The term marketing mix is common nowadays you all might have heard about it somewhere in the classroom or in any article or blog.
So, first, let us talk about what marketing exactly is?
Marketing is a continuous process that eventually starts from getting the demand of the product by research and the last process of this cycle is after-sale services. There is a misconception about marketing that it only talks about sales and promotion but it is a much wider term than we thought about it till now.
After a brief knowledge about marketing, let us find out what is marketing mix is:-
The concept of the marketing mix was introduced in the early 1960s by a marketing expert know as E. Jerome McCarthy. A marketing mix is a combination of product, place, price, and promotion. All we need to know is to create the right product at the right price at the right place and its best promotion accordingly. These 4P’s are a very crucial part of the marketing mix.
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Marketing Mix
There are 4P’s in the marketing mix. These are the important points that every marketing person should know about.
1.Product
A product is a tangible good that means it can be touched and seen, it is used to satisfy the need of the customer, it is really very important to choose your product wisely as every product has its life which goes through four stages that are introduction, growth, maturity, and decline. In the introduction the product gets introduced in the market, in growth stage the product becomes popular and the profits start increasing, in the maturity stage, the product is at its optimum level there is no further scope of increasing sales and at last, it comes decline which means there is a need of some change in product else it will be thrown out of the market as the competitors start taking over the market share.
This is also known as the product life cycle which every company should know before thinking about what to produce or what would be the product of the company. They should know that the demand is there for the product or not. The looks of the product should be defined and features too.
For example: – Maggi is a product that is unique and many brands tried to copy that but in the end, the taste of Maggi has won hearts and the product is the reason behind it.
2.Place
The place is also an important part of the marketing mix it includes placement and distribution network of the product. The marketer should be aware of the prospective buyer of the product and the place associated or feasible to them, this can simply be done through creating a proper channel of distribution.
The target market should be defined in detail and should discover the best possible channel required accordingly. This will make things easier for the promotion team to get a targeted audience and place and to influence them accordingly and precisely.
You can use selectively as well as intensive techniques for choosing the audience and the area, the easier way of that is franchisee if the brand is already created for example McDonald’s.
3.Price
Price is the amount that every customer needs to pay for getting the product or services. This is the first thing a customer thinks of while thinking of any product.
Price also plays an important role in the mind of the customer as the price directly affects sales of the company, and it is the most touchy thing for any customer, the proper analysis of the competitor’s price should be done and the best possible price of the product should be chosen.
The irony is that the price can make you a brand but if not they can also shut your business. So working smartly on price is needed when it comes to the marketing mix.
The price will directly be connected with the product as the quality and uniqueness of the product. The more common product will be the more competitive the price should have to be and if there is a uniqueness in your product then the price can be charged in premium.
The price should have logic behind it and fulfill both profits as well as for social needs. And don’t forget that customers are too choosy when it comes to the price unless they are brand loyal.
For example: – Jio has penetrated the telecom markets and made an impact with its low price strategy and got a good response from the customer.
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4.Promotion
Promotion is a process of communication to the targeted audience (prospective customer) about the product, its details, and importance so that they can get awareness about the product and to create interest in the mind of customers, with existing customer’s it’s about brand value and repeats sales to the same customer.
Promotions include: –
- Advertisement
- Sales promotion
- Email marketing
- Digital marketing
- Maintaining public relations
- Personal selling
These are some types of promotion which any company can use to get the maximum results for the company, word of mouth is also a kind of promotion that is done by the customers by promoting the product to relatives and friends when they are fully satisfied with the products.
The promotion’s directly connected with the budget of the marketer as well as the target customer, but this thought is been changed after the introduction of digital marketing which provides promotion at cheaper rates and with good customer reach. Overdoing promotion is also worst the marketer should find out how much to promote and when to stop.
These four P’s will make you look different in the competitive market and attaining the expertise in them will make your business shine like a star. It is always an advantage to have a distinct plan with optimal utilization of profitability and customer satisfaction. And these 4p’s should be considered with one another and in the proper sequence to get the best of the benefits out of it.
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