Nowadays Marketing mix on the internet has become a widely used concept for attracting the target audience. Reaching your consumer marketing, or target audience goals is tricky without a good marketing strategy. Businesses all around the globe adopt different marketing strategies to market their brand and business in the market. It should also be highlighted that marketing is a process of creating and distributing content to attract the audience in terms of retaining customers, which helps grow the business and increase sales as well.
What is a Marketing Mix?
Marketing mix refers to a combination of different factors applied for ensuring a part of the marketing strategy. A marketer can significantly influence the customer’s decisions to purchase their product or service by mixing together various factors. The marketing mix is a crucial model in the marketing field and is also known as 4P’s. The 4P’s stands for product, price, place, and promotion. The marketing mix concept was initially developed by Neil Bordon (from Harvard University in the 1960s). Since then, many researchers have reviewed and defined his work and finally came up with a simplified 4p structure of marketing mix.
In other words, marketing mix simplifies what, and how a marketer is doing in real organisation and market. The marketing mix is a simple, basic overview of the scope of marketing that is ideal for students to understand the marketing principles. Each of these four P’s has a different influence over consumer decision-making aspects. By keeping product, price, place, and promotion under observation, marketers can take luck from the equation. It means that the marketer can analyse both market, and consumer needs.
Breaking Down The 4p’s (Product, Price, Place, and Promotion)
Best writers from an assignment help firm have given below the breakdown of 4P’s of the marketing mix for better understanding. It’s essential to see each factor individually before highlighting how these four elements combine to produce a marketing strategy.
Product refers to what you’re selling. Whether your product is a physical good, or any intangible service that consumers need, when thinking about the product that you’re selling, you should also consider other factors that your target market and audience might experience with your product.
To be successful with product placing strategy, the marketer needs to understand the product’s lifecycle through the marketing mix. The type and specification of the products help determine how much a business can charge for its product. And where the product should be placed to get the best value along with the aspect of how that product should be promoted.
For example, Apple was the first to introduce a touchscreen phone that played music, made phone calls, and helped in browsing the internet. In 2018, Apple stopped disclosing the sales figure for iPhone. The company revealed that it had total sales equal to $2.2 billion in 2014. And in 2018, the company announced that it has sold over 2 billionth iOS devices.
Price refers to the value that a customer/consumer pays in exchange for a product. The market needs to set the price to the natural, and perceived value of the product. But some areas that marketers should also consider include supply costs, competitors’ prices, discounts, taxes.
In some cases, businesses increase the price of their products to give themselves a mark of luxury. Here, customers would try and get attracted towards the brand offering low prices, where they can try more options at lower prices.
The marketing mix also needs to identify when, and if customers should be given discounts. Value in this context is a simple strategy that helps attract customers and helps in generating more sales as well. Yet one of the drawbacks is that it can also highlight that the product is less exclusive than the additional product which is priced higher.
UNIQLO is a clothing brand in japan that manufactures casual wear clothes. Other brands producing the same casual wear like Zara and GAP are competitors of UNIQLO. In Japan, people prefer UNIQLO more because this brand’s clothes are less expensive.
When talking about the place, it refers to the site or an area where the company would be selling its product and how it would reach the market. The primary goal of any business is to bring the products in front of customers’ eyes who are most likely to buy the product.
This may refer to the taking decision about a specific market, or store. But it also relates to product placement based on proper research of the target market. When selling a physical product through a marketing mix, a brand or business needs to research the market they’re targeting. Here target market refers to any place that’ll give the most profit, and bring the most sales if the product is placed there.
In some places, the placement of a product also refers to promoting, or including a product on TV shows, films, and the internet for creating a brand image, and for attracting consumers/customers.
Promotion refers to the domains of advertising, promotional strategy, and public relations. The primary objective of promoting a product or service is to create a brand image. It also relates to letting the customer know why they need our product, and why they should pay any specific amount for getting it.
Marketers often use a combination of placement and promotion of products for identifying the target market and to reach the core audience.
In this digital era, the promotion and placement factors are as much offline as online. For example, the brand of a product has a company website and social media. These areas help in creating brand awareness among the target customers.
So these were the 4ps of marketing (Product, Place, Price, and Promotion). These P’s are also referred to as the marketing mix. These are the critical elements of producing a strategic marketing mix for the product (brand), or service. All these elements interact to identify price, product’s target market, placement of product, as well as promotion strategy.