The marketing mix was first originally referred to as the 4 Ps of marketing. The concept of marketing mix combines all the essential elements that are required to promote your product and services and get them delivered to your customers successfully. A set of strategic marketing tools that includes: Product, Place, Price, Promotion People, Process and Physical Evidence which enables a firm to produce the desired response from its target market.
Let’s look at each of the components more closely:
People
First of all, it’s very important to identify the right target market of your product. Usually a marketer can have a clear idea through key research whether a particular segment of a product has its demands in the market. In every market, there are certain products and services which are created to cater the needs and wants of the desired customers.
This component also involves those people who are hired to fulfill the responsibilities and operations within the business. This provides a sense of relief to the businesses where you have people who believe in the products and services that your business creates. This adds team spirit within the workplace which also helps the employees’ staff to deal with the customers in more time efficient manner. Perhaps your competitors have the similar product but its how you deal with your customers makes all the difference and what persuades them to choose you more important in the future.
Product
You must identify all the key points before creating the product. You must know whether you are introducing the right product for the target market. In order to have a right product for your customer, you need to work on its quality since it’s the quality of a product that must be worthy enough for a customer to pay off. Next is Style, how does the product look like, its features in terms of its size, colors and so on. How is it going to be branded? How’s it going to be differentiated from its competitors?
Price
The Price is the next big thing for marketing a product. This is a very crucial point especially where you just have entered into a new industry and you’re competing with some famous brands. The target market will be somewhat unwilling to pay a higher price for your product. For this reason, the marketers need to analyze the competitors, their positioning strategy and how can you fit best in the market.
Promotion
[large]Promotion is based on how you communicate your product to the customers. This provides an assistance to make the right decision about purchasing a product. Promotion includes the following elements to be successful: Advertising, Sales promotion, direct marketing, online communication and Personal selling etc.
Place
This element involves a lot of distribution method from transporting to the place where the customers will purchase the product; the right product to the right place at the right time is a hard-hitting task for marketers to experience.
Process
This involves how the customers should be handled from the beginning till the end. In order to make your customers satisfied, the firm needs to take a control on part of the accessibility of the products, the payment method which must be accurate and quick, booking if required, speed and timing of delivery must be efficient.
Physical Evidence
Physical evidence is basically the form of service that will be given to the customers. This includes the facilities, the ambience to keep the customers at ease, the layout and the decoration to make the desired product more enthralling in the minds of the customers.
All seven of these components help in to initiate the marketing process.