August 29, 2022, Comment off
What is Marketing Mix
The marketing mix is the foundation of all brand-building exercises and refers to the overall communications strategy of a company. Its form and factors affecting its delivery have evolved over the years, but the idea of a marketing mix has been the same since the beginning of time.
The traditional concept of marketing mix revolves around the 4 Ps of marketing:
Let’s take an in-depth look at these 4 Ps.
Understanding The 4 Ps of marketing
The 4 Ps of marketing are interdependent. Various marketing strategies are developed based on these. Here’s a breakdown of each one of them.
Products are commodities—either tangible, physical objects or even a service—that solve problems and meet the needs of the consumer. A successful product offers a unique experience to the customer and disrupts the existing marketplace.
Before the launch of the iPhone, most customers did not realize the need for a smart device to access everything at their fingertips.
Apple’s offerings were different, and its USP was compelling enough to draw wide user attention. People saw that a smartphone with functionalities like GPS, calendar, search engine, weather guide, etc., can simplify their lives.
It is crucial to understand your offerings before marketing them. You must discover:
- Details about the target audience.
- The unique selling point of your product.
- Target audience’s preferences.
Price is the cost at which the item is sold to the customer. It is crucial to set a price that reflects the current market trends—neither too high nor too low. It should be affordable for your customers and profitable for your business.
Pricing plays a crucial role in the success of a product. It fluctuates based on the supply-demand cycle. Some companies decrease their product prices to compete with the market, whereas some increase them.
If a product is overpriced, only a few customers can buy it. Conversely, if a product is priced too low, customers might think that the product is of inferior quality and refrain from buying.
Ensure you study the target audience and find out what they are willing to pay. Analyze the pricing structure of your competitors and set your prices accordingly.
Place refers to where and how customers can access/buy your products. It entails where your products are created and stored. It also includes the plan for where and in what format you advertise your product. Make sure you keep the demographics of your customers in mind when you decide upon an advertising strategy.
For example, if your products cater to an audience in the age group 50-60, it might not be a great idea to market them on Tiktok. Similarly, if you are targeting a younger audience, you will get more attention via social media platforms.
You cannot just put your ads out on all the platforms. Analyze your demographics and pick channels most conducive to promoting your products accordingly. Your products should be where your customers are.
Your audience needs to know about your offerings. They need to know your product, features, and pricing. You should be able to convey how your products fill your customer’s needs and serve as a perfect solution to their problems.
The promotion part combines the above three aspects of marketing. It means you must reach your target audience with the right product, right message, and at the right time.
Your promotional strategy should be convincing and must answer the following questions:
- Why would customers need a particular product?
- Why should they buy YOUR product over others?
Timing plays a huge role in promotional marketing.
If you run a pizza delivery deal as an ad during a football match or other games, it might push the users toward a purchase journey.
Make sure you check the following boxes as you frame a promotional strategy for your business:
- You’ve set the best price (according to market standards.)
- You know where (what channel) your audiences are.
- You know the time your audience is active on the said channels.
Understand marketing mix for better strategy
The marketing mix is an amalgamation of the 4 Ps of marketing. Understanding each of these for your target market can help you create an effective marketing strategy.
Promotion is a crucial part of the marketing mix. It makes your product reach the masses. Therefore, make sure your promotional messages target the right audience precisely.