What is marketing mix?
If you are a business owner, you have probably realized by now that an effective and well-planned marketing strategy is a key pillar for ensuring the growth of your company. That is why today we will take a closer look at one of the most popular sets of tools (developed almost 80 years ago) known as the marketing mix.
Marketing mix, or 4Ps
This abbreviation refers to the four basic pillars through which a company can influence the market. Let’s briefly discuss them below:
- Product – what you offer and present to the customer. This aspect should be considered in terms of attractiveness, quality, brand recognition, target audience, etc.
- Price – how much the customer will have to pay for your product or service, as well as potential discounts or rebates they can expect.
- Place/Distribution – the methods and channels through which your product reaches the customer. You need to pay attention to both availability (do you operate an online or brick-and-mortar store? If it’s the latter, how many locations do you have and where are they located?) and optimizing the transaction process itself.
- Promotion – all activities aimed at promoting your product, including public relations, content writing, advertising, and any other actions that promote your offering.
Alternative to 4P – 8P and 4C
Although the 4Ps may seem concise and comprehensive, over the years there have been voices and suggestions to expand it with additional elements. Below, we will discuss the two most important ones.
In fact, we are not dealing with something new – the 8Ps is a combination of the aforementioned 4Ps and four new components that a company should pay attention to:
- People – your personnel;
- Process – the course of service delivery;
- Physical evidence – material and visual elements associated with the company;
- Pleasure – the overall satisfaction associated with experiencing your products and services.
It has long been known that “the customer is king” – that’s why it’s worth looking at the world not from the management’s perspective but from the average buyer’s perspective, which will help you better understand what the customer values. The 4Cs distinguish the following elements:
- Cost – all the costs the customer will incur when purchasing your product (thus, it is a much broader concept than just price);
- Communication – clear and transparent presentation of the values adopted by your company;
- Convenience – the availability and ease of purchasing your products. After all, everyone values their time;
- Consumer – are you offering something that is truly useful? Which target audience are you trying to reach? What captures attention?
Marketing mix – benefits
With a trusted model of core marketing pillars at your disposal, you can effectively create – or improve – your current strategy.
First and foremost, it is important to ensure solid foundations, which means making sure that there are no deficiencies in each of the four mentioned aspects (whether your product – and its production process – is of the highest possible quality, whether its delivery is efficient, whether you have a clearly defined target audience, etc.).
Equally useful for this purpose will be the concept of 4C, which is the other side of the same coin, offering valuable insights from the perspective of consumer expectations. If you ensure that each element of 4P and 4C is at a high level, your company will undoubtedly experience a significant improvement in financial results.
- The marketing mix consists of 4 pillars: product, price, place/distribution, and promotion.
- The strategy can be expanded with 8 additional aspects: people, process, physical evidence, pleasure, cost, communication, as well as consumer and convenience of purchase.
- By applying the marketing mix strategy, you can significantly improve your marketing efforts.
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