We considered the marketing mix at our table talk this week, and I am delighted to share with you this concept and how it applies to your business.
What is the Marketing mix?
The marketing mix refers to the marketing elements a business uses to pursue its marketing objectives and yield maximum sales results. It is the set of tools that a business employs for success in its target market.
The marketing mix basically consists of the 4ps of marketing -product, price, promotion, and place. These 4Ps precede developing a marketing plan or strategy as it is the means/guide to achieving your marketing objectives. Whatever you desire to achieve must be structured around it.
How does the mix work? -The 4Ps
Product: this is the item on sale. It is whatever you are selling that is capable of giving value to the customer or meeting their need. Product must first be established before all the other elements. It is the product you put a price on, take to a place and promote.
Price: this is the value demanded in exchange for a product or service. It depends on the cost of production, target market, the perceived value of the product in the market, and competitors' prices. Pricing has to be competitive and commensurate to perceived market value for the product to stand a chance in the market.
Place: the place is the point of sale or distribution. It is where the product is positioned for access to customers. The place is important because it has to be where you can easily reach your target customers. It should also be a place that complements the price, design and use cases of your product.
Promotion: this is the means and tools you employ to create awareness of the product among the target market. People won’t miraculously discover your product in their dreams, it has to be in their faces. And that is why placement is crucial. Choosing a point of sale is also a promotion strategy. It should be a place accessible to your target market. However, it goes beyond informing them of product availability. It also includes educating them about the benefits and usage of your product and educating them about your business.
Although the 4ps are still recognised as the primary elements of the marketing mix, times have changed, and the market has evolved. The marketing mix is now broadly considered to include packaging, positioning, people, politics, e.t.c. And that is why you will come across people referring to the 5Ps, 7Ps and so on. Though I think we don't have to put a final number to it yet. The most important thing is that in addition to the 4Ps, you apply any other relevant P to work towards your marketing objectives.