Table of contents:-
What is Marketing Mix?
Marketing Mix is a blanket term that covers all the set of actions that are implemented for sales enhancement and brand promotion.
It is a ‘mix‘ of factors that affect product marketing. These factors are Price, Product, Promotion, and Place, together known as the 4Ps of the marketing mix.
Marketing mix is a vital tool for interpretation of the product or service that helps in preparing potent marketing strategies.
4 Ps of marketing mix
The item or service manufactured or designed by the company to fulfill consumer needs.
The product ought to be promising, productive, and effective. Customers won’t buy an inefficient product even when it is heavily promoted. Marketing investments and strategies are realised only if the product has some potential.
It is the value to be paid by the consumer to access or receive the product. Most of the marketing promotions stress on the cost effective pricing of the product.
Pricing depends on the various costs incurred during the development phase and the profit margins desired by the stakeholders.
For setting the price, few factors should be taken into consideration:
(i) The worth of your product: Think from the user’s perspective, is the product worth the money that is being spent to buy it. Is it equipped to serve most of the user’s needs? And is it better than the other brands?
(ii) Compare the market prices: If the services that your product provides are provided by another brand’s product as well then it comes down to the price difference. The customer will tend to buy the more cost-effective product. Marketing promotions attract the customer by price comparison.
(iii) Over or under pricing: The product shall be priced based on the features it has, the amount of needs it fulfils and the prices offered by competitors, also sometimes the brand image aids the pricing.
Therefore, a product shouldn’t be so overpriced that the customer won’t buy or so underpriced that the profit margins aren’t met even if the sales are high.
Place refers to the areas of distribution.
Marketing strategies vary depending on the location as the culture, needs, and market environment varies with the location.
Promotion is the way through which communication is made with the potential customers and product benefits are promoted in order to convince or attract them to buy.
It involves advertising, incentive, discounts, word of mouth, or anything that promotes a good image for the product.
All these are interrelated such that no factor can be focused on individually; that’s why it has been combined as a mixture or a ‘mix’.
Q: What is meant by Marketing Mix?
A: Marketing mix is a mixture of aspects of the market that are to be focused on while strategizing marketing policies. The major aspects are Product, Price, Place and Promotion.
Q What is the difference between marketing and promotion?
A: Marketing relates to all the activities that are involved in enhancing the sales of the product. Promotion is one aspect of marketing, which means to spread the word about the product and its benefits to the potential customers.