Marketing 101: Let’s Learn About Marketing Mix
The marketing mix is also referred to as the four Ps is considered a marketing foundation concept, defined as a set of marketing tools for pursuing marketing objectives. The four Ps or broad levels of every marketing decision include the product, promotion, price, and place. With the rise of modernization, it is also important to consider other vital elements that contribute to the marketing mix which includes people, packaging, positioning, and politics. Among the 4Ps, product pertains to the actual item or product being sold that satisfies the wants and needs of customers. The price is the amount of the product or the amount a customer is willing to pay to acquire the product. Promotion is advertising or letting consumers know about a product or service. The point of sale is the place.
Because the 4Ps influence each other, they are the basis of a business plan to achieve greater success. In terms of working using marketing mix, it requires a lot of understanding, market research as well as consultation with traders, manufacturers and customers. In terms of marketing decisions along the product element of marketing mix, it includes product design (quality, features), product assortment (product mix, product lines, product range), branding, packaging and labeling, services (after-sales, service level, complementary services), warranties and guarantees, returns, and managing products through their lifecycle. The marketing decisions for the price element of marketing mix include price strategies, price-setting, price tactics, discounts, allowances, and payment terms. Message strategies, message frequency, promotional mix and media or channel strategies are the marketing decisions involved in the promotion element of marketing mix. When it comes to the place, it refers to the direct or indirect marketing channels, distribution, market location, order fulfilment, retail outlet, territorial coverage, catalogues, inventory and logistics. The element of place involves marketing decisions such as distribution strategies, market coverage, franchising, channel member relationships, location decisions, inventory, assortment, warehousing, transport, and logistics.
The different categories of modified and expanding marketing mix include physical evidence, people, and process. The physical evidence refers to space or environment customers and staff interact, tangible commodities in facilitating service performance, and artifacts reminding customers of a service performance. The marketing decisions of physical evidence involves spatial layout, facilities, interior design, signage, ambient conditions, artifacts and design of livery. When it comes to the people element, it pertains to the human actors participating in service delivery, service personnel representing the value of the company to customers, and interactions between customers and employees. For the people element of marketing mix, it includes training and recruitment, scripting, uniforms, handling customer complaints, queueing systems, managing waiting time and managing social interactions. The element of process of marketing mix include flow of activities, procedures, and mechanisms by which service is rendered. It is crucial for companies to choose a marketing agency that implements marketing mix.