What is Marketing Mix?
Marketing Mix: It is a set of marketing tactics that are used to promote products or services in the market. It is all about positioning the product in the right place, at the right price & at right time. Different types of marketing strategies are used to achieve the organization's objective. It is very difficult for small businesses & senior managers to establish the right strategies & target the right audience while dealing with new projects & clients. Although it is not difficult to know the perception of our clients and what they expect from our side. we are still reeling under the loops of ignorance due to a lack of appropriate & determined strategies which can drive more profit for our organization. A good marketing mix contains different strategies that allow all the business owners to target their potential customers at the right time in the right place. your marketing mix is a significant part of your brand equity & it plays a very vital role to build your organization into a great brand. The 4p's of the marketing mix are:
- Product
- Price
- Place
- Promotion
What are the advantages of a Marketing mix?
The advantages of the marketing mix are as follows:
- It simplifies the business process by bringing the different concepts of marketing into one place
- It promotes your business to a target audience
- It builds a great brand equity model
- we can target our potential customers at a large scale
- we can expect a higher sales growth rate with the right marketing mix strategy
- It enhances customer experience & satisfies all potential customers.
- It will also increase the market share for your organization
7 p's of the marketing mix
Every business needs a proper marketing strategy to drive maximum profit for their industry. This is the list of marketing mix components which are:
- Product
- Price
- Place
- promotion
- Physical
- Process
- People
what are marketing mix Products?
The marketing mix is one of the indispensable marketing strategies & provides a significant role in building a great brand. The elements of marketing mix such as product, price, place & promotion play a very significant role in overall marketing strategy. we can plan, reach & target our potential customers by implementing this marketing mix strategy & can archive our organizational objective. The different marketing mix products are:
- Tangible Products: These products are having a physical presence & can be touched easily. Examples of tangible products are such as cars, bikes, electronic gadgets, & buildings.
- Intangible Products: These products are not having a physical presence rather it is being felt indirectly. Examples of intangible products are such as insurance policies, applications, music files, video files & websites.
- Services: It is also a part of the intangible product which can never be touched rather than this it gives some value to the object. Examples of services are banking services, insurance policies, education services & software application services.
What is 4p's of Marketing mix to build a great brand?
- Product: Product is defined as anything which satisfies a consumer's needs or wants. Products may be tangible or intangible. Tangible products are touched easily whereas intangible products are not having a physical appearance. No matter how you are planning to build your online presence rather than this you need to focus on product quality which is the main central point to build great brand recognition. Examples of products are buildings, cars, gadgets, airplanes & insurance policies.
2. Price: It is very important to set an accurate pricing strategy to get the desired output for our business. It is having a huge impact on our business because it can impact directly our market strategy, sales & product demand from the consumer's side. It is only part of the marketing mix that talk about the value for the organization or firm. Different components of Pricing are:
- Price Tactics
- Price setting
- Discounts
- Allowances
- Payment terms
Price Strategies are:
- Price skimming: Initially setting a high price for the product then gradually reducing the price with time & consumer demands.
- Competition-based pricing: we need to evaluate the prices set by the competitors then we can set our prices either lower or higher than our competitor's prices.
- Premium pricing: It is about setting high prices to market your product & giving assurance of giving high-quality products to the consumers.
- Value-based pricing: It is about setting the prices based on what the consumers are willing to pay.
3. Place: where you are selling the product or services?. It is very important to decide the right place from where you can promote your products or services to target the right potential customers at the right time. For instance, if you sell the products through an E-Commerce website then you need to focus on more SEO tactics to increase the website traffic for bringing more conversions. with the help of affiliate marketing, you can also use different affiliate networks like Amazon & Flipkart to sell their products or services. If you have a warehouse then you must know about the right marketing strategies to aware your potential customers through social media marketing tactics. customers must know about your prime location so that they can engage with you & buy your products or services.
Stages of marketing decisions are:
- Know about the location
- Inventory management
- Know about the market coverage
- Logistic department
- Transportation management
4. Promotion: Promotion means raising awareness about the products or services through different channels & marketing strategies. It will increase our brand equity, sales, generate leads & ultimately it will improve the organization's ROI. Different types of promotional marketing are as follows:
- Advertising: It is about spreading the message about your products or services through different channels like radio, television & social media platforms
- Digital marketing: It is about raising your brand recognition through digital platforms like email marketing, websites, content marketing & SEO. All these digital strategies will grow your online presence & generate more traffic to your website.
- Personal selling: It is about selling the products or services through the company's agent's side & they used to interact with the customers to build everlasting trust with them.
- Traditional marketing: It is a type of marketing strategy in which marketers uses traditional platforms such as television, magazine, broadcast media, & newspapers to promote their products or services & attract their potential customers. Although it is one of the oldest forms of a marketing strategy still it is widely used by many industries for their promotional activities.
- YouTube Marketing: You can promote your products or services by sharing videos related to the products or services on various digital media channels.
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