The Trending Marketing Mix Required for Business Success
Marketing Mix: The Foundation Model for Businesses
By Olatuja Gabriel-Wealth (Chartered Customer Relationship Manager, Business/Marketing Strategist)
According to Indian Times, marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
Marketing mix is a foundation model for businesses. It is can also be referred to as the set of marketing tools that the company or business uses to pursue its marketing objectives in the target market.
Stewart Gandolf, the Chief Executive Officer of Health Care Success said, strategic marketing planning and analysis is an ongoing process. Marketing Mix is considered as a basic marketing analysis principle.
As businesses keep evolving, the subject strategic marketing analysis has also evolved over time.
Marketing mix is a practical framework to evaluate an existing business and work through appropriate approaches whilst evaluating the marketing mix elements.
Companies and organisations can also use the marketing mix to set objectives, develop strengths and avoid weaknesses, strengthen the competitiveness and adaptability as well as ensuring internal cohesion.
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8Ps of Marketing Mix
- Product: A product or service refers to an item that satisfies the consumer’s needs or wants. Products may be tangible (goods) or intangible (services, ideas or experiences).
The marketing decisions include
- Product design which includes designing features and quality of product or service.
- Branding involves giving a meaning to specific organization, company, products or services by creating and shaping a brand in consumers’ minds.
- Guarantees and warranties a formal assurance to repaired or replaced if not of a specified quality.
- Returns, Packaging and labeling
- Product assortment which involves a product range, product mix, product lines to satisfy customers’ needs or want.
- Managing products through the life-cycle
- Services (complimentary service, after-sales service, service level)
- Price: Price is the amount a customer pays for a product. Price may as well refer to consumers’ expectation for getting a certain product. The variation of price has direct implication on revenue.
Price is the only part of the marketing mix that talks about the value for the firm and considerations of customer perceived value.
Price strategy, price tactics and price-setting as well as allowances such as rebates for distributors, discounts for customers and payment terms such as credit and payment methods are critical when taking marketing decisions.
- Place: This refers to where customer can access the product or service. It considers providing convenience for consumer. You need to determine distribution options that are available for customers to experience our product, e.g. online, in-store, mobile, shop, office etc.
- Promotion:This talks about how to showcase the products via organic, paid, owned and earned media channels where customers can easily access them for consideration. Promotion entails all regarding advertising the offerings.
- Presentation or Physical Evidence:you must be able to convince customers to buy and reassure customers of the value they will get. You must present the product in a manner to enhance a positive impression. This could be handled by well trained staff or content.
- Processes/Planning: You must be able to curb all internal processes that could hinder delivering the best customer value
- People: Refers to anyone directly or indirectly involved in the business side of the enterprise. That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.
- Partners: It is important to seeking new partners and managing existing partners well. Strategic collaborations by leveraging on other businesses strength goes a long way.
If you’re looking for strategic marketing solutions, why not consult out marketing strategists to help plan, formulate and implement your marketing strategy here.
