Marketing Mix is a blend of different elements which must be present in a good marketing strategy. Priorly, Marketing elements consist of the blend of four elements, these are – Product, Price, Placement, and Promotion. There are different other types of elements used by different strategists, but these 4 are the focal ones. The blending elements which make the ‘marketing mix’ are the focus areas for comprehensive market planning.
In this context, we are going to learn about what is Marketing Mix all about, factors affecting the mixes so that we understand how effective marketing is planned out.
Elements of Marketing Mix
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The elements which form the marketing mix are – Product, Price, Placement and Promotion. They are popularly known as ‘4Ps’ as all these four elements begin with the letter ‘P’. These four elements got their recognition in the year 1960 when Marketing Professor and author E. Jerome McCarthy developed an effective marketing strategy.
The author says the marketing element is dependent on the type of industry and the target of the specific marketing plan which the industry wants to implement. Marketing Managers thus take various types of approaches and formulate their strategy to manage each of the four Ps. The four elements can be examined independently, while in practice, they are best used when blended. Let us know about the four elements. They are as under:
Product
Product means an item or a service that is designed or formulated to satisfy the needs and wants of the customer. Toto efficiently plan a product or service, a strategist is required to identify what will differentiate it from the competing products or the services. While this is also very important to determine if other types of products or services are to be marketed by making a conjunction with the main product.
Price
The sale price of the product will reflect what is needed by the consumers, that is what they are willing to pay for it. The marketing professionals hired by different companies need to consider costs that are incurred by the company in the research and development, manufacturing, marketing, and distribution of that product. Only after knowing the base cost, the selling price can be fixed.
Place
The place where the product is sold is very important as this element ensures steady demand and sale of its product. Thus, determining the area of distribution often acts as a game-changer. For example, consumer products, like stationery or groceries are available in many general stores. While, supreme products like cars, dresses, mobile phones are available only in select stores. A new consideration that has evolved in this matter is whether to put up the product in an offline or online store.
Promotion
The marketing campaigns, bills, hoardings all are called a promotional mix. All these activities include advertising, sales promotion, personal selling, and other public-media relations. This is also a key consideration as this element makes the local people know about the product. The marketing professionals who are engaged in promotional activities carefully form a message which often concerns the other three elements and help them to pitch their product to the right target audience.
Service Marketing Mix
The service marketing mix is referred to the combination of all different marketing activities which an organization engages to promote and sell intangible services, this is opposed to the tangible products. In addition to the above mentioned four Ps of the traditional type product marketing, the services marketing mix also includes other three Ps of service marketing like:
People
Process
Physical Evidence.
These are the services which the marketing mix refers to as the extended marketing mix.
Factors affecting Marketing Mix
The factors that influence the marketing mix are classified into two factors; they are as follows:
Internal factors
External factors
Under Internal Factor there are:
Product Planning
Price
Branding
Personal Selling
Sales Promotion
Physical Distribution
Market Research
While under external factors there are:
Consumer’s buying behaviour
Trader’s behaviour
Competitor’s behaviour
Governmental behaviour
Why is Marketing Mix Important?
In a business, everything has to be planned and strategized. This is done to gain profit by way of a competitive advantage over the rival companies. So, while planning the marketing fixture as well, the marketing mix plays a vital role, as the total market is discussed in this marketing mix.
All the elements which are present in the marketing mix influence each other to form a perfect blend of the market plan. They make up a business strategic plan which helps the company in terms of harnessing the best market with the best product, with correct pricing after attracting the customers with attractive promotional activities. If the marketing mix is handled correctly, then it can elevate a great success for the business. If the marketing mix is handled in the wrong way, then the business could take years to recover from its failure of a drastic marketing strategy.
Did You know?
Unique Marketing Mix is the unique type combination of personal selling, traditional advertising, publicity, sales promotion, social media, and also engaging the branch of e-commerce to stimulate the target market to buy a good product. Sometimes this is referred to as the promotional mix as well.
The most important element in the marketing mix is the product.
The new Ps of Marketing mix along with the old Ps are Packaging, Positioning, People and even Politics, they form another vital mix of elements.
As we come to the end of the content, we understand the value laid by the marketing mix. We have gathered enough knowledge about the four elements of the marketing mix and how they help to elevate the product in the market by engaging the correct promotional activities which inform the people about its price.
Below we also attach a marketing mix pdf for an, even more, a wide study which will give the students an exhaustive knowledge.
