the marketing mix
Contrary to what many people think, the concept of marketing is based on matters and concepts that are much broader than just promoting a product or brand. The stage of production, financial management, logistics, and data analysis also forms part of this field.
This mix is a very important concept for every business, whether financial or online. For this reason, we thought about writing this article about this mix. Continue reading to know the details.
What does the marketing mix mean?
As we explained at the beginning of the text, marketing is a very broad field and includes a lot of things that go beyond merely promoting or advertising a product or service. Rather, it includes a wide range of techniques, tactics, and methods that are used that affect the user or visitor (the potential customer), and drives him to want to buy the product.
In this sense, we can imagine that a Marketing Mix is a tool or concept that includes all the elements that make up activities and marketing.
These pillars are known as (4Ps), i.e. marketing pillars, and they must always be in equilibrium in order for the company or organization to reach to achieve its ultimate goal which is to arouse the desire to buy and sell to people.
To make it easier for you to understand this strategy, we will get to know each of these marketing elements in detail.
The first pillar of the marketing mix is the product or service, that is, what your company offers to its audience.
But this pillar not only talks about the product, but also extends to the value that it can bring or bring to consumers and customers.
In conclusion, in a way that goes beyond the topic of quality and quality, and with the best resources and technologies, it is essential that this product or service be able to solve the problems faced by the consumer.
When you clearly define and explain the characteristics of a product, it becomes easier to develop attractive and useful strategies that are targeted to the target audience or target audience.
To provide a complete and complete description of your products or services, we remind you of a set of useful and important details:
The aspects that your product or service can meet and secure for the public and consumers.
The method or method by which a product or service can meet these demands (its functions, advantages, benefits).
How can people and customers use it and benefit from it?
• The detailed characteristics that distinguish the product or service: the name, formal or moral description, and the formulas and forms upon which it is based.
• The characteristics that distinguish a product from the products that competitors offer you.
The second pillar of the marketing mix is the price, and it is one of the important pillars that really determines the popularity of the product.
This pillar relates to revenue and returns from sales, the company’s investment potential in business.
It is also responsible for the outlook and impression that potential customers will have on the product or service in the market.
During the process of putting the price on the product
Products similar to it in the market, and this price must also be consistent with the value and interest it provides to customers.
When a product is scarce on the market and offers many benefits, such factors are reasons justifying a possible price rise, for example.
We have a complete and comprehensive article on the subject of product pricing. We advise you to read it and get to know the details of this important marketing corner.
Factors that determine the price of a product or service and affect it:
Production costs, labor and raw materials
• The value and benefit it brings to the consumer
• Competition and products that compete with your product
• The factors and influences that may always play in price changes and fluctuations, such as: festive seasons, distinguished customers, geographical regions, purchasing power … etc)
3- Place, performance sector, or market space
The third pillar of the marketing mix is the space or place. This corner is responsible for the way the potential customer or consumer accesses the products or the brand. That is, this pillar is directly related to the sales and distribution channels.
Determining the space or location is much more complicated than opening a virtual or physical store. This process includes identifying where people may be interested in your products or services, presenting and displaying them in places that will be visible and visible to them, and which can be purchased.
The first step in identifying distribution channels is to discover the places potential customers use to search for the products and services they offer: Do they use social media or social media? E-commerce sites or point of sale and physical stores?
Next, you must determine the necessary logistics to meet these demands and secure products and services.
We leave you with some questions that can help you determine the place or space element:
• Is it necessary to increase the number of members of your sales team?
• What tools and equipment must be provided to distribute products in the best places?
What are the aspects and points that can be allocated in each channel to obtain positive results or increase such results?
The fourth pillar is promotion, this corner is not related to special offers and sales, but it is related to the business and promotional procedures and marketing of the brand and the products that it offers.
It is imperative that you put in place appropriate and correct procedures and actions that make the potential customer recognize your product and see it as an effective and useful option to eliminate all problems that it suffers from.
Here are a number of the ways you ought
to go and truly assist you manage your promotional
• Determine the simplest promotional channels: the social media tools that potential customers use frequently or determine the places that the potential audience frequently visits and is present in.
• Find the times and times that are most recommended for promoting and marketing your business
• Check the actions and procedures which will get you the simplest results, discover the simplest types and formats of contents which will assist you present your works and products within the absolute best way: image: text, video … etc also and pay close attention to the language you employ .
• Take a glance at what your competitors do to market their products and services, and find out the strengths and weaknesses underlying each of their strategies without imitating them.
This information that we mentioned can assist you to urge a far better idea of the sort of action in order that it’s ready to generate the simplest results and influence your audience .
Do not forget to concentrate to the topic of mistakes that competitors may make to you, because such gaps are great opportunities to excel and excel within the market, and to satisfy customers’ needs in a superb way and exceed their expectations.
How important is reliance on Marketing Mix strategy?
After you recognize the four pillars of the marketing mix, it’s time to stress one among the facts:
The marketing mix not only is a checklist or list that contains what must and will not be done, but also helps you discover the foremost effective thanks to win customers and make them enjoy the loyalty and loyalty of your brand and products, and also helps you understand the explanations which will hinder obtaining some Results from your investments and marketing plans.
It is possible that you simply are selling your products within the wrong places and channels where your audience isn’t . Or, your promotion strategy is unable to convey information and clearly explain the characteristics and benefits of your products.
But once you believe the Marketing Mix, it becomes much easier for you to speak with potential consumers and clarify the characteristics and distinctive factors of what your brand offers, during this way, you achieve convincing them that what you offer is basically ready to solve all their problems and satisfy their needs.
It is worth noting that each corner of the marketing mix must adjust and make it adapt to things that your business is predicated on. during this way, you’ll enjoy this strategy no matter the sector during which you’re employed .
The marketing mix is now made from 7 elements: 7Ps
At the start of the text we’ve already talked about the
concept of the marketing mix supported 4 pillars, an
idea that was reached within the period of the sixties, right?
But with the event of selling and therefore the development of lifestyles and businesses, many things and details have changed, and therefore the concept of the marketing mix has changed successively .
Beginning within the 1980s, experts and marketing professionals noted that the four corners of the marketing mix were not sufficient to satisfy companies’ marketing needs.
In order to succeed in more specialise in marketing strategies, taking under consideration many important issues and aspects, including: the character and characteristics of the audience , the brand is positioned and positioned within the market, and therefore the topic of dividing the audience into market segmentation, three other pillars emerged alongside the four pillars that were present And now we’ll talk about:
1- people that provide the service
3- Physical Evidence
4- people that provide the service
This corner focuses on human emotions and building relationships. Now, counting on reason and rationality isn’t enough to urge customers to shop for .
Rather, it’s necessary to travel further, pay close attention to the people that work with you, as they need an excellent influence on the success of your business.
For example: A store that gives great quality products and services, at an honest and fair price, and within a beautiful environment and environment, won’t be ready to reach specialized sales if the sellers affect customers badly or tactfully, right?
The aim of this component is to stress that each one work teams, liable for responding to clients, customer support team, marketing … etc should add full cooperation and coordination with one another during a manner that focuses on the goals of business or business.
In this sense comes the importance of talking about managing people, something which will make all the difference in what competitors offer.
Have you ever stopped to imagine what a customer or customer would experience when purchasing one among your products or services? is that the experience or experience positive or negative?
Exactly what this corner of selling Mix is talking about.
This includes all stages of communication between the customer and therefore the brand or product, ranging from the customer’s first contact through advertising, ending with purchase, and reaching after-sale.
An e-commerce website, for instance , must ensure a particular browsing experience for patrons , and therefore the pages must be loaded quickly, during a way that doesn’t excite the potential customer boredom or lose his enthusiasm for going to know the location , it’s important that each one important information be readily visible to the customer, and within the arrangement A context that helps him buy.
As for the physical store, for instance , it should be very concerned with providing distinguished customer service to the purchasers and maintaining an appropriate, attractive and enjoyable environment for patrons to roam round the store.
It is necessary that each one these operations be recorded and shared with the whole team members or the work teams liable for the sale and therefore the functioning of the business within the shop or company, and this is often all a guarantee of the graceful and proper implementation that basically helps in obtaining positive and beneficial results.
7- Physical Evidence
This last corner of the marketing mix relates to the physical spatial space during which the sale takes place, and includes visual elements that customers can sense, like decorations, furnishings during a physical store, or website or blog design for businesses that are marketed online.
Physical evidence relates to the place where products and services are sold and presented to consumers.
All these elements and conditions present within the place of sale must be taken into consideration because they directly and greatly affect the experience that the customer or customer has.