Marketing mix is commonly used words in the business world. Marketing mix is the core element of the business that is designed to achieve the marketing goals. Some of the case, marketing mix is to be considered as 4Ps, 7Ps or 8Ps planning on the basis of the organizational nature and objectives. No matter it is but the successful blending of the product, price, place and promotion strategy can ensure that this blending may enable or not to create a positive response in the final market.
A businessman should have knowledge about 4Ps planning because it is the heart of all business planning. Today, we discuss about marketing mix, 4Ps of marketing, 7Ps of marketing, 8Ps of service marketing, elements of the marketing mix, considerable factors to design good marketing mix, importance of marketing mix, process of developing marketing mix, example of a marketing mix, define promotional mix and elements of the promotional mix.
Define marketing mix: Or What does the marketing mix mean?
Marketing mix is a blending of some controllable tactical tools (product, price, place, and promotion) that is to be used to achieve the marketing goals of a company. The marketer needs to define their product quality, then need to determine product price, then design the promotional campaign, then disclose the ways of distribution and finally choose a blending of those given elements to get or receive the best response from the final target market. To know more about marketing mix, visit wikipedia.
Example of Marketing Mix:
RMF trading corporation produces water purification devices for 100% safe and pure drinking water, they are producing distinguish product with good quality, charging market skimming pricing, designing their promotional mix with ads, personal selling and online marketing, developing their marketing channel through selected dealers and distributor and also ensuring selective distribution for their product. The given, blending is to be considered as the marketing mix or 4Ps mix of the Water Purifier of RMF trading corporation.
4Ps Mix in Marketing:
The 4Ps of marketing are the blending of the basic 4Ps (Product, Price, Place, Promotion) of marketing to achieve business goals where all the components may take changed as per the business strategy and policy. Component of 4Ps is discussed below:
Product is anything that can offer in the market to get customer accent and may enable to satisfy customer needs and wants. A product is the combinations of some features and qualities that can produce the desired solution for customer’s problems. In marketing mix product also represents various strategies around the product. A product has five major levels including core benefit, generic product, expected product, augmented product, and potential product. Marketers should consider all the five levels of a product when they design any product strategy in their marketing mix strategy.
There are two perspectives to define price. On the customer side, They sacrifice price to get or receive a particular product or service. On the seller’s side, the price is the charging amount to give or sacrifice any product or service. There are two types of new product pricing strategy (market penetration pricing i.e. The initial low price to get or cover large market share; market skimming pricing i.e. To get or receive a high customer return from the customer by charging an initial high price of the product) is available in the market and their marketing objectives are also different. A businessman should understand his or her business goals and others market situation and determining their product or service price.
Place means the distribution of the product. A marketer should take decisions about How much the product is available in the final market? (Mass distribution or convenient distribution, selective distribution, exclusive distribution); Who is responsible to distribute a product? (Dealer, Distributor, Wholesalers, Retailers); For what marketing intermediaries available the product? (Commission or Benefit).
Promotion is the combinations of advertising, sales promotion, personal selling, direct marketing, online marketing, digital marketing and publicity that is uses to inform the customer about a particular product, service, brand even any organization or any idea to get or receive customer concentration about the company offerings. Marketers should design their promotional plan by considering their communication and promotional objectives.
7Ps of Marketing Mix:
Besides these 4Ps (Product, Price, Place, Promotion) of marketing, some of the cases marketers may use other 3Ps (People, Process and Physical evidence) to get more from their target market.
- People: People in the workforce who is responsible to design and implement each and every strategy and policy for the purpose of achieving the organizational goals. Manpower is the key to any service organization without their cooperation no business can go far more away from their existing position.
- Process: Process is the combinations of some consecutive things or objects that may enable a manager to achieve a certain goal in a structured way. A marketer should develop some of the processes regarding marketing decisions i.e. Market segmentation process, customer needs identification process, promotional campaign designing process, and some other essential process.
- Physical Evidence: Physical evidence is the hard copy of any transaction that is happening in the final market within the company stakeholders. By born people may confuse regarding some issues these are not having in visible form in the world. That’s the real fact about to get or receive physical evidence regarding any of the transaction happens in the real marketplace. So, the marketer should take into consideration these issues and produce proper physical evidence as much as possible.
8Ps of Service Marketing:
Besides these 4Ps (Product, Price, Place, Promotion) of marketing, some of the cases marketers may use other 3Ps (People, Process and Physical evidence) to get more from their target market but whenever it is service marketing marketer should consider the extra one P (Productivity and Quality) for attracting their customer.
- Productivity and Quality: In the services, product customers are always concerned about productivity and quality because most of the cases it is varied depending on time and sounding environment. The customer can experience any service, product after entering a service delivery process just because they are concerned about the production process and its quality. So, it is a challenging issue for any service marketer. For this reason, service marketer should understand the importance of service productivity and quality and take proper initiatives regarding this issue.
Definition of promotional mix and elements of promotional mix:
Promotional Mix is the blending of advertising, sales promotion, personal selling, direct marketing, online marketing, digital marketing and publicity that uses to inform the customer about a particular product, service, brand even any organization or any idea to get or receive customer concentration about the company offerings.
The marketer should understand the importance about marketing mix, 4Ps of marketing, 7Ps of marketing, 8Ps of service marketing, considerable factors to design good marketing mix, process of developing marketing mix, example of a marketing mix, define promotional mix and elements of the promotional mix and also ensure the proper design of all these things.