Introduction to Marketing Mix
The marketing mix is defined as a business model and a set of practices that are used to achieve the marketing goals of a business. Marketing is one of the foundation factors for the success of any business or organization. The marketing mix is the set of practices for the successful marketing or brand promotion of the products or services of any company. There are four broad areas covered under the marketing namely product, price, place, and promotion of the product. Marketing is a wide-ranging business promotion model that comprises designing the product, development, production/manufacturing of the product, and promotion. Marketing is not only limited to the promotional aspect of this business, but marketers and marketing play a pivotal part during the production phases of the product or services in order to refine marketability and successful promotion of the product. The marketing mix is a term with wide meaning and a broad spectrum of different areas covered related to the products and services.
Types or Categories of Marketing Mix Values
Categorization of Marketing Mix Strategies or Principles as Per the Type of Industries:
There is a different type of industries or organization providing different types of services and so we do have different types of marketing mix strategies based on the type of industry or the services they are providing to their customers including:
1. Contemporary / Digital Marketing Mix
This is the most dominant marketing mix strategy which focusses on four Ps of marketing namely product, price, place, and promotion of the product which is basically used for making the management decisions related to the business.
2. Extended Marketing Mix
Then comes the extended marketing mix strategy which comprises 7 Ps of marketing which are the product, price, place, promotion, people, process and physical evidence.
3. Service Marketing Mix Strategy
The services marketer follows 8p’s of marketing in addition to the 7 Ps of extended marketing mix which are the product, price, place, promotion, people, process, physical evidence, and performance.
4. Customer-Driven Marketing Mix
The customer-driven services follow 4 c’s of marketing which are consumer, cost, convenience, and communication.
5. Shimizu’s Marketing Mix Strategy
This is very similar to the customer-driven principles except for commodity and channel. Thus the 4c’s of Shimizu’s marketing mix are a commodity, cost, channel, and communication.
4 P’s of Marketing
The basic 4P’s of marketing are the product, price place, and promotion so let’s try to understand these 4 p’s in detail:
Products are basically the end outcomes either the goods or the services produced or offered by any organization or industry required to satisfy the needs and requirements of a customer. Marketing does not exclusively mean only the promotion of the product or service produced but the marketing starts with the product research at the very initial stage which is carried by the product development team. They study and research the needs of the customer for reaching out to them. The product development is not necessarily only producing or manufacturing an entirely new product but it may be also the upgrade of the existing product or services. Then comes the product development life cycle which is the total time taken to develop the product until the product is an error or defect-free and is led by the marketing manager. It is the responsibility of the marketing manager that the product is built or produced as per the market research of the customer’s needs.
Pricing of the product or the services is the most important aspect of the customer’s point of view. The cost component of the product must be such or must be strategized as per the customer’s capacity to pay for the opted service or product. It is important to keep the customer’s willingness to pay for the product or the service while deciding the product’s cost. For attracting the customers the marketing strategy guides to provide lucrative deals and discounts on the product which helps to draw the customer’s attention towards the product. The management must keep the vision of the long terms goals and benefits while making the decision and the cost margin should be such that benefits both the customer and the organization.
Marketing research is very crucial for deciding the marketing venues and the places for the product launch as it depends on the targeted consumer’s availability in that place. This also covers the local branches and franchises at different locations to promote and sell the product and services. The placement component includes a number of factors like sales personnel, training, and franchising fees for brand promotion.
Today’s marketing is all about how well a product or the services are being promoted to reach out to maximum consumers. Promotion of the products/services includes advertising the product and services on TV, internet, etc. or displaying the product on banners to target and grab the eye of the consumers, making pamphlets and selling them to target maximum consumers. The sales revenue depends on how well the brand is promoted and that retaining that name to gain the trust of the consumers is equally important. Again marketing research plays a vital role in targeting the maximum consumers during the promotion and helps to strategize the entire promotion of the products/services. Nowadays consumers have become handy with the technology and they constantly look for services over the internet or e-commerce websites. Thus the digital marketing era also focusses on grabbing the consumer’s attention by email marketing and promoting the products and services over internet and e-commerce websites.
Marketing is the key to the success of any product or service in today’s era. The industries or organizations spend a hefty amount on the promotion of their brand to reach out to maximum consumers. They often approach highly influential people like the actor and the actresses, cricketers, or other sportspeople who are well known among the common people to promote their brands. Marketing has emerged as an industry and there are firms that are solely dedicated to the marketing needs of the top-notch brands and theses marketing firms strategize and campaigns the promotion of the product.
This is a guide to the Marketing Mix. Here we discuss the introduction and types or Categories of Marketing Mix Values along with 4P’s of Marketing which includes product, price, place, and promotion of the product, etc. You may also look at the following articles to learn more –