a lot of other factors direct or indirect.
Pricing is an important element in our marketing mix. This is the value that we get after a customer buys our product. Pricing is usually defined as the cost and the willingness of a customer to pay.
As price is the important factor of marketing mix we cannot keep it too high as a result our customer will get limited and if we keep it too low again company makes the loss and out strategy fails.
Place: refers to the point of sale. As in every industry or sector place is an important part of marketing strategy as the place should be suitable and easily approachable to the customer in order to make sale and profit.
Every retailer pays a handsome money just for the most suitable place as the success mantra of successful business is the right place at the right time.
As if we are the manufacturer of soft drink and if our product is not placed in restaurants, supermarket, grocery store, then we can say we failed in knowing what is marketing mix, and how to formulate our strategy.
Promotion is a very important component in the marketing mix as it boosts the recognition of brand and sale.
it can be compromised with the various elements like:-
- Sales Organization
- Public Relations
- Sales Promotion
the promotion covers communication methods, paid in nature eg. television advertisements, radio, commercials, newspapers, and internet. As nowadays we can see a shit of advertisement from offline word to online word
Word of mouth is a type of promotion. Word of mouth is a kind of informal channel where the benefits of the products are spread by the satisfied customer usually not paid in nature. sales staff have a very important responsibility in making a public relation and word of mouth
You need to keep these point in mind for creating an effective promotion strategy:-
- How to send the message to the potential buyers?
- know the best time to promote your product.
- The medium of effective advertisement to reach to your potential buyer.
- Use of social media.
- Know the promotion strategy of your competitor.
As the target market and the strategy have been decided above now the budget plays the important role in the promotion of your product.
As here we have completed 4ps of marketing mix I hope you would have understood what is marketing mix. Now let’s move ahead and start knowing the remaining 3P’s in the marketing mix, which are people, physical evidence, process.
Through research, we can get to know about the no of people in our target marketplace have the demand and need of the product that is going to be launched in the market.
They were the people who are going to be the potential customer of our product but speaking of a business we also have people working with us and they also play an important role in our business growth.
Hiring the right kind of people and to train them well is very necessary as they will become the face of the company in the market and the people purely believing in the product and services will deliver superiorly to the customer.
Right kind of people will always be honest with the feedback and the delivery of the product and services in the market
Due to this, a company has an internal competitive advantage over the competitor.
the execution of service is always affected by the system and the process. Now you have to make sure all your process is at one place in order to minimize the cost
The process could be your sales funnel, payout system, distributor and the retailers which are the important part of the processing system.
Every service or product that is delivered should have a physical evidence, it also shows us how our product or service is placed on the market.
Physical evidence of a business is what shows us its appearance and the presence. For example, when you think of “fast food”, you think of McDonald’s.
When you think of sports, Adidas and Nike come to mind. You immediately know where they are located in the marketplace as they are the market leader and have firmly provided a physical evidence in the market
Physical evidence is also created by branding and advertisement which eventually shows the exact location of the business in the market.
What is the marketing mix is explained above with its element known as 4P’s and 7P’s.
Here we also have one more model known as 4c which was given by Robert F. Lauterborn in 1990.
4C’s In Marketing Mix
4c is the modified model of 4p in marketing mix which are customer value, cost, convenience, communication.
your marketing mix plan plays an important and a vital role no matter what are you using 4p,7por 4c.
it is important that we keep balance among client satisfaction, brand recognition, product, and place. It also determines the success and failure of a company.
I hope now you are aware of what is marketing mix.