Do you Know What a Marketing-Mix is?
A marketing-mix is a set of tactics and actions a company employs to promote its brand. The marketing-mix concept comprises the 4Ps, i.e., price, product, place, and promotion. The purpose of the marketing-mix is to deliver your product or service, to the right audience, at the right time and place. However, the marketing-mix is not restricted to the concept of 4ps. With the development in marketing, the people, process, and physical environment have also become part of the marketing-mix concept.
What are the 4Ps of Marketing-Mix ?
Price is the value you put on your product, and the prices of the products depend on the cost of production, demand, etc. Marketers need to determine the cost of production, promotion, and distribution. Marketers also determine prices by the consumer’s perceived value of the product. In other words, known as value-based pricing. Prices can be a defining factor in gaining a competitive advantage. If a business reduces the cost of production, the prices of products will also be lower. Hence, it can give advantages in attracting more customers.
Product is the end item or service sold to buyers, and products and services need to meet minimum criteria to have any value. Products and services have a life cycle, and the products have development, growth, maturity, and ultimately a decline phase. Therefore, marketers need to constantly update and invent new products and services to stay in the market. Updating products or inventing new want can expand the business’s market.
Promotion refers to all activities that establish a brand. A business can promote its products through multiple mediums, i.e., press reports, advertising, online marketing, incentives, and much more. Promotion incorporates the whole process of communication. Meaning, what is communicated? To whom is it communicated? What were the platforms used for it?. Without proper promotional activities, a business cannot reach audiences. Promotion, in a way, is the representation of your work to people.
Place is the point of sale. The market or industry in which your product and services fall in or target. This part of the marketing mix also incorporates distribution networks, i.e., retail, internet, wholesales, direct sales, e.t.c. Good markets and distribution channels are vital for a product to profit. A marketer needs to identify which markets are essential for the products. In some cases, a supply-driven approach is adopted, where demand for a product is created. In a supply-driven approach, the marketers introduce a new product in a new market. It is vital to identify which audiences to reach for a product to generate revenue and profit.
Why is Marketing-Mix Important?
Understanding of marketing mix is critical for businesses because they are interlinked. A business cannot function well if all the aspects of the marketing mix are not focused. For example, an excellent quality product cannot reach people without promotion and distribution channels. Furthermore, working on all aspects is essential for a business to gain a market advantage. Marketers need to keep an open eye on demand and supply. Hence a well-designed marketing strategy employing all the aspects of the marketing mix can add value to the business.
Marketing-mix is a holistic approach to creating, market, and delivering a product or service. At Elvin Web Marketing, we help businesses with the promotional aspect of the marketing mix. Our qualified team is just one click away if you require marketing solutions for your business.