What Is Marketing Mix?
Many pieces of life are all about timing. You might have the right puzzle pieces but if they are executed at the wrong time, it is very much putting the cart before the horse.
At the basic core of marketing, is its definition. Most marketing students are familiar with the marketing concept of the rule putting the right product in the right place for the right price at the right time.
It shifts a bit when it is defined as the four p's. They are product, place, promotion, and price. The product has to serve a particular population of people. For instance, the tastiest and most wholesome pet food marketing efforts will target pet owners.
Another caveat of this idea of what is marketing mix is to know where pet owners get together. Where do they shop? What Internet sites do they visit?
Pet owners might be willing to pay a premium to have safe and delicious food for their pets. The willingness of the pet owner to spend is what determines the price for which it can be sold. Price might reflect how much value the pet owner perceives is in the pet food.
The other idea is that marketing efforts are successful if they are able to find the pet owner at a time when they are willing and able to purchase pet food. It is unlikely that they will be interested in buying pet food while they are in the middle of watching a movie in the theater, or on a beach relaxing, or at a nice date night dinner. Instead, reach them while they are at the grocery store, perhaps.
Consumer Market Research
Yet, more important than anything else is sharpening that pencil to dig down and determine exactly the place, promotion, product, and price when customers are shopping. While it is nice to think you know that the customer is going to be shopping at the supermarket, market research might prove otherwise.
The next challenge once focus groups, consumer research and the like are all completed, is to determine how to produce the product at the price consumers are willing to pay.
Differentiating Marketing Mix And 4Ps
What is marketing mix becomes a little bit confusing when it becomes clear it can be different from the 4ps.
What is marketing mix, then? It is a general way to define the actual decisions of how to bring a product to the marektplace. The 4ps is more process oriented in that they collectively define what needs to happen. It was initially coined by E.J. McCarthy in 1960.
The questions to ask when defining the marketing mix are defined by the marketing mix.
For instance, regarding product, you might ask what the customer wants the product to do for them. In other words, what needs does it meet?
Furthermore, what features will supply for the product needs? Another rule is not to gold plate your product with features that cost a lot but the customer will not use.
In the course of the research, find out how the customer is using the product as well as where. Get a good picture of how they will experience the product as well.
Decide how to brand it and what to call it. Additionally, this requires deciding how the product will look, from what color to what size.
Always know the competition and what features they are offering, and how your product provides greater value.
Having access to the right channels of distribution is vital. Know where your customers will buy your products means you will know where to place the products to sell. Sometimes it might involve creating a test batch of the product and convincing a retailer or small shop owner to allow a test selling period to take place as well.
Find out who you need to help you sell your product. Would it be helpful to attend industry trade shows or go to conferences?
Price Patterns Push Product
If you are overpricing your product it could hurt sales. Even a small drop in price can make a product more accessible to millions more customers. Be sure to do research, run comparables against competitors and get the price right.
How you reach your target audience comes from promotions. At one time, being interviewed in a bit city newspaper was the brass ring. Today, the field is more even, and online customers are all over the Internet traversing social media and sharing with friends and followers.
Sometimes they even conduct searches for what are know as keywords. Find out what words your customers use to search the competition's products. That provides a huge hint on how to reach them in blog postings, or anywhere else online.
It does not matter what order you define the four ps for the purposes of the marketing mix. Those are the basics of what is marketing mix defined.
It is a rather solid one and has been in good favor with marketing teams worldwide for the past more than 50 years.
Additional Aspects Of Marketing Mix
Of course, over the years other easy-to-remember tips have been used to aid in the marketing mix. There are also the 7ps or the extended marketing mix. Basically, it builds on the initial 4 ps and adds onto that the people, physical layout, and the processes.
Lauterborn's 4Cs is another style of looking at marketing mix, though, this time from the perspective of the buyer. Its focus is on cost, customer need, convenience, and communication.
Finding the basics of the marketing mix is important for anyone who is learning about marketing or about to prepare a product for market. It can either approached from the customer side or the marketing perspective.
The 4ps include price, promotion, place, and product. The extended variety includes three more points from physical layout, the people, and the processes. The other manner is to use Lauterborn's points that include communication, cost, customer need, and convenience. Those are the main points.