The Marketing Mix technique is not really a very complicated concept. However, if you do not understand it in detail, then there is a definite chance that you will lose the main aspects of determining the success of your business.
With a thorough understanding of Marketing Mix, you'll know exactly the steps you need to take to maximize your profits on the business you're running.
In this article, we will help you to learn more about the fundamental Marketing Mix techniques you should know. Please, see the explanation below.
What is Marketing Mix?
Marketing Mix is a tactical or operational part of a marketing plan. Marketing Mix consists of two different concepts commonly called 4Ps and 7Ps.
Concept 4Ps includes price (price), place (place), product (product), and promotion (promotion). While the 7Ps concept includes several additional aspects, namely process, people, and physical evidence.
With a thorough understanding of Marketing Mix, you'll know exactly the steps you need to take to maximize your profits on the business you're running.
In this article, we will help you to learn more about the fundamental Marketing Mix techniques you should know. Please, see the explanation below.
What is Marketing Mix?
Marketing Mix is a tactical or operational part of a marketing plan. Marketing Mix consists of two different concepts commonly called 4Ps and 7Ps.
Concept 4Ps includes price (price), place (place), product (product), and promotion (promotion). While the 7Ps concept includes several additional aspects, namely process, people, and physical evidence.
The Marketing Mix concept is fairly simple. Imagine you have a cookie dough. Basically, all the cakes contain eggs, milk, flour, and sugar.
But, you can change the taste of the last cake by changing the number of mixed elements contained within it. For example, if you want a sweeter cake, then you can add more sugar.
The analogy above is the same as the Marketing Mix concept. The bids you make for the customer can be changed with variations of the mixed elements contained therein.
For example, if you want to have a famous brand of products, then you need to increase the focus on the promotion and be sensitive to the weight given at the price.
As explained before, the elements contained in the Marketing Mix technique do not stop until promotion and price only. There are still five other P's that play an important role in business success.
What are the 7Ps that make up the Marketing Mix concept? Let's check this out.
Product aspect
Products are goods or services designed to meet the needs and desires of the customer.
To effectively market products or services, businesses need to identify what distinguishes them from other companies ' products or services.
Examples of products include:
Products are goods or services designed to meet the needs and desires of the customer.
To effectively market products or services, businesses need to identify what distinguishes them from other companies ' products or services.
Examples of products include:
- Tesla Model S, Premium electric car
- Stay at Holiday Inn Express, a low-cost national hotel chain
- Doritos Nachos, snack food
- Online Banking Services
Each of these products has a unique set of features, designs, names, and brands that focus on the target customer. Product characteristics are also different from competitors '
Promotion aspect
Promotion includes all tools available for business people to conduct marketing communications.
There are many promotional elements often included in marketing communication techniques such as sales, advertising, sales promotion, public relations, direct marketing, online communication, and personal sales.
Examples of promotions include:
- A magazine advertisement
- Customer reviews about products in online forums
- A newspaper article in a local newspaper citing employees of the company as experts
- Messages sent to customer list
Price aspects
The company's goal in terms of price is to reduce costs through increased production and efficiency, and most importantly the business needs to increase the value of its product and service benefits to the customer.
Businesses need to consider the costs associated with their research and development, manufacturing, marketing, and distribution, or known as cost-based pricing.
While the price is based on quality perception or value of consumers is known as value-based pricing.
Place aspects
Place is also known for its channel, distribution or intermediary. The place here means the mechanism through which goods or services are transferred from the manufacturer or service provider to the customer.
The type of product or service offered is also important to consider when determining the distribution area.
Regular consumer products are often available in many stores. However, premium consumer products are usually only available in certain stores.
Regular consumer products are often available in many stores. However, premium consumer products are usually only available in certain stores.
People aspects
These aspects include the target market and the people directly related to the business. Thorough research needs to be done to find out if there are enough people in your target market that require certain types of products and services.
Corporate employees are also an important part of marketing. Because they are the ones that will provide services.
Businesses need to recruit and train the right people to provide superior services to clients, whether they sit on bench support, copywriters, programmers, and so on.
When a business finds people who actually believe in a product or service created by a particular business, it is very likely that employees will do the best they can.
In addition, they will be more open to honest feedback about the business and incorporate their own thoughts and desires that can enhance and grow the business.
Process aspect
The organizational system and process greatly affects the implementation of services. Therefore, you should make sure that you have a well-designed process to minimize costs.
This aspect can be applied to your entire sales funnel such as payment systems, distribution systems, and other systematic procedures, as well as steps to ensure your business is running effectively.
Physical evidence aspects
In the service industry, there should be physical evidence that the service was rendered. In addition, physical evidence also relates to how a business and its products are perceived in the market.
For example, when you think of fast food, you'll automatically think of McDonalds.
When you think of sports, the names Nike and Adidas will instantly come into your mind.
These brands are generally market leaders and have established physical evidence and psychological evidence in their marketing.
In short, they've manipulated their consumer perceptions very well up to the point where their brand will appear the first time when an individual is asked to broadly mention brand names in their niche or industry.
Such information about "The Fundamental Technique of Marketing Mix You Must Know". Hopefully useful for you.
