If you are one of those who are destroying your search engine with questions like 'Explain marketing mix' or 'What is marketing mix?' then, worry not. You have landed on the right page. Follow the article to quench your inquisition about marketing mix
Brian Tracy in his book 'Marketing(The Brian Tracy Success Library)' comments that successful marketing is based on the accurate determination of the correct marketing mix.
This shows the pivotal role that marketing mix plays in marketing. Let us now go through the marketing mix definition.
Marketing Mix Definition
The marketing mix is described as the set of marketing tools that a firm uses to pursue its marketing objectives in a target market.
Let us now interpret the meaning of the above definition.
Marketing Mix Meaning
There are broadly two types of factors that affect your marketing decisions. One can be varied according to the market circumstances by the firm itself known as controllable factors and the other cannot be controlled by the firm but does impact the firm's decisions known as uncontrollable factors.
Marketing mix is a set of controllable factors/variables, a business adapts to offer its products or services.
In simple terms, Marketing mix is all about the ways in which a business offers its products or services.
Marketing Mix and 7ps:
I shall now brief you with the marketing mix elements, popularly known as 4ps or 7ps of marketing. People may get baffled about whether it is 4ps or 7ps. Let me clarify.
Who introduced the concept of marketing mix and when?
During the 1960s, E Jerome McCarthy categorised various marketing activities under four broad kinds of marketing-mix tools namely, product, price , place, and promotion known to be the 4ps of marketing.
Later in 1980s, Bernard H. Booms and Mary J. Bitner expanded the model into 7ps to create a apt model of marketing mix for services.
Marketing Mix Elements (7ps):
Product: Product refers to the offering made by a business in a market. It can be both a product or service. A business substantially evolves around this element to continuously change, improve or transform the life of its customers through its product or service.
Price: Price includes determining the cost of producing/rendering the product/service and then charging the profits thereon so the price is at equilibrium and competitive enough to sustain the market. Finding ways to reduce cost without compromising the quality and even adding value to your offering to charge a premium can be a part of the price mix. To sum up, Price is all about charging your product or service in a way that convinces your potential customers.
Promotion: Promotion is how well you communicate your offerings to the market to make successful customer acquisition. A business must communicate to its potential customers what do they offer. How is their product or service different from their competitors? (Unique selling proposition) and so on.
Place: Place refers to all the activities a business undertakes to facilitate acquiring its product or service by its customers who are willing to do so. This marketing-mix tool aims at making the acquiring process attractive and convenient to the customers and hence, boosting the profitability of the business.
Packaging: Packaging refers to presenting not only the product or service but also the business in the most attractive way possible. This aims at grabbing the visual impressions of the customer when he /she comes across a particular business since people are considered intensely visual. This marketing-mix tool firmly believes in the narrative 'The First impression is the best impression'
Positioning: Positioning refers to how people perceive a brand. It is about what your customers and non-customers think and talk about your brand. For example, Apple Inc. is known for its unbeatable product quality and software which no other competitors can so far match with.
People: People are all those who are part of the business organisation from whom the customers buy the products/services. This marketing-mix tool aims at carefully opting for people who can build trust and relationships with the customers. It is the human tendency to be emotionally connected with people who he/she likes hence influencing the purchase decision. Experimenting and revisiting each marketing mix consistently would undoubtedly impact your profitability and sales figures. But, it comes with its risks. Nevertheless, let's follow the famous mantra 'Risk Hai Toh Ishq hai' and love our business by taking risks. I hope you find this article reading worthy and has made your learning a delightful experience.
Comments