Many marketers are fond of glossing over marketing mix because it is usually regarded as basic knowledge irrespective of the marketing skills exhibited by an individual. According to Marketingmix.co.uk, people don't seem to understand that a deep understanding and right application of marketing mix concepts inevitably leads to attracting mountains of profit and scalable success from the ground up even beyond the popular marketing funnel.
WHAT IS MARKETING MIX?
The India economic times define marketing mix as “the set of actions, or tactics, that a company uses to promote its brand or products in the market.” It is concerned with the different choices companies make in the process of putting the right products or services in the right place, at the right price and at the right time.
The marketing mix is predominantly associated with the 4Ps of product marketing and the 7Ps of service marketing and it brings more details to the table than the marketing strategy we are accustomed to.
THE 4P's MARKETING MIX MODEL
The 4Ps, also referred to as the Producer-oriented model was created by Jeromy McCarthy in the 1960s and has since then been used as a marketing classification throughout the world and taught as a basic concept in marketing classes.
This refers to the identification, design and production process of the product to be sold. For marketers to create the right product mix, they must do extensive research on the lifecycle of the product.
Price is a very important element in the marketing mix as it determines a company's profit and survival. It also shapes the perception of products in the eyes of consumers and as a result, the prices for products must not be too high or too low.
This is concerned with distribution which determines product availability and accessibility to target consumers. Therefore, a product should be readily available through venues and distribution channels that target consumers find easiest to shop.
This is the element of the marketing mix that generates consumer interest. Promotional strategies are important in putting across a company's messages to target audiences in the most appealing manner in order to boost sales and brand recognition.
THE 7PS MARKETING MIX MODEL
3 new elements were added to the 4Ps in the marketing mix after a wide acknowledgment by marketers that the marketing mix should be updated. As a result, the extended marketing mix was created in 1981 by Booms and Bitner to include services.
All companies are reliant on people, their target customers, and their employees. Employees of a company are just as important as target customers. As a result, it is important to train and hire the right people.
This is concerned with the delivery and execution of services. Processes and systems in a company do not just ensure a working business, they also ensure that a business is running effectively to minimize costs and maximize profits.
#7 Physical Evidence
Almost all services should have physical evidence that their service was delivered even though the service they offer is intangible. Effective types of marketing may be utilized but the place of physical evidence cannot be replaced.
A company that maximizes the element of physical evidence in the marketing mix can establish itself as an authority in a target industry and functions of marketing will be well expressed in its performance.
FACTORS TO CONSIDER BEFORE ADOPTING MARKETING MIX MODEL
The type of product or service market
The company’s marketing objectives
The marketing plan example in view
The company’s budget
HOW TO CHOOSE THE RIGHT MARKETING MIX MODEL AND MAXIMIZE IT
Identify competitor’s working and failing tactics.
Adopt a befitting marketing strategy example.
Create specific goals for the marketing mix to fulfill.
Keep testing and tweaking marketing mix elements till you get results.
Use marketing tools and tactics specific to your needs
Don't stick to only one strategy; use all working strategies.
Analyze and optimize your marketing mix model for customer retention.
Understand the value needed by your customers and upgrade your marketing mix model to meet those values.
One More thing before you go!
Once you have a deep and detailed understanding of your target audience, the decisions you make will be more clear.
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