The Marketing Mix (also known as P) is a framework for building a strategic perspective for your product.
The marketing mix consists of;
Building the foundation for your product through your marketing mix should lead to success, but it depends on how you deploy them and use the principles in practice.
Marketing is a science, by which I mean there are no hard and fast rules to being successful – however there are, like creating music, structures that you have to follow. Music today is built around thirds and sixths and other combinations are considered incorrect, but people will constantly push the boundaries. Marketing planning is similar – you have to work on the marketing mix to be successful, but you can make your own adjustments and interpret the 7Ps differently.
The story behind the marketing mix comes from Neil Bordon in 1953 and has since been edited, adapted and improved. The original mix consisted of 4Ps – Product, Price, Place & Promotion – while People, Processes and Physical Evidence were added later.
Why do i need a strategy?
Some people might think they have a “product that will sell itself” or “It will fly off the shelves” – these are all phrases I’ve heard before. Usually people who think like this haven’t done their homework and thought about who will buy the product, how much they will spend, or the process to get the item. While they may eventually have a “product that will sell itself,” they still have to tell people that their product exists.
There are too many alternatives to list all the combinations that could be used by businesses when developing their marketing plan. There should be a marketing mix for each market access route. For example, a furniture company can sell directly to the consumer but also wholesale to other companies. The strategy for bringing the product to market is completely different.
While the product remains the same ie the furniture, the price, promotion, location, people, process and physical evidence are different;
Direct to consumer (B2C)
Product – the same product, usually purchased in a single environment
Price – As this is a one-time price, you usually won’t be discounting, although you may have a special sale
Location – Selling in store with customers who come to you
Promotion – Through newspapers, flyers, posters, sales promotions or even on TV
People – in-store sales team where the end user makes the purchasing decision
Process – Dealing directly with the consumer
Physical evidence – Regarding the store layout, is it accessible, is it clean, etc. ?
Alternatively, the wholesale marketing strategy will be completely different;
Product – The same product, usually buying multiple pieces.
Price – Since the business is buying multiple items at once, you can benefit from economies of scale and offer a lower price (this helps you sell more volume).
Location – You will usually need to deliver the furniture to your customer.
Promotion – A sales team or business contact will be required to keep the customer happy and arrange repeat purchases.
People – The B2B sales team, delivery drivers and their company’s business contacts are all involved.
Process – The client will want coaching and it will not be a one-off sale, there will be relationships to be formed and an intermediate coaching team is needed. The customer will sell your stock and expect a contact level.
Physical evidence – The customer is concerned about the help they receive from the furniture company, the way they are treated and the standards set by the employees in the furniture store.
The right strategy can save a business millions. Dell is an example of a company that changed the market, found a niche, and built on it. Dell only sells computers online, which means cutting out the middleman and saving money for the end user. By having a different location / distribution strategy, they created a new model of selling computers and captured a big chunk of the market. I should mention that Dell has also changed a lot of other parts of its marketing strategy, including the products – they make their own PCs instead of reselling other brands.
Dell made its marketing mix work for them. They changed their pricing structure to be cheaper than their competition, the quality is good, they advertise a lot and have a well-established brand, the process means you get a point of contact to help you with everything. along the process.
I do not work for Dell and they are not my customers. One negative point I hear all the time is that their sales team is too “pushy” and people end up buying their computers elsewhere. This should be identified by their market research and may be something that will change in the future.
The importance of mixing.
Successful businesses rely on solid marketing planning that begins with the marketing mix. Always think about your customer who will be the person who will buy, use and tell others about your product.