The marketing mix is a blend of marketing variables that determine the level of marketing efforts on the target market.
Marketing mix is the mixture of controllable marketing variables that the firm uses to influence and pursue the sought level of sales in the target market. It is the tools use to influence or persuade the wants, needs, and demands of the customer for PSI (product, service, or information).
In simple terms; marketing mix is the tool that is used to influence the target market and its demand for product, service, or information.
Usually; marketing mix describes the combination of the 4 inputs which constitute the core of a company’s marketing system: the product, the price structure the promotional activities, and the distribution system.
What are the 4P’s of Marketing Mix? (Explained)
4p’s and 7p’s of the marketing mix are;
- Physical Evidence.
What these Marketing Mix Ps indicates? Let’s Explain;
The product is something like good, service, information etc. that satisfies the wants of a company’s target market.
Products must follow a logical product lifecycle and it is very important for marketers or producers to understand and plan for the stages of the product lifecycle and their core challenges.
Product must answer some questions, for example, what problem the product will solve, is the consumer or customer needs the product, and/or what will be the components of the product?
Price means the number of dollar customers or consumers must pay to obtain/use the product. It is the amount paid by the customer by to a business.
For example, a bottle of Wine that may cost $100.
Prices set by the business depends on the business policy those it may be adjusted through discounts, allowances, and/or credit terms.
Place indicates the company activities that ensure a product or service available to target consumers.
It includes all activities like distribution channels, logistics, transportation, and locations offered by the company.
A company may have many stores offering its products across the United States, but there may still locations where customers or consumer will not access that company’s products.
This is a great loss for the company. So that it must ensure that products are available to target customers or consumers.
Promotion refers to the activities that communicate the merits of the product to target customers and influence to buy it.
One of the major factors of promotion for products or services is advertising.
Indicates the employees representing the company. They interact with clients or customers for various purpose.
The process is the procedures, mechanisms, and flow of activities by which the service is delivered to the clients/ customers.
Physical evidence refers to the area or space where the company representatives will interact with the customer. It works as a tool for reassuring our customers.
For example, a company might have impressive buildings, a well-trained staff, great website. Considerations include furniture, signage, and layout.
4C’s of Marketing Mix – Modification of 4P’s
So what are the 4C’s of the marketing mix;
Customer or Consumer is the king in the competitive world. In the competitive environment, the product will not create its own demand if it isn’t wanted by the consumer.
First, you must need to study the consumer needs and demands and then develop the product as it satisfies the needs, wants and demands of desired customer or consumer. demand.
Price is only a subset of the total cost incurred to satisfy the want or need of customer or consumer. Cost is the most important element of marketing mix which affects the decision of the customers.
The marketers must need to give special attention to the cost of a product or services.
Convenience is the most important tools for more sales. The convenience of purchase products helps most of customers or consumers to choose that product.
Take an example heavy machineries products like fridge and air cooler.
If the companies sell these products and do not give you delivery and installation service.
You may not buy the product as you won’t be ready to pick up the machine and install it yourself. You will be looking for your own convenience product.
A marketer should consider the communication instead of promotion.
Promotion is manipulative, it starts from the seller while Communication requires a give and take between the buyer and seller.
How 4P’s and 4C’s of Marketing Mix fit?
- So when the company thinks about its product, its need to consider what solutions it is providing for their customer.
- When the company thinks about the price of PSI, it should consider what cost, the customer is willing to pay to get their PSI.
- As the company reviews the place of PSI, it could evaluate how convenient it is for their customer to find, buy, and actually get in their hands.
- As the company plan, the promotions consider the type of communication their customers prefer and through which channels they will be more receptive.
The Marketing mix is the mixture of controllable marketing variables that firms use to pursue the sought level of sales in the target market.
4P’s and 7P’s of the marketing mix are – People, Product, Price, Promotion, Place, Process and Physical Evidence. 4C’s – Customer, Cost, Convenience, Communication; fit marketing mix perfectly. 4Ps, the 7Ps, or the 4Cs, marketing mix is crucial for creating a plan that increases sales and profitability, customer satisfaction and brand recognition,
So understanding the basic concept of the marketing mix and its extensions in important for achieving success in marketing.