Introduction of marketing mix
In today’s time when different social media platforms have showcased an upsurge the role of Marketing and marketing mix is unavoidable. The different Marketing techniques and strategies do play a very vital role in reaching the right audience with the right products and services. Marketing and its practices have been around for millennia, but the marketing theory have emerged and evolved somewhat around the twentieth century only.
Talking of the universal role of Marketing which comprises of innumerable activities such as Buying, Selling, Transporting, Promoting, Pricing and Dealing with Financial risk.
According to the American Marketing Association (AMA) “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”. With this blog we aim at highlighting the different aspects associated with Marketing Mix. The blog emphasizes on all the parameters associated with Marketing Mix and its different
What is Marketing Mix?
The concept of Marketing Mix was proposed by E. Jerome McCarthy. The framework helps in the marketing decision making.
Definition of Marketing Mix
In the words of Philip Kotler, “marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market”.
A Marketing mix is an amalgamation of different elements which can be controlled as per the requirement of an organization to convince its consumers to purchase its products.
In the simplest of words, a Marketing Mix can be defined as a set of tactics, actions, strategies implemented by an organization to help in the promotion of its products. Marketing mix is a tool used by the organizations to help them achieve their Organizational Objectives by reaching out to its target market.
Elements of Marketing Mix
As the name suggests the Marketing Mix comprises of different elements. Enumerating the various components of the tool in the following sections.
4Ps of Marketing Mix
Outlining the 4Ps of marketing which are Product, Place, Price and Promotion.
Product refers to what an organization has to offer to its target audiences either products (Tangible) or services(intangible).
Place is nothing but a location either a direct or an indirect channel by the means of which the goods and services reach the desired audiences. It encompasses the market location, logistics, completing an order, providing different catalogs, the geographical footprint along with the territorial coverage. With an exponential increase in e-tailers, it could be both a brick and mortar store or a virtual one, i.e. both offline and online. Price indicates the total cost a customer must bear to acquire the desired product or service. Promotion, as the name suggests it refers to the marketing communication to be done to reach the potential customers and further keep a tab by sending in customized communication.
These four components indeed play an efficient role to build a better understanding of carving out a roadmap to an efficient plan.
Relationship between 4Ps and 4Cs
Somewhere around in the 1990s, the model and concept of 4 Cs’ was introduced which was more customer-driven replacement of the 4 Ps. The two theories based on 4 Cs: Lauterborn’s 4 Cs (consumer, cost, convenience, and communication), and Shimizu’s 4 Cs (commodity, cost, channel, and communication).
7Ps of Marketing Mix
Appending three more elements viz. People, Process and Physical evidence to the 4Ps of marketing we have the 7Ps of Marketing Mix.
People play an indispensable role by reviewing the different needs and opportunities with respect to the culture, employees, management, and customer service. As far as the Process includes the different activities to figure out the most suitable path in reaching the customers and reducing the error rates. Physical Evidence helps in positioning of the brand and in turn targeting the right kind of audience. One example of Physical evidence is the Hospitality industry. The restaurants which are 3star, 4star,5star is evident because of the physical evidence in marketing.
Relationship between 7Ps and 7Cs of Marketing
Corresponding to the 7Ps of Marketing mix we have the 7Cs which are as follows: The products correspond to the Customer needs and wants, Price deals with nothing but the overall cost of the product or service being offered, Place refers to the Convenience choices available with the target audience, Promotion points out to the communication performed, People are the Competence Courtesy, Physical Environment refers to the Comfort Cleanliness and lastly the Processes deal with the Coordination Continuity.
10Ps of Marketing Mix
With a gradual evolution, we now even have the 10Ps of Marketing Mix which has the following elements viz. Proof, Profit, and Packaging added to the existing 7Ps. Proof or Performance helps in figuring out ways in branding your product. This includes testimonials and meaningful awards won if any for your performance exhibited. This aspect, in turn, helps in adding to the trustworthiness towards your product. One of the Key Performance areas is Profit. This element helps to understand how well the organization is performing. Profit is a combination of the pricing strategy adopted and promotion. The packaging is an extension of Promotion. The way people would perceive the product is dependent and influenced by its packaging. One can easily figure out if the consumers are willing to pay, higher will be the profit margins and this will, in turn, increase the credibility of your organization.
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Importance of Marketing Mix
In a way or the other all the elements of a Marketing Mix are interrelated to each other. The Marketing mix further help in designing a business plan which if handled in the right manner can help yield the desired results.
It is indeed of prime importance to understand the marketing mix in the most appropriate manner. Carrying out market research and consultation with several people, encompassing users to trade manufacturing and many others.
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