What is Marketing Mix? 4 Ps of Marketing
Marketing mix is a term that refers to the combination of marketing tools or tactics used by marketers to achieve their marketing objectives. It is a crucial element of any marketing plan and is necessary for the successful marketing of any product or service.
In this article, we’ll be looking at the different elements of marketing mix, the digital marketing tools used in marketing mix, and the definition of marketing mix.
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What is the Definition of Marketing Mix?
Marketing mix is defined as the combination of marketing tools or tactics used by a marketer to achieve marketing objectives. It is a concept that was first introduced by Jerome McCarthy in the 1960s and it has since become a crucial part of marketing strategy.
There are different models of marketing mix, including Jerome McCarthy’s model which consists of the Four Ps of Marketing and the 7 Ps of the Marketing Mix which includes the additional elements of Physical Evidence, People, and Process.
What are the Four Ps of Marketing Mix?
Product or Service
The product or service offered by the marketer is the primary element of the marketing mix. It is what the marketer is trying to sell and it is the reason why customers are interested in buying from the company. The product or service must be designed to meet the needs and wants of the target audience, and it must be different from other similar products in the market.
Price is the amount paid by the customer for the product or service. It is a crucial element of the marketing mix as it can affect the demand for the product or service. The price should be set in a way that is competitive with other products in the market and that provides a good return on investment for the company.
Place refers to the distribution channels or points of sale where the product or service is made available to the customer. It is important for the company to choose the right place to sell their product or service as it can affect the demand for it.
For example of marketing channels, if a product is targeted at young adults, it might be better to sell it in places like malls or online rather than in traditional stores.
Promotion refers to the activities undertaken by the marketer to create awareness and interest in the product or service. This can be done through sales promotion, advertising, public relations, and marketing communication. It is important for the company to choose the right promotion strategy that is appropriate for the target audience and that can generate interest in the product or service.
What are the Elements of a Marketing Mix?
In addition to the Four Ps, there are other elements of marketing mix like Physical Evidence, People and Process.
Physical Evidence refers to the physical environment in which the product is sold, such as the packaging and design.
People refer to the employees of the company who interact with customers and the process refers to the systems and methods used to deliver the product or service to the customer.
What are the Digital Marketing Tools used in Marketing Mix?
With the advent of digital marketing, many new tools have become a crucial part of the marketing mix. These tools include:
Websites and SEO
A website is a powerful marketing tool that can be used to showcase the product or service, provide information to customers, and generate leads. Search engine optimization (SEO) is the process of optimizing a website to rank higher on search engines like Google, Bing, and Yahoo.
Social media platforms like Facebook, Twitter, and Instagram can be used to reach a wider target market and audience and promote the product or service. Social media marketing is an effective way to create brand awareness, generate leads, and promote the product or service to the target audience.
Email marketing is the process of sending emails to customers and potential customers to promote the product or service. It is a cost-effective way to reach a large audience and generate leads.