Marketing Mix is a business tool that is used in marketing and by marketing professionals. Marketing mix is often very important when deciding on a product or brand, and is often synonymous with 4P: Price (Price), product (product), promotion (trade promotion), and place (distribution).
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4P of Marketing Mix
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Product
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A product is considered as a dish to satisfy the customer’s needs. It is a tangible commodity or an invisible service. Tangible products are things that have an independent physical existence. A typical example of mass production, tangible objects are single-use cars, motors, and razors. Insurance products, payment via bank is an invisible service.
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Each product has a life cycle that includes stages: the stage of growth, the stage of maturity, and the recession phase. Marketers must delve into the lifecycle of the product they’re marketing, focusing on the various challenges that arise as the product moves its lifecycle.
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Marketers must also consider product mix. Marketers can expand the current product portfolio by increasing the depth of a product line or increasing the number of product lines. The marketers should consider how to locate the product, how to exploit the brand, how to harness the company’s resources and how to shape a product mixture so that each product complements each other. Marketers must also consider the product development strategy.
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Price
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Price is the amount the customer paid for the product. The price is important as it determines the profits and then the survival of the company. Mainly includes the basic price, discount price, payment time, loan conditions and so on. It refers to the economic return that a business pursues when it sells its products.
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Promotion (commercial promotion or sales support)
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How to make products or services known in the market and have a lot of consumers? Yes, you have to do promotion. The promotion is essentially a persuading activity of information, affecting and reminding the market that your product is ready to be sold and purchased by them.
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Promotion (trade promotion or sales support) is all the communication methods a user can use to provide information about the product to different parties on the product. It includes such factors as: advertising, public relations, sales organization and sales promotion.
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Advertising includes any communication that it has to pay, from cinema ads, radio ads and Internet advertising through print media and advertising. Public Relations (PR) is where the pine boat does not have to pay directly, and includes: press releases, sponsorship contracts, exhibitions, conferences, seminars, trade fairs and event organizers. Word-of-mouth advertising is any informal information that is heard from ordinary individuals about the product, customer satisfaction. Sales staff often play an important role in oral and public relations advertisements.
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Place (Distribution)
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Distribution is to provide products at a convenient location for consumers. Various strategies such as intensive distribution, selective distribution, proprietary distribution and franchise can be used by marketers to complement different aspects of the marketing mix.
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The above 4P (products, prices, channels, promotions) is a controllable factor in the marketing process, but also the main means for enterprises to carry out marketing activities, the specific use of them, forming an enterprise’s marketing strategy.
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The new 4P
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Considering the breadth, complexity and richness of marketing, products, prices, channels, promotions, the above 4P is not enough to accurately reflect the entire marketing campaign. Need to include a representative set of marketing concepts that reflect modern marketing realities: people, processes, projects, and performance.
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People (Personnel)
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People refer to internal marketing. In other words, employees are critical to the success of marketing. In other words, the quality of the organization’s employees directly affects the success of marketing. At the same time, it also means that consumers must be seen as living individuals and understand their lives in a broad sense, rather than just focusing on what products or services consumers buy and consume.
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Process
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Process is all the creativity, rules, and structures involved in marketing management. Marketers must avoid ad hoc planning and strategy and ensure that state-of-the-art marketing ideas play a corresponding role in their own marketing decisions and marketing implementation. It is only by those companies that have the right process to guide marketing campaigns or projects that it is possible to better build long-term relationships. In addition, the process includes processes related to innovative ideas and breakthrough products, services and marketing campaigns for businesses.
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Project
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The program reflects all activities within the enterprise that are directly related to consumers. These include both traditional 4P and other marketing campaigns that don’t match old marketing ideas. Whether a marketing campaign occurs online or offline, or whether it is traditional or non-traditional, the business should integrate it so that all marketing activities can be made as an organic whole (making the whole more simple and comprehensive than the activity) and ensuring that they help achieve the enterprise’s multiple goals.
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Performance
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In omnidirectional marketing, performance is defined as a series of measures of results (such as profit, brand, or customer equity) that can be measured from a financial and non-financial perspective. Moreover, it is measured beyond the enterprise itself, including the impact on social responsibility, law, ethics and related communities.
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Finally, the new 4P actually applies to all aspects of the enterprise. Only by considering these aspects can managers be more closely aligned with the rest of the business.
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So that’s what marketing mix is all about which you should understand if you want to grow your business and win the market competition.
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