A simple understanding of marketing is basically taking the right product, putting it in the right place, for the right price exactly at the right time frame.
At first, this might sound simple and effortless but there is a lot of work and research involved. If one of the elements mentioned above doesn’t follow the line, the company can accrue lots of losses.
Using a marketing mix is the best way to guarantee all the four elements mentioned above. It is an important tool that helps you understand the benefits of your product as well as how to plan ahead for the benefits.
A good marketing mix usually follows the important 4p’s which are place, promotion, price and product.
Elements Of A Marketing Mix
This is either a service or a good that has been manufactured to meet specific customer needs or demands. During development, products follow through a specific life-cycle and that’s why it’s important for marketers to plan for the product every step of the way.
This starts by understanding what sort of problem the product is trying to solve. The potential and target customers need to be identified and understood perfectly in order for the product to succeed.
This is the amount the consumer is expected to pay for using the product. The pricing of a product will impact greatly how the product sells in the market. Basically, it’s the perceived value of any product to a customer rather than placing any price on it and expecting it to sell.
In most cases, if the product is priced according to customer value, it might even sell higher than its obvious value. On the other hand, if the product is undervalued by the customers, the price needs to be lower for the product to sell. Other factors that affect the overall price of a product include value chain costs, markups, distribution plans and also competitor pricing.
This involves all the marketing techniques and strategies out there. These include sales promotions, advertising, public relations, special offers etc.
Every marketing channel used needs to be suitable for the product, the price of the product as well as the consumer the product is being marketed to. Basically, promotion is the communication part involved in the whole marketing equation.
This refers to how the product is availed to the end consumer. A key element of placement is distribution of the product.
A good placement strategy will help you assess the most appropriate channel to be used for the product. Depending on how a customer accesses the product, it will also determine the entire marketing strategy.
A Marketing Mix Example
Of course, all the above terms might not be easy to understand, if you don’t have a good marketing mix to study. This article will go through a marketing mix example of a popular beauty and skin care company.
At first, the company targeted older individuals who need to keep their skin looking younger forever. However, after an intense research, they later discovered that young people need to be catered for too.
That led to the development of a beauty and skin care product catered to young people. In accordance to all the elements of the marketing mix strategy, the company identified the product, priced it correctly, did tremendous promotions and availed it to the customers.
This marketing mix example belongs to Nivea, one of the most renowned companies in the beauty and skin care niche. Following these rules clearly has managed to make the company untouchable by all the other competitors in the market. This makes Nivea, the giant we know and love today!