The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. Show
The four Ps of marketing: product, price, place and promotionThe marketing mix can be divided into four groups of variables commonly known as the four Ps:
Marketing toolsEach of the four Ps has its own tools to contribute to the marketing mix:
Marketing strategyAn effective marketing strategy combines the 4 Ps of the marketing mix. It is designed to meet the company’s marketing objectives by providing its customers with value. The 4 Ps of the marketing mix are related, and combine to establish the product’s position within its target markets. Weaknesses of the marketing mixThe four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). As well, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the four P groups. Another key problem is that the four Ps focus on the seller’s view of the market. The buyer’s view should be marketing’s main concern. The four Ps as the four CsThe four Ps of the marketing mix can be reinterpreted as the four Cs. They put the customer’s interests (the buyer) ahead of the marketer’s interests (the seller).
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You’ve got this! We’ve got your back.Mailchimp has the tools and resources to help you plan and run effective campaigns, so you can reach your goals. What are the 7 Ps of Marketing?It can be difficult for a small business owner or marketing manager to know how to establish a unique selling proposition or to reach the right customers, especially on new platforms like the internet, with digital marketing. Fortunately, the 7 Ps of marketing give you a framework to use in your marketing planning and essential strategy to effectively promote to your target market. You can also take into consideration elements of the mix in your day to day marketing decision making process with the goal to attract the right audience to successfully market to through your marketing campaigns. The 7 elements of the marketing mix include the following: 1. Product (or Service)Your customer only cares about one thing: what your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly. This approach is called “product-led marketing.” In a marketing mix, product considerations involve every aspect of what you're trying to sell. This includes:
There are five components to successful product-led marketing that are important for product marketers to take into consideration::
2. PriceMany factors go into a pricing model. Brands may:
Consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy. Some questions to ask yourself when selling products:
3. PromotionPromotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more. All these promotional channels tie the whole marketing mix together into an omnichannel strategy that creates a unified experience for the customer base. For example:
Here are the ways you can use these channels together:
4. PlaceWhere will you sell your product? The same market research that informed your product and price decisions will inform your placement as well, which goes beyond physical locations. Here are some considerations when it comes to place:
5. PeoplePeople refers to anyone who comes in contact with your customer, even indirectly, so make sure you're recruiting the best talent at all levels—not just in customer service and sales force. Here’s what you can do to ensure your people are making the right impact on your customers:
6. PackagingA company's packaging catches the attention of new buyers in a crowded marketplace and reinforces value to returning customers. Here are some ways to make your packaging work harder for you:
7. ProcessPrioritize processes that overlap with the customer experience. The more specific and seamless your processes are, the more smoothly your staff can carry them out. If your staff isn't focused on navigating procedures, they have more attention available for customers—translating directly to personal and exceptional customer experiences. Some processes to consider:
If you get more than one customer complaint about any process, pinpoint what's going wrong and figure out how to fix it. The takeawayDevelop your marketing mix and integrate it into your marketing essentials. As you develop your marketing mix, consider how each element affects the rest to create a unified brand experience for your consumers, from the user experience to the perceived value of your product. Think about how a product's price changes its promotion strategy, how specifications will contribute to pricing, and how your people carry out processes. Ensure that your people and the tools they use can communicate with each other, and use the right tools to reach the right people. Which of the 4 P's is often called channel of distribution?The third P of marketing is about where you will sell your product or service. This encompasses both your distribution channels and your place in the market. Your distribution channels are the avenues through which you reach your target market.
What does place refer to in the marketing mix?Place refers to where consumers buy your product, or where they discover it. Today's consumers may learn about products and buy them online, through a smartphone app, at retail locations, or through a sales professional.
What is place in 4ps?Place. Place is where you sell your product and the distribution channels you use to get it to your customer. Much like price, finding the right place to market and sell your product is a key factor in reaching your target audience.
Is distribution part of the marketing mix?Distribution matters for a business of any size – it is a crucial part of the marketing mix. Distribution is achieved by using one or more distribution channels, including: Retailers. Distributors / Sales Agents.
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