What is Marketing Mix?
Marketing mix is an excellent way of ensuring that you put the right product in the right place, at the right time and with the right pricing. It is a crucial marketing tool that helps business persons to understand what product or services offers and how to plan for successful offering. It is commonly delivered or executed through the 4ps of marketing including Price, Product, Promotion and Place.
A closer look at the 4ps of Marketing
This refers to the value of a product and it depends on the segment targeted, costs of production and market’s ability to pay, supply and demand and a host of other indirect and direct factors. There are many pricing strategies that can be employed based on the overall plan of a business. Additionally, pricing can be used as a demarcation to differentiate and build the image of a product.
The product refers to the item being sold and it has to deliver a minimum performance level to ensure that all the other marketing mix elements work efficiently.
Place means the point of sale and in every industry, it is imperative to catch the eye of the consumer or grab his or her attention. It is a main distribution strategy that makes it easy for a client to purchase a given product. Retailers often pay a premium for the right place and in fact, the mantra for a successful business is location and nothing but location.
This means activities employed to ensure a product or service is known to the user and trade. There are different promotion strategies including word of mouth, press reports, incentives, advertising, commissions and awards to trade. They may include direct marketing, contests, consumer schemes and prizes.
What is the significance of marketing mix?
All the 4pcs of marketing influence each other in one way or the other. They make up a business strategy for a company and if handled as required, they can ensure great success. If handled wrongly, they business could take a wrong turn and many years to recover. Therefore, it needs a lot of understanding, consultation and market research with different players including users, trade and manufacturing.
Note that the 4ps play a crucial role in creation and execution of a successful marketing strategy for a business. Through the use of this marketing tool, the consumer and the seller can be satisfied and it has proven to be a major factor in the success of a product when utilized well.
Features of marketing mix
The marketing mix is made up of four independent variables which are interdependent and have to be carefully planned in conjunction with the other. This is to ensure action plans within the four variables are well aligned and complimentary
Help realize marketing targets
Through the use of the variables, a company can realize its marketing targets including profits, retention of clients, increase in sales and client satisfaction
Marketing tool is a flexible and fluid concept. Therefore, focus on any of the variables can be increased or decreased based on unique marketing conditions and requirements of the client.
It is imperative to ensure constant monitoring on changing requirements and market trends within an organization and in the field of operation. It helps to ensure that all the 4p’s stay relevant and up to date.
Role of a marketing boss
A marketing manager needs to be mature, innovative and intelligent to be at help of this marketing tool. It is a significant and pivotal tool that means the person is highly responsible for achieving the expected and desired results through skill manipulation of the variables.
Client as a focal point
In marketing mix, one of the most significant features is the client, and is the focal point of the activity. The value of an item or product is determined by the perception of a client and the goal is to ensure the client is satisfied and remains loyal to the business.
Therefore, a marketing manager should work hard and develop marketing mix based on research and combination of factors such as innovation.
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