You probably heard of a marketing mix. Didn’t you?
Perhaps you read it somewhere or you have a Marketing subject when you were studying.
Did you know how important the marketing mix is in all of your marketing plans and activities?
A lot of marketers mix up their marketing strategies or worse they use only a few of its elements.
Are you one of those who made the same error?
Well, that’s part of the process. But you don’t need to commit further mistakes. Let’s us take a look at the importance of the marketing mix.
Before we dive deeper, we have to know what marketing mix is all about and its important elements.
Table of Contents
What is Marketing Mix?
Just a bit of history: Neil Borden introduced this idea 1953 and later expanded by one of his associates James Culliton in 1948. I liked Kotler’s definition in his book Marketing Management, “Set of marketing tools that the firm uses to pursue its marketing objectives in the target”
In other words, the marketing mix is a strategy to use to reach customers and build brand awareness. Of course, the ultimate goal of brand awareness is to turn customers into buyers.
Elements of Marketing Mix
Jerome McCarthy’s introduced the most popular elements of marketing mix. Which are the 4 P’s: Product, Price, Place, and Promotion
Now, let’s get to this one by one.
Simply refers to any item, service or idea to satisfy customers’ need and wants.
To strategize, important questions to ask about your product.
- How your product features differentiate from competitors?
- How to effectively brand your product?
- Are associated products can be marketed with the initial product?
These are the questions very critical to answer and to measure the impact of your marketing activities.
Let’s go to the second element
Refers to the cost of the product you sell. Whether you price the product low or high, customers will consider your perceived value. So, be meticulous in your pricing. If your price is high, justify it. If you price is low, make sure you’re not compromising profit.
This is the distribution point. Where are you going to sell your products? This is crucial. You have to know where are your target markets.
Are you going to reach them most of the time online or offline?
Are they in certain geographic locations to deliver your items?
You don’t need to miss out this element. Pretty basic.
Where are your customers? Where are they hang out often?
Once located, let us go to the next element.
This refers to a mix of strategies and ideas to implement to make consumers aware of your product. It employed various techniques which can be divided into two: Online promotion and offline promotion.
Offline promotions are the traditional way: Radio, Print Ads, TVs, News, Etc.
Later, top marketing scholars were debating that 4 P’s of the marketing mix is not enough. And they added three elements. And it became seven. Let’s take a look of the additional three elements.
Refer to the persons’ involved in the exchange of goods and services. If you notice, the first four elements lacking people. Products without people are nothing. We should know exactly who are the right people to sell our products and to attract the right customers.
Not all consumers like our products. Not all of our products will fit all consumers. It is better to understand who are the people involved in the buy-and-sell or exchange of goods and services.
Refers to a systematic distribution of your product. A product can be an idea, a service or an item. Look at Mcdonald’s, they use a powerful franchise system to reach more customers and serve them with consistency.
They have also a powerful supply-and-chain system, they don’t run out of stocks. And a lot of procedures they use just to expand their customer base and keep them happy and satisfied.
A systematic process is incredibly powerful to establish a strong business.
7. Physical Evidence
Refers to the process of gathering facts in the market to use it as a physical evidence on how you can develop a product differentiation or your Unique Selling Proposition (USP).
If you know your product USP, you definitely have an edge.
The Four C’s Classification
Due to a competitive market today. A lot of companies treat their customers like a king. Koichi Shimizu in the year 1973 proposed a four C’s classification which replaced the 4 P’s. Check how he defined each.
- Commodity (Product) – The goods and services for consumers or citizens.
- Cost (Price) – There is not only producing cost and selling cost but purchasing cost and social cost.
- Channel (Place) The various channels which help the product reach the target market.
- Communication (Promotion) How to communicate your products to your customers.
Whether their names were replaced and adapted in the modern world, marketing mix still relevant and important. In my opinion, rather than settle to 4 P’s and 4 C’s, I’ll go with the 7 Ps.
It doesn’t matter if the first four were changed. The concept is almost the same. What’s important, we’re able to adjust to the ever-changing approach of marketing game to let our business thrive.
The Marketing Mix is Like Our Bodies
All are important. To be effective in our daily task, all our body parts need to be used.
You can’t choose, “I like my mouth and don’t want to use my hand today.”
It’s hard to complete our daily task just by ignoring other parts of our body. We have to use the mix body parts to be effective and hit our goals.
In the same way with marketing mix. Marketers and entrepreneurs should use the marketing mix to become effective marketers.
The marketing mix is now classified into two channels due to digital revolution: the online marketing mix and offline marketing mix (the traditional way).
The online marketing mix is an adaptation using the elements into a digital marketing aspect.
Either you go offline or online, one thing to make sure, you must set a consistent message in your branding and advertising in all of your promotional activities.
For example the tagline, the color, the logo, the design, the service, the jingle, the text, the tone, etc. It should all be in uniform and a consistent messaging to your customers through different channels like online or offline is incredibly important.
Use marketing mix effectively to hit your marketing goals.
What do you think? Do you have something to add?
Drop a comment and let me know your thoughts.