Marketing mix is a term used in marketing to describe the combination of media and message that will be employed by a business when it attempts to reach its target market.
The idea behind this definition is simple: if you want to sell something, then you need to know what kind of person or group of persons are most likely to buy it.
The first step towards creating effective advertising campaigns is understanding your audience.
This means knowing who they are, where they live, how old they are, their gender, income level, education levels etc…
Once you have identified these things about your potential customers, you can begin developing strategies for reaching them with your product/service.
In order to create successful marketing campaigns, marketers must learn which methods work best on each type of customer.
Why Is Marketing Mix Important
Marketing mix is important because it allows companies to understand exactly what works well for whom.
It also helps companies develop more targeted messages so as not to waste money on ineffective ads or have a poor marketing communications.
For example, let’s say I’m running a company selling widgets online.
If my goal was simply to make some extra cash, I would probably just advertise on Google AdWords using keywords like “widgets” and “buy”.
However, if I wanted to attract people interested in buying high-end products, I might use different words such as “luxury”, “designer”, “handmade”, “customized”, “unique” etc..
This way, I could direct all of my ads at one specific demographic instead of wasting time trying to get traffic from everyone.
Therefore, before we go any further into learning about the various types of marketing mixes available, it is essential that we understand why marketing mix is important.
- It helps with sales promotions – They can be used for many different purposes such as increasing sales or awareness and they’re also an effective tool when it comes to customer retention. Promotional products have the ability to increase brand recognition and loyalty among consumers. The best part about them is that you don’t need much money to start with.
- It broadens your distribution channels – When you’re looking to expand your business, having multiple ways to distribute your goods is always beneficial.
- It can help with deciding on pricing strategies and pricing model – Marketing mix and pricing model play a huge role in determining whether or not your price should be fixed or variable.
- It improves your marketing effectiveness – A good marketing campaign will only do its job if it reaches the right target market. Therefore, by identifying your ideal customer base, you’ll be able to reach out to them effectively.
Types of Marketing Mix
There are various types of Marketing Mix and I have written more in-depth for some of them, but the main types are:
- The Four Ps
- The Seven Ps
- The Four Cs.
Let’s take a look at each one…
The Marketing Mix 4Ps
The Four Ps stands for Product, Price, Place & Promotion.
These four elements form the basis of every business plan.
They represent everything that goes into making a sale.
- Product – What do you offer? How does your product differ from other similar items out there? Do you provide value? Are you offering quality service? Does your product meet certain needs? Having an ideal product for your niche is very important. You should always strive to find ways to improve upon existing products.
- Price – Pricing plays a huge role in determining whether someone buys your product or not. In fact, pricing has been proven to account for up to 70% of sales! Therefore, it is extremely important that you price your product correctly. Make sure that you don’t overprice yourself. Also, be aware of competition prices. Always try to beat competitors’ prices by 5%.
- Place – Where will your product be sold? Will it be sold through physical stores or websites? Each medium requires its own set of rules and regulations. For instance, when selling via website, you need to ensure that your site loads quickly and doesn’t crash. When selling through brick and mortar locations, you’ll want to consider how much space you’re going to require.
- Promotion – Promotions play a big part in increasing sales. This includes advertising, discounts, free samples, contests, giveaways, coupons, special offers, social media promotions, referrals, word of mouth recommendations, etc.
Now, let’s go to the next type of marketing mix which is 7Ps.
The Marketing Mix 7Ps
The seven Ps contain physical proof, people, and procedure in addition to the standard four Ps.
In addition to the usual four Ps, the seven Ps include physical evidence, people, and process.
- Physical Evidence – Physical evidence refers to tangible things like packaging, labels, brochures, flyers, catalogues, advertisements, billboards, signs, displays, logos, uniforms, vehicles, furniture, fixtures, equipment, tools, machinery, office supplies, stationery, promotional materials, etc. All these things help establish trust between buyer and seller.
- People – People refer to human beings who interact with customers. It may sound simple enough, but this element is often overlooked. A good example would be customer support staff. If they aren’t friendly, helpful, knowledgeable, courteous, professional, etc., then chances are that buyers won’t buy from you.
- Procedure – Procedure involves all the steps involved in running a business. From hiring employees to ordering inventory, procedures must be followed properly if you want to succeed. Procedures also involve training new hires on what to expect as well as providing ongoing education so that everyone knows their job responsibilities.
7Ps vs 4Ps: Which One Should I Use?
Now that we’ve gone over both types of marketing mixes, let’s discuss the advantages and disadvantages of each one.
|Advantages of 4Ps||Advantages of 7Ps|
|Easy to understand||More effective|
|Simple to implement||Easier to measure results|
|Low cost||Works better for certain industries|
|Disadvantage of 4Ps||Disadvantage of 7Ps|
|Difficult to measure results||Requires additional resources|
|May not work for every situation||Takes longer to execute|
Which Mix Is Better?
The answer depends entirely upon your situation.
It may work best for you to stick with one method while supplementing it with another.
Or maybe you should try out both before deciding which one works best for you.
The Marketing Mix 4Cs
The marketing mix for 4C’s is a bit different from 4Ps and 7Ps, so that’s why I haven’t mixed them together.
The main reason is because 4Cs marketing mix emphasizes the customer rather than the business.
The four Cs are consumer, cost, convenience, and communication.
The four Cs may be more suitable to a digital marketing mix than the four Ps in some cases.
4Cs and digital marketing mix work great together because consumers use social media sites such as Facebook, Twitter, Instagram, YouTube, LinkedIn, Reddit, and many others.
These platforms allow businesses to connect directly with current and potential clients through advertising campaigns.
This gives companies an opportunity to market their products or services at little to no cost.
This can make up for low profit margins by increasing sales volume.
However, there are disadvantages too.
Companies need to keep track of how much time they spend posting content online versus actually interacting with customers.
They also have to monitor comments made about their brand.
Some negative feedback could damage their reputation.
In addition, some people don’t like being marketed to via social media. So, it’s important to know whether or not your target audience likes receiving messages from brands.
But personally I think that 4Cs is fantastic because it all comes down to the customer.
To expand a bit on this, 4Cs focus on:
- Consumer – The consumer’s demands and needs. A company should focus on addressing problems for customers rather than developing products. This means understanding who your ideal client is and then finding ways to help them solve their problem.
- Cost – The complete cost of purchasing a goods or service, including the price tag. The time it takes to research a product and make a purchase is included in the cost. It may also include the cost of trade-offs that consumers must make, such as foregoing another purchase, or the cost of guilt they feel for purchasing or not purchasing a thing.
- Convenience – Convenience refers to factors related to ease of access and availability. For example, if a person has trouble getting to a store, he/she will likely choose to buy groceries online instead. If someone wants to watch a movie but doesn’t want to go outside, she might rent it from Netflix instead of going to see it in theaters.
- Communication – Communication includes everything from written words to verbal communications. When communicating with customers, companies should be aware of what type of language resonates most effectively with each group.
In conclusion, 4Cs marketing mix is very effective when used correctly.
However, it requires constant monitoring and evaluation.
You should always be looking for new opportunities to improve upon your marketing efforts.
Example For Marketing Mix
A great example of a marketing mix would be McDonald’s because it is easy to understand the entire concept.
Their marketing mix consists of four main components: Product, Place, Promotion and People.
Each component is essential since without one element, none of the other three elements can function properly.
- Product – McDonald’s serves food which makes it easy for anyone to eat. Since everyone enjoys eating, it allows McDonald’s to reach millions of different types of people.
- Place – McDonald’s offers its services everywhere; therefore, it reaches many more potential clients compared to competitors. By doing so, it increases the number of purchases per month.
- Promotion – McDonald’s uses various methods to promote itself. One method involves advertising through television commercials. Another way is through newspaper ads. Yet another option is billboards. These options allow McDonald’s to get the word out quickly and easily.
- People – McDonald’s hires talented individuals to work for them. They pay these employees well and give them benefits like health insurance. In addition, McDonald’s provides training programs for those interested in learning about how to run restaurants. All of these things contribute to making McDonald’s an attractive place to work.
Questions About Marketing Mix
How to identify marketing mix that is suited for my business?
Identifying your marketing mix is important because you need to know where you are lacking before you start improving on areas that aren’t working.
There are several steps involved in identifying your marketing mix. First, you have to determine whether you are selling products or services.
Next, you need to identify all of the channels available to sell your product or service. Finally, you need to decide which channel works best for your business.
As long as you follow this process, you will be able to create a successful marketing plan.
What is the importance of advertisement in a marketing mix?
It is important to have all four parts of the marketing mix working together because this ensures you are reaching the right audience at the right time.
This means having a good understanding of who your target market is and where they spend their money.
This is where advertisement can help. It helps by providing information that may not otherwise be available or accessible.
Advertisement also gives businesses the opportunity to provide valuable content to consumers.
Content such as product reviews, news articles, etc., can make a difference between whether or not a consumer decides to purchase something.
What is the difference between marketing segmentation and marketing mix?
The difference between marketing segmentation and marketing mix is that marketing segmentation focuses on dividing consumers into groups based on their characteristics while marketing mix focuses on identifying all possible ways to market products to specific consumer segments.
Both are important because they help you identify who your target audience is as well as where you need to focus your resources.
Are the 4 Cs considered a suitable framework for a marketing mix when selling a service?
The four Cs are suitable as a framework for a marketing mix because they cover all aspects that need to be covered by any business.
The first two parts deal directly with the product while the last two parts deal with the customer.
However, there are some limitations to using this model.
It assumes that you have already identified who your target market is before starting on your campaign.
This means that you must know exactly whom you are trying to sell something too.
If you do not know who your audience is then you cannot create a proper marketing plan.
The key element are your target customers and their customer experience.
Marketing mix will help you have a successful marketing strategy and make a smart marketing decisions.
Just remember that customer understanding is the core element.
Regardless if you choose The Four Ps, The Seven Ps or The Four Cs, when you focus on providing value to customers everything else will fit into place.