This article explains the product marketing mix. After reading you will understand the marketing mix and you can apply it to the policy of your organization.
What is Marketing Mix?
The marketing mix is the combination of tools that an organization can use to implement its marketing strategy. It is often used by marketers in the implementation of a formulated strategy and can, therefore, form an important part of the marketing plan (Part 4: Action plan).
The sub-areas of the marketing mix have mutual interaction and dependence. They also influence by outside (externally) and internally. A situation analysis is, therefore, a good basis for implementing changes in the marketing mix. Major changes are strategic changes and should only be implemented as a result of findings in a strategic marketing plan. Tactical, small changes can often be implemented based on less preliminary research, for example, a situation analysis.
The different areas of the marketing mix must be matched in the right way, creating an optimal combination. This is the marketplace of the marketer.
What does the Marketing Mix consist of?
- Service marketing
Product – Marketing Mix:
All factors that influence the core product, tangible product, and comprehensive product or service.
- Core product — “what does the buyer buy?” one does not buy television but a form of entertainment or pastime.
- Tangible product — the packaging, the quality, etc.
- Extensive product — extra services such as home delivery of the television.
Price – Marketing Mix:
All factors that influence the price. Examples of this: Marketing mix – price.
- What price do we charge?
- Are discounts possible?
- Are consumers willing to pay a higher price?
Note Bad road to long-term success. Marketers often do not go beyond “price down” resulting in more customers but without a profit margin. Anyone can lower the price but a good marketer can make the product or service better. Consider, for example, marketers who have created a better product by applying a very high price, while in essence, it is exactly the same as the cheaper competitor.
Promotion in Marketing Mix:
All factors that influence communication and reaching the target group. Examples:
- Advertising: TV, radio, internet, magazines, newspapers, etc.
- Personal sales: present personally
- Sales promotion: short-term special promotions
- Public relations: building a good image through sponsoring, for example
- Direct marketing: mailings, mail, telephone, fax, email, etc.
More about the P of Promotion in the following article: Marketing Mix Promotion
City – Marketing Mix:
Within the “P” location, it concerns all factors that influence the connection between the provider and the product. This includes the distribution channel, logistical functions, direct marketing (directly to the customer), etc. How can I get the service from my customer? This “P” must answer this.
Staff (optional) – Marketing mix:
Personnel is not part of the original four marketing p’s but nowadays it is becoming an increasingly larger part of the marketing mix due to the rise of service marketing. It is therefore essential for services to include this factor in the marketing mix. This concerns all factors that influence the way in which the service is performed.