Marketing is a word that most people associate exclusively with advertising, and this is not far from the truth. The field is designed to alert potential consumers to a product and satisfy their needs.
1) What is the marketing mix?
Integrated marketing is a business solution using tools that are individually tailored to each specific situation and project, and are most effective within a given target and resources.
Examples of basic tasks:
- Successful promotion of a product or service. Specialists calculate profitability (the ratio of profits to advertising costs), develop a strategy and test tools.
- Analysis of where the client came from: social networks, email marketing, contextual advertising or the website itself. Analytics allow you to evaluate the effectiveness of advertising on different platforms and take the necessary measures: increase advertising spending, change your strategy, etc.
- Further interaction with the customer after the initial purchase. Comprehensive marketing helps to retain the customer through discounts, promotions, useful content or email newsletters.
2) Marketing mix 4P
The concept of 4P marketing was first coined by E. Jerome McCarthy. The scholar shared his idea with the public in 1960 and published it in more detail in a book called Marketing Basics: A Managerial Approach.
The reason for this unusual name is that all four instruments begin with the English letter P:
- “Product” – a product or service. This method involves studying the products of competitors to create a better product and conceptualise it, to study the needs of consumers and satisfy their demands. People are not willing to give up their money for nothing, but are willing to buy a product if it is useful to them and fulfils their desires, so it is important to emphasise the usefulness of the product.
- “Prace” (price). The cost depends on the cost of production, marketing and even the reputation of the brand itself. Prices are also set according to the value of what the customer is willing to pay.
- “Place” – a place where the consumer can buy a product or receive a service. The main products are available in offline shops: customers personally inspect the products, compare them, and can buy them at the cash register. At the same time, online shopping is gaining popularity: specialists create groups on social networks and a personal website, where photos and brief descriptions of products are published, and there is a helpdesk for contact and ordering.
- “Promotion. Informing customers about products in a variety of ways and resources: the inclusion of advertising, personal sales through personal contact between seller and buyer, and public relations. Companies allocate a budget for marketing. Marketers advertise products to a target audience (TA) – a group of people with similar interests who could theoretically be interested in the product/service. A comprehensive solution means a course of action: introducing the product, informing about the characteristics, creating a need to buy the product and making repeated purchases.
3) Concept
The marketing mix is a combination of products, prices, locations and promotions that it uses to stand out from the competition.
The concept cannot be achieved without all the characteristics.
By dealing with these variables in a comprehensive (simultaneous and systematic) manner, the desired outcome can be achieved.
4) Marketing mix 7P
The marketing mix is an example for products: style, design and packaging, because customers see this immediately. Other criteria that experts work on:
- “People” (people). The term refers to people who exert a positive perception of a product in the eyes of the target audience: for example, producers with a good reputation, bloggers and artists shape public opinion and recommend products, VIPs increase audience loyalty and salespeople who maintain direct communication with the consumer.
- “Process” (process). The term describes the process of interaction between the customer and the company. Process implies paying special attention to customer needs and studying trends. Studying and understanding all customer steps helps to track all the steps: from sending an online enquiry to a consultant’s response and making a purchase. Customer waiting times from the sales department (it may be worth reducing them), communication with the customer and technology to make processes more efficient.
- “Physical evidence” (physical surroundings or physical evidence). New customers do not immediately take a product if they have heard about a company for the first time. Good feedback from loyal customers, the brand’s reputation, and competent employees are factors that can encourage them to buy a product.
The role of marketing in the service sector:
- “Personnel (staff). Polite and competent staff leave a good impression of the company: they attract new customers and retain an audience (e.g. waiters in a café).
- “Physical assets. In addition to services, consumers and potential clients also assess other criteria: the website and its design, the logo and branding – everything must be in the same style. For example, brand colours, respectful communication both in person and on the phone with the client.
- “Procedures. Procedure means conceptualisation, long-term planning and monthly marketing analysis.
5) Marketing mix 14P
At first, the marketing mix was formulated with 14 components, but now everyone is more inclined towards 4 or 7.
The main components of 14P are: ‘planning’, ‘personality’, ‘product’, ‘people’, ‘precision’, ‘placement’, ‘pliable’, ‘price’, ‘perception’, ‘permission’, ‘processes’, ‘perfomance’, ‘promotion’, ‘place’.
Marketing Mix 4P is an important tool that is ideally suited to all areas of sales and is particularly useful for small businesses.
The 4P is more of a model for start-ups and aspiring entrepreneurs. Of course, other concepts can also be used to analyse the target audience, report sales and study competitors.
It is very important to know and understand that marketing is a complex solution and one must always pay attention to all elements for a positive result.