We’re in the home stretch! The final two chapters of the textbook covered a lot of more basic marketing ideas, such as the marketing mix, which is the basis for almost everything in marketing. Understanding the marketing mix will help ensure success in marketing campaigns and businesses as a whole. I thought the book did a great job of explaining its important, but I wanted to expand on it a little further.
It feels as though everything in marketing can be traced back to the four basic building blocks of the marketing mix: product, place, promotion, and price. It’s how a company positions its product, it’s what a company is selling, it’s how they’re selling it, it’s everything. The Economic Times provides a great definition of the marketing mix that provides an explanation as to what the marketing mix is at its core, and how it’s grown. They describe the marketing mix as a set of actions, or tactics, used by a company to promote either its brand or product in the market using the aforementioned “four P’s”. The Economic Times also describes how the marketing mix has grown over the years to now often include several other P’s that include packaging, positioning, people, and politics into the mix. Let’s break down those main four P’s though, shall we?
- Refers to the value that a company places on their brand or product. The item that is sold for the most isn’t necessarily the most expensive to make, and it’s all about understanding how much consumers are willing to pay for a product, and the type of consumers the company wants to buy their product. Price can communicate to the consumer the perceived luxury or exclusivity of a product, the demand, or the availability. Pricing is often determined by a multitude of factors, but it is important to understand that when choosing a price for a product, the targeted segments have to be willing to pay that price for the product.
- Refers to how a company chooses to get their product in-front of consumers in an advertising sense. Promotion is the actions taken by the company to ensure that their product is known about and understood by the targeted segments. This can be achieved through any number of advertising mediums including television, social media, or outdoor just to name a few. Along with advertising, promotion is the steps a company can take to convince consumers to buy their product. For some, coupons are an effective way to get consumers to try not only their product, but their brand as a whole by offering some form of discount on their initial purchase. Other forms of promotion include word of mouth, incentives for consumers, or commissions paid to salespeople. It is important for these promotions to mirror approach used in the other three sections of the marketing mix in order to create a congruent identity for the product.
- Refers to the location (both physical or digital) that a product can be found and purchased by a consumer. Companies can choose to make their products available exclusively on their website, through other online retailers, in select brick and mortar stores, or in as many places as possible based factors such as exclusivity, demand, segment, or deals made with retailers to only be sold in their stores, which some retailers will pay a premium for.
- Refers to the actual item or service that is being sold. What is the product? What is its function? Who would buy this product? Why would people want it? Product is the basis for all the other elements of the marketing mix. To understand the other three, it is important to understand what the value of the item is that is being sold, what kind of people buy it, and what is its quality relative to its competitors. If the product does not deliver a minimum level of satisfaction to the consumer based on how it is positioned in the marketing mix, consumers won’t respond positively.
Medium also did a great job at explaining why the marketing mix is vital to any company trying to figure out how to market their good or service. They explain that the marketing mix is more than just comparing your product to that of your competitors. The marketing mix is about understanding the realistic value of your product, how to convey that to consumers, and how to target the correct consumers for your goal.
“Marketing is an approach of numerous processes included in commuting the goods and services from the fabricator or manufacturer to the immediate customer. It confides constructing the concept of goods and services analyzing the related customer, advertising it and distributing them to all the channels of selling.” -Stefan Scott, Mediumhttps://medium.com/@stefanscott3/marketing-importance-of-marketing-mix-7ps-8a5463fd070d
The marketing mix is an aspect of marketing that has stood the test of time and that continues to evolve as the industry does. Understanding how to reach consumers is vital in any business, and the marketing mix is a great place to start when it comes to trying to figure that out.