As we get into this post-digital marketing world, we will need to develop a clearer picture of what we are marketing. In some cases, it might seem easier to merely define the product or service. After all, we all know what a watch looks like, we all have a general idea of what an iPad is, and what a mobile phone does. But we need to understand what people want from their products and services and then create the marketing mix that will meet these needs. Because of that, we will need to start marketing and develop a clear, understandable marketing mix for our specific business.
What Is the Marketing Mix?
The marketing mix is essentially the combination of all four marketing disciplines within a particular discipline, plus a component of something else, such as the use of sales data to market. For example, it is called a sales marketing mix when a combination of a sales target marketing mix and the actual sales goals of the sales department are used. In this case, the marketing mix refers to the marketing mix that is used to influence sales, such as more likely sales targets or marketing by media.
What Are The 4Ps of marketing?
Let’s begin with the four P’s of marketing – product, price, place, and promotion. These marketing categories have existed for some time, but now, we need to understand how they relate to each other, their impacts, and how they influence the other components of the marketing mix. As part of our efforts to develop our marketing mix, we will need to understand the impact of each of the four P’s on the other parts of the marketing mix.
Products provide the critical foundation for any marketing campaign. It is what the customer perceives from the experience of interacting with the product that defines the experience of the marketing mix. Some products are easy to understand, but most are not. In fact, people are hard-wired to experience products by manipulating their physical attributes. So, what happens when a consumer engages with your product or service is important because it directly affects what experience they have with your product and brand. For example, customers will experience your product differently depending on what it looks like, how it feels in their hand, or even how you manipulate them in relation to it. All of this affects what consumers buy from you.
At its most fundamental level, price is how much money it costs for your product or service. So, it is a quantitative measure of value. Also, you can not just raise the price of a product. Consumers will notice and this can have a negative impact on your business. However, you can lower your price if you are losing market share, customers are leaving the business, or you are losing customers to competitors. Just remember: the higher the price of your product, the less value it will provide.
The context of the product relates to the role of the product or service in the world. For example, a toaster is used every day and is essential to a consumer’s life. If your toaster breaks, it is not necessarily an emergency. You will simply purchase a new one and it will not be a disruption in your life. So, if you do not compete with other marketers and the value of your product is relatively low, it is unlikely to significantly impact your business. However, if your toaster does not perform well, it will affect your business. There may be significant margins on that particular product, but these are more likely to be lost as a result of poor performance, rather than a high price.
As we have already discussed, promotions are typically the most visible component of a marketing mix and are the most direct channel for influencing the customer’s behavior. And it is through promotions that you influence how the customer views your product or brand. Whether it’s the use of new and innovative product features, the offering of an incentive or discount, or even the introduction of a new competitor, there are a lot of ways that a promotion can affect your consumers. Here, the role of the product is really important. If your product is in a performance category, it is likely that your promotions will have a more direct impact on your business. There may also be some time lag between the time that you introduce a new promotion and when it reaches the customer. In other words, in the case of a new smartphone, the ability for the customer to purchase the product at any time will likely affect your business.
In The End
When you understand that there is a tremendous amount of power in your marketing mix, you will realize that you can shape it by taking action to advance your product’s purpose, be a better marketer, and bring more value to your customers. Now it is all up to you how you want to use this knowledge.