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Marketing

The marketing mix is a strategic tool that combines various components to solidify a product's brand and enhance sales, traditionally defined by the 4Ps: Product, Price, Place, and Promotion. It has evolved to include 7Ps, adding People, Process, and Physical Evidence to address modern marketing needs. Understanding and effectively implementing the marketing mix is crucial for developing successful marketing strategies and achieving business goals.

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Shah Zazai
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10 views5 pages

Marketing

The marketing mix is a strategic tool that combines various components to solidify a product's brand and enhance sales, traditionally defined by the 4Ps: Product, Price, Place, and Promotion. It has evolved to include 7Ps, adding People, Process, and Physical Evidence to address modern marketing needs. Understanding and effectively implementing the marketing mix is crucial for developing successful marketing strategies and achieving business goals.

Uploaded by

Shah Zazai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Definition of Marketing Mix

The marketing mix is defined by the use of a marketing tool that combines a number of
components in order to become harden and solidify a product’s brand and to help in selling the
product or service. Product based companies have to come up with strategies to sell their
products, and coming up with a marketing mix is one of them.

Table of Content
1. Marketing Mix 4P
2. 7Ps of Marketing
3. Marketing Mix Example
4. Marketing Mix Product
5. Importance of Marketing Mix
6. Questions on Marketing Mix

What is Marketing Mix?


Marketing Mix is a set of marketing tool or tactics, used to promote a product or services in the
market and sell it. It is about positioning a product and deciding it to sell in the right place, at the
right price and right time. The product will then be sold, according to marketing and promotional
strategy. The components of the marketing mix consist of 4Ps Product, Price, Place, and
Promotion. In the business sector, the marketing managers plan a marketing strategy taking into
consideration all the 4Ps. However, nowadays, the marketing mix increasingly includes several
other Ps for vital development.

What is 4 P of Marketing
Product in Marketing Mix:

A product is a commodity, produced or built to satisfy the need of an individual or a group. The
product can be intangible or tangible as it can be in the form of services or goods. It is important
to do extensive research before developing a product as it has a fluctuating life cycle, from the
growth phase to the maturity phase to the sales decline phase.

A product has a certain life cycle that includes the growth phase, the maturity phase, and the
sales decline phase. It is important for marketers to reinvent their products to stimulate more
demand once it reaches the sales decline phase. It should create an impact in the mind of the
customers, which is exclusive and different from the competitor’s product. There is an old saying
stating for marketers, “what can I do to offer a better product to this group of people than my
competitors”. This strategy also helps the company to build brand value.

Price in Marketing Mix:

Price is a very important component of the marketing mix definition. The price of the product is
basically the amount that a customer pays for to enjoy it. Price is the most critical element of a
marketing plan because it dictates a company’s survival and profit. Adjusting the price of the
product, even a little bit has a big impact on the entire marketing strategy as well as greatly
affecting the sales and demand of the product in the market. Things to keep on mind while
determining the cost of the product are, the competitor’s price, list price, customer location,
discount, terms of sale, etc.,
Place in Marketing Mix:

Placement or distribution is a very important part of the marketing mix strategy. We should
position and distribute our product in a place that is easily accessible to potential
buyers/customers.

Promotion in Marketing Mix:

It is a marketing communication process that helps the company to publicize the product and its
features to the public. It is the most expensive and essential components of the marketing mix,
that helps to grab the attention of the customers and influence them to buy the product. Most of
the marketers use promotion tactics to promote their product and reach out to the public or the
target audience. The promotion might include direct marketing, advertising, personal branding,
sales promotion, etc.

What is 7 P of Marketing:
The 7Ps model is a marketing model that modifies the 4Ps model. As Marketing mix 4P is
becoming an old trend, and nowadays, marketing business needs deep understanding of the rise
in new technology and concept. So, 3 more new P’s were added in the old 4Ps model to give a
deep understanding of the concept of the marketing mix.

People in Marketing Mix:

The company’s employees are important in marketing because they are the ones who deliver the
service to clients. It is important to hire and train the right people to deliver superior service to
the clients, whether they run a support desk, customer service, copywriters, programmers…etc. It
is very important to find people who genuinely believe in the products or services that the
particular business creates, as there is a huge chance of giving their best performance. Adding to
it, the organisation should accept the honest feedback from the employees about the business and
should input their own thoughts and passions which can scale and grow the business.

Process in Marketing Mix:

We should always make sure that the business process is well structured and verified regularly to
avoid mistakes and minimize costs. To maximise the profit, Its important to tighten up the
enhancement process.

Physical Evidence in Marketing Mix:


In the service industries, there should be physical evidence that the service was delivered. A
concept of this is branding. For example, when you think of “fast food”, you think of KFC.
When you think of sports, the names Nike and Adidas come to mind.

Marketing Mix Example:


This article will go through a marketing mix example of a popular cereals company. At first, the
company targeted older individuals who need to keep their diet under control, this product was
introduced. However, after intense research, they later discovered that even young people need to
have a healthy diet. So, this led to the development of a cereals product catered to young people.
In accordance with all the elements of the marketing mix strategy, the company identified the
product, priced it correctly, did tremendous promotions and availed it to the customers. This
marketing mix example belongs to Honeycomb, one of the most renowned companies in the
cereal niche. Following these rules clearly has managed to make the company untouchable by all
the other competitors in the market.
This makes Honeycomb, the giant we know and love today to eat as morning breakfast!

Related read:

1. Why planning in marketing is important?


2. What are the principles of Management?

Marketing Mix Product


All products can be broadly classified into 3 main categories. These are :

1. Tangible products: These are items with an actual physical presence such as a car, an
electronic device, and an item of clothing or a consumer good.
2. Intangible products: These are items that have no physical presence but can be felt
indirectly. An insurance policy is an example of this. Online items such as software,
applications or even music and video files are also intangible products.
3. Services: Services are also intangible products but they are the result of an economic
activity that does not result in ownership. It is a process that creates benefits for
customers. Services depend highly on who is performing them and remain difficult to
reproduce exactly.

Importance of Marketing Mix


The marketing mix is a remarkable tool for creating the right marketing strategy and its
implementation through effective tactics. The assessment of the roles of your product,
promotion, price, and place plays a vital part in your overall marketing approach. Whereas the
marketing mix strategy goes hand in hand with positioning, targeting, and segmentation. And at
last, all the elements, included in the marketing mix and the extended marketing mix, have an
interaction with one another.

Questions on Marketing Mix


Q.1 State Any One Advantage of Personal Branding

Ans:

 It is because of branding that customers are able to identify the products.


 Example, a customer who is satisfied with ‘Dove’ beauty bar need not inspect it every
time she buys the product.
Q.2 State the Components of Product Mix.

Ans:

 Branding.
 Packaging.
 Labeling.
Q.3 A Company Has to Decide About Its Price Policy, Credit Policy; Terms of Payment Etc.
Name the Concept Which the Company is Trying to Decide.

Ans:

Price Mix

The above mentioned is the concept, that is elucidated in detail about ‘Marketing Mix’ for the
Commerce students. To know more, stay tuned to BYJU’S.

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