Management of Marketing: Marketing Mix

Section 1: Understanding the Marketing Mix

The Marketing Mix refers to the set of actions or tactics a company uses to promote its brand or product in the market.
The concept is also known as 4Ps of Marketing: Product, Price, Place, and Promotion.

Section 2: The ‘Product’ in Marketing Mix

In the marketing mix, ‘Product’ refers to the item or service that satisfies the customer’s needs or wants.
This includes features, variations, packaging, warranties, and the product lifecycle.

Section 3: The ‘Price’ in Marketing Mix

‘Price’ is the amount a customer pays for the product.
Factors influencing pricing include production costs, competition, market demand, and perceived value.
Price strategies include cost-plus pricing, market-oriented pricing, penetration pricing, and promotional pricing.

Section 4: The ‘Place’ in Marketing Mix

‘Place’ refers to the distribution or the location where the product is sold.
This can include physical stores, online shopping platforms, via direct mail or a mobile app.
Selecting the appropriate place depends on the product, target market, and overall marketing strategy.

Section 5: The ‘Promotion’ in Marketing Mix

‘Promotion’ includes all the methods you use to communicate with customers and inform them about the products or services.
Promotion strategies may include advertising, PR, direct marketing, and sales promotion.

Section 6: The ‘People’, ‘Process’, ‘Physical Evidence’ in Marketing Mix

Some marketers have expanded the marketing mix to seven elements, commonly known as the 7Ps by adding People, Process, and Physical Evidence.
‘People’ refers to employees, management and everybody else involved in it. It is essential for everyone to be aware of their roles and responsibilities.
‘Process’ refers to the procedures, mechanisms, and flow of activities by which a service is consumed. This is crucial in firms where the quality of service delivery could offer a competitive advantage.
‘Physical Evidence’ is the material part of a service, where customers interact. It could be a way to communicate the quality of service the customer can expect.

Section 7: Managing the Marketing Mix

The marketing mix is crucial for any marketing strategy to be successful.
It needs constant monitoring and managing to ensure that the product/service stays relevant and competitive.
Adjustments may be needed over time in response to market conditions, competitors’ actions, or feedback from customers.
A balanced approach to the marketing mix can help optimise resources, improve customer satisfaction, and maximise profit.