It’s hard to imagine a world without marketing. Businesses would cease to exist if there were no marketing tools to promote their brands. In the wake of its excessive demand, tough competition is only natural to emerge. This is why marketing methods itself need to evolve over time to increase their effectiveness and help brands succeed. Something known as a marketing mix comes into play - the use of varied marketing tools to boost a brand and help sell its products or services in the market. We delve deeper into the concept of marketing mix in this blog to understand its role in product sale.
Marketing Mix Definition
Let us begin by defining what marketing mix means. It refers to a set of marketing tactics or tools that are used to promote a product or service in the market with the intention of selling it among the desired target audience. The marketing tactics are decided with a view to position the product in the right place in the target market and sell it to the right people at the right time, using the right promotional or marketing methods.
There are four elements of marketing mix, often referred to as the 4 Ps of marketing. They are:
1. Product
2. Place
3. Price
4. Promotion
The next section details each of these 4 Ps of marketing mix.
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Understanding The 4 Ps Of Marketing Mix
We briefly discussed the concept of marketing mix in the above section. We also learned that marketing mix comprises 4 key components known as its 4 Ps. Let us now detail each of them below.
1. Product in Marketing Mix: This is the very first P in the concept of marketing mix. It also holds primary importance in the mix because the entire marketing cycle begins with the product. It revolves around the promotion and sale of the product. Product refers to any good or commodity produced or manufactured to meet the needs of a section of the audience. It could be an individual or a group of people. The product too can be both tangible and intangible, as in service. Research is key before developing or designing the product. It is important to study the target market thoroughly to understand their exact requirements and then work on building a product that caters to that need.
2. Place in Marketing Mix: The second P refers to place. It means the position that the product holds in the entire marketing mix. The positioning or placement of the product in the marketing mix strategy is important because it directly affects the distribution of the product in the market. Make sure that you distribute the product in an area that your potential customers can easily gain access to.
3. Price in Marketing Mix: This is yet another important component in the marketing mix. It refers to the price of the product which means the total amount that a customer would pay for the product. It is a key part of the mix because it determines the overall survival and profit of an organization and should therefore be determined with care taking into account several factors.
4. Promotion in Marketing Mix: This is the last of the 4 Ps; however as important as all the 3. It enables the organization to promote the product and its special features to its target audience. This component may include a combination of advertising, sales promotion, direct marketing, and personal branding.
7 Ps Of Marketing
Apart from the above 4 Ps detailed, there are the 7 Ps of marketing - a model that is a modification of the 4 Ps model. This is because with the development of technology, the original 4 Ps model became dated and the new 7 Ps model aims at making it more efficient by adding 3 more Ps. The additional 3 Ps are defined below:
1. Process: This means that the business process is structured well and checked from time to time to ensure that all mistakes in the process are avoided. This helps reduce costs to a minimum.
2. People: This refers to the employees of a company. They are an important part of the marketing mix as they are responsible for service delivery to the clients. It is therefore important to hire and train the people to improve work efficiency.
3. Physical Evidence: This means that there needs to be proof of delivery of service to the client. This is done in the form of branding in marketing. For instance, in case of food delivery, a popular brand such as McDonald’s may come to mind.
Final Word
Marketing mix is an integral part of the promotion or marketing phase of a product’s lifecycle. By using the right marketing strategy, one can expect to maximize profits for a business. We learned about the 4 Ps as well as the 7 Ps of marketing in the lifecyle of a product. If you too want to learn these concepts in more detail and enhance your career prospects in the domain of marketing, pursue a professional course such as an MBA in Marketing. Marketing mix in Marketing Management courses is an important subject covered that equips students with the required knowledge and skills in the discipline. Amity University Online offers online MBA in Marketing along with many other professional certifications in Marketing and a variety of other subjects. Sign up for a course in Marketing on our website and take the first step toward a lucrative career in Marketing.
