What is Marketing Mix ?

 

The marketing mix is one of the fundamental pillars of any marketing strategy. It includes a set of factors that contribute to the success of a product in the market. It is sometimes referred to as the "4Ps of Marketing" and has evolved to become the "7Ps of Marketing" according to the insights of marketing experts.

1. Product
   The first step in understanding the marketing mix is knowing your product. It is important to determine whether your product is a physical good or a service, and whether it is suitable for the target audience or requires modifications to become more suitable for them. You should also be aware of the product life cycle, as this helps in determining the optimal marketing strategies.
2. Price
   The next phase relates to the price. It is crucial to study the production costs, including all expenses required to prepare the product. In addition, you need to study competitors and the prices of their products to determine the appropriate price for your product. You should consider whether the price you set is suitable for your target customer or not.
3. Place
   The next phase is place, which involves determining the locations where the product will be distributed. You need to choose appropriate locations that will help promote the product and achieve access to the target customers. Make sure that the locations you choose are suitable for the product and help increase sales.
4. Promotion
   After defining the product, price, and place, comes the role of promotion. At this stage, the appropriate means will be used to promote the product. The choice of the promotional strategy depends on the most effective means to reach customers more quickly.
5. People
   The fifth phase is about the people who work with you within the organization or with customers. This pillar emphasizes the importance of training and developing employees to ensure they are knowledgeable about how to provide the best customer experience. It also involves understanding customer needs and ensuring their satisfaction.
6. Processes
   The sixth phase concerns the processes by which your company manages how the service or product is delivered to customers. This includes internal procedures like product delivery, response times to customers, and how to process orders effectively to ensure customer satisfaction.
7. Physical Evidence
   The seventh phase involves physical evidence that customers can see or touch. This evidence helps strengthen the brand image and build trust with the customer. Physical evidence may include designs, the website, or any other physical aspects that confirm the quality of the product or service.

Conclusion
Marketing experts have noticed that the marketing mix can be adjusted and improved, which led to the addition of more pillars to expand the marketing mix. What started as the 4Ps has now evolved into the 7Ps, offering more options and flexibility in applying marketing strategies.