The marketing mix is the combination of variables that a business uses to carry out its marketing strategy and meet customer needs.
To effectively market a product or service there are four things you need to get right:
These four elements are known as the marketing mix or the 4Ps. The four marketing mix elements should be viewed as one unit and structured to support each other; Otherwise an organisations marketing strategy will be confusing and unco-ordinated.
It is generally acknowledged that this is too narrow for todays society; it can be extended to the 7Ps, the additional Ps or extended marketing mix include:
People represent the business
The image they present can be important
First contact often human – what is the lasting image they provide to the customer?
Extent of training and knowledge of the product/service concerned
Do staff represent the desired culture of the business?
The extended marketing mix – Physical Environment
How do people consume services?
What processes do they have to go through to acquire the services?
Where do they find the availability of the service?
Degree of technology
A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods.
You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do an extensive research on the life cycle of the product that they are creating.
Should satisfy the needs of the customer
May have a Unique Selling Proposition (USP)
‘Product’ also includes a range of factors such as packaging, quality, warranties, after-sales service and branding
The price of a product will depend on:
The cost to make it
The amount of profit desired
Other objectives of the business
The price competitors charge
The price customers are willing to pay
Is there a high demand?
Is demand sensitive to changes in price?
The price must be one that the customer thinks is good value for money.
This is not the same as being cheap!
Prices have a great psychological effect on customers