What is Marketing Mix?
Do you know What is Marketing Mix?
If No, you’re at right place in this blog we will learn what is marketing mix.
The marketing mix, precisely, refers to all the combinations of factors that affect the model of an organization itself.
So let’s start our most detailed Guide on What is marketing mix?
Marketing Mix meaning it is the mix of all those tools that a firm or an organization pursues or decides to achieve the objectives of an organization like profit maximization, high valued goodwill in the market, etc.
You know, these tools help organizations (and also affect these Indian moms, while bargaining with the sabzivalas) to make an efficient expenditure on their target market.
A company uses the marketing mix to add a high value to its product, like, advertising a particular product via television, radio and other social networking sites like Instagram, YouTube, etc. It will automatically add a high value to the product as the advertisement cost will be added to it.
Definition of Marketing Mix
Definition of marketing mix is following
According to Philip Kotler – “Marketing Mix is the combination of four elements, called the 4P’s (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying to create the desired marketing strategy“
History of Marketing Mix
Listening to the word ‘history’, might seem boring, right?
Well, in the case of “Marketing Mix”, it isn’t. Because it isn’t having a long-run story of rules & kingdoms, rather just a simple concerned one of marketing.
Marketing mix started coming onto the mouth of when Borden, firstly, published an article about the same describing its ingredients or elements, after the description of James Culleton.
After that, Mc Carthy gave the diversification of these ingredients into 4 p’s and those are the product, price, place & promotion. And these are those topics which we study even now, in our senior secondary level.
And, in that decade only, Albert Frey categorized the same into two categories: the offerings & process variables.
Both the diversifications were correct but the Carthy’s one is taken into account as a précised one.
Later on in the 1980s, 3 more p’s were added to the ingredients and those are people, process & physical evidence.
Elements of Marketing Mix:
let’s learn different elements of marketing mix
Marketing Mix is diversified mainly into 4p’s:-Product, Price, Place & Promotion.
What are these?
These 4 p’s are the basics of models of the marketing mix, which decides the way you take a new product or service into the target market.
Wanna know more about ‘em?… okay then,
Let’s start with the first one: –
A product refers to a certain commodity, which a consumer consumes to satisfy his/ her wants.
Product can be classified as tangible(goods) & intangible(service).
The typical marketing decisions included in this tool are:
- Product Design- It includes all the decisions regarding the product’s features, how it is to be designed & the product’s quality.
- Branding- Branding refers to assigning a brand to a particular product, e.g. a shoe after being designed is assigned a brand on itself like Nike, Puma, etc.
- Packaging & labelling-After the product is given the brand name, then the resourceful info. is added as well as the product is packaged into the safe container, for parceling.
- Services- A customer always looks for the additional services to be provided, along with the product. E.g. after-sales service, complimentary service, etc.
- Guarantees & Warranties- U know what, we all are greedy & hence we look for additional advantages with the product. On a serious note, these guarantees & warranties are the things that conform to the consumer to buy a product, as a consumer also feels safe while buying the same, as it can be either replaced or can be repaired by the buyer itself.
- Product life cycle- Every product has its life cycle & both the consumer & the firm take their decision keeping in mind the life cycle for the same.
Also, a product has three major components that define itself:
- Product Line: It is a set of related products that are marketed under the same brand name which is sold by the same company. For Example, Dove sells Shampoo as well as Soap under the same brand name.
- Product Width: It is several different product lines offered by a company. For Example, Hyundai offers SUV as well as Sedans and hatchbacks under the same brand name “Hyundai”.
- Product Depth: It is the number of Sub-Products offered by a business within a particular line of products. For Example Brands, Models, Styles, etc.
And the second one:
It refers to the amount of a particular commodity or service that a consumer pays to get maximum satisfaction.
Precisely, in a more understandable form, it can be referred to as a sacrifice consumer is ready to make to acquire a product.
As a Marketer, the following factors will be considered before deciding the final price of the Product:
- Cost of Production
- Price of Competing Firms
- Marketing Method used
- Government Regulations
- Purchasing Power of Consumers
- Demand for the Product
Marketing decisions in Price mix are as follows:
1.Price strategy- “What price should be decided?”, “ How the price will affect the consumer?” etc. These decisions are made in this element.
2.Allowances- It includes allowances such as rebates for the distributors etc.
3.Discounts- I don’t think that there is a need for me to tell you about this one.
4.Payment terms- It includes payment methods for a product to be consumed.
The Place mix refers to providing customers with the easiest and convenient way to access the product.
Typical marketing decisions included in this mix are:
- Strategies- It refers to the technique to be undertaken for the distribution of goods like intensive distribution, extensive distribution, etc.
2.Franchising- An organization does franchising to provide branded products to the consumer in their locality easily, by opening their franchises like Mc Donald’s.
3.Channels of distribution- It refers to the type channels an organization opts for the distribution of goods like either a single channel of distribution (manufacturer to consumer) or multiple channels are included for distribution (manufacturer > distributor > wholesaler > retailer > consumer)
4.Inventory- An organization always decides how much stock, inventory should be maintained according to the demand of a product.
(Just like all Indian husbands, u know, they primarily try to guess the limit of their wives’ shopping).
5.Transportation & Warehousing- Goods manufactured at one place needs to be distributed where they are demanded. This process is possible with the help of Transportation & Warehousing.
Promotion is a marketing technique that makes communication, so that, the consumer is tempted to know more about the product & also increase its potential to buy the product.
The typical marketing decisions included in the promotion are:-
Generally, these are the only 4 p’s that are majorly discussed in the marketing mix concept, and those are for mainly product marketers.
But as it was diversified further 3 more p’s were added in the same for the service marketers.
(Seems boring? Why 3 more? but believe me, these 3 are just a part of the general ones and are also simple to understand)
These are as follows: –
Obviously, by name, it suggests the service personnel that represents the company or you can say human factors participating in the service sector of the co.
It involves interaction between consumers and employees.
Therefore, helps the company to know the interest of the consumer.
It refers to the mechanisms, way or flow of activities by which a service is delivered.
It includes process design, blueprinting, standardization & customization decisions, monitoring & tracking service performance, etc.
It refers to the external environment in which the service is being provided.
It can also be said as space where the customers & service personnel interacts.
So, it’s main aim is to provide a framework or ambient conditions for the services to take place.
DIGITAL MARKETING MIX :
Digital Marketing Mix is the same as the marketing mix, but the only difference is that it brings those tools of marketing mix into the digital aspect.
Like, I can tell you one by one: –
1st was the product.
So, in digital marketing aspect, it is termed as then ‘virtual product’
It is regarded as a combination of tangibility & intangibility.
E.g. consumer can prefer to buy a Bluetooth Speaker rather than buying an MP3 player for the same.
Many applications could be found from both consumer and suppliers’ side.
Like, as a consumer we can just compare prices of the product then & there only,
And as a supplier, it helps in providing a high degree of transparency with the consumers.
Because of the presence of the internet, the channels of distributions have also become virtual.
Reach of the products is now worldwide, therefore helps to build a good relationship with customers.
Also, navigation for the same has made it more convenient.
The Internet can be accessed from mobile, tablet, laptop and PCs at any corner of the world.
It includes setting the target market, engaging the audiences by putting advertisements, pay-per-click (PPC), SEO’s et.
It helps in building relationships with the third party webs to promote products or services.
To conclude, all the 7 P’s of Marketing Mix are useful and important in running a successful business for a longer period and form the core of marketing. I hope you got what is marketing mix and everything you need to know about what is marketing mix. if you have any doubts related to what is marketing mix you can ask in the comment section.
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