Formulation of a strong and successful marketing plan is of utmost importance for any marketing campaign to be a success. Marketing mix is a tool used to formulate such strategies that yield all-round, long term results.
Marketing Mix: Definition and Importance
Marketing Mix is a guide which can be used to form successful marketing strategies. It was developed to ensure an all-rounder approach before forming marketing tactics. The four Ps (Product, Price, Place, and Promotion) cover all functioning areas of a business, hence this tool helps businesses take a more comprehensive marketing approach.
It can be defined as the culmination of the major forces of market, namely product, price, place, and promotion. It helps achieve your marketing targets, as marketing mix functions as a monitoring variable to such goals by defining a table of progress, divided under relevant heads. For example, place mix can be used to monitor how far the reach of your product is physically, and how the expansion of the same is going.
The Four Ps of Marketing
Product is any good that a business offers for sale, or any services it is ready, willing, and qualified to provide under such circumstances deemed contractual by expression or conduct. In other words, Product is anything, real or psychological, that a business is ready to provide for monetary gain. As a marketing Mix, Product is an essential element as it is necessary to understand the product, and therefore its market conditions for any business to go about a successful marketing campaign.
Pricing decisions affects a lot of variables, from directly affecting profit margins and gains, to indirectly affecting growth, promotion, and everything up to the survival of the business. Under oligopoly market however, there is only minimum pricing liberty. Any price fluctuations and a business is bound to lose or gain customers immediately, at the price of lower sales or lower profits (respectively). Therefore a concrete understanding of the type of market along with knowledge about the industry and competition is essential before making pricing decisions.
Physical availability of the product is also very important. It is basically following the concept of being ‘at the right place, at the right time’. Ideally Place Mix should define where your potential customers are most like to wander into; this includes online shopping portals such as Amazon.
Through our previous articles we have always emphasised on the value of offering superior value as the key element of promotion. Promotion is basically a culmination of activities undertaken to acquire market share. Various methods such as advertisement, Public Relations, sales discounts, etc. are included under promotion. Promotion Mix looks to guide these activities, such that maximum ROI is obtained from the promotional efforts.
The Marketing Process (How to use Marketing Mix to your advantage)
To form an effective Marketing Mix that suits the requirements of your business and yields maximum results, we suggest taking the initiative for careful and constructive planning. This includes the process of industry analysis (click here), competitor analysis (click here), and advertisement analysis, as well as defining your marketing goals under the subheads of Marketing Mix and keeping a maintained checklist for the same. When implying Marketing Mix as a marketing basis, you should ask yourself the following questions:
Upon answering the above questions, the best thing would be to lay down the respective goals in relevant headings and proceed with it.
Any market form is dynamic and ever changing, therefore a limitation of Marketing Mix is rigidity. You must be prepared for such changes, expected (in accordance to past changes in the industry) or unexpected.
While Marketing Mix is a comprehensive marketing tactic, it has some of its flaws that should be accounted for beforehand. It is a good approach for Startup businesses (click here to learn more about startup marketing). It should be used as a guide rather than as a rigid to-do list, describing your long term goals while dealing with variables as they come along.
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