Hello, friends today we will learn about the marketing mix which includes the 4 Ps of marketing and 7 Ps of marketing. So, here we will start with understanding ‘what is marketing’ after this we will understand the marketing mix and at last, we will understand elements of the marketing mix.
What is Marketing?
Marketing is all about identifying human and social needs and their profitability. Let’s look at an example, when IKEA shows that people wanted furniture which is modernly designed at a medium price then they created knockdown furniture. When Google finds out that people needed a device to access information on the internet in a more effective and efficient way, then google created a device and named it a search engine that prioritized and organization queries.
What is a Marketing mix?
McCarthy has given the 4 Ps of marketing mix model in the year 1960. This model has four segments product, price, place, and promotion. 4 Ps of the marketing model are used for building the marketing strategy of any company or organization. All the P’s of marketing are dependent on each other and these P’s are defined on the basis of the marketing plan of the company. Each and every company build their strategies and marketing plan on the basis of 4P’s and 7P’s of marketing.
4 Ps of marketing mix
Elements of marketing mix:
Product: Product is anything that is offered to customers for satisfying their needs and wants. The product can be tangible, intangible, means it can be goods, services, idea, experience, events, etc, for example, coca-cola, biscuits, toothpaste, brush, shampoo, and there are so many products available in this world.
It includes the product variety and quality of the product, while making the product strategies we have to see how our product is different from competitor’s products, what value we are delivering.
Factors that are included in products are Quality, Features, Design, product variety, Services, Packaging, Warranties, and returns, Sizes, and Brand name.
Price: Price is the amount that is paid by the buyer for buying any good or service. Here are some of the prices paid by buyers in exchange for service or product such as rent, commission, tuition fee, fares, and wages.
While deciding pricing strategies we have to look at many factors such as what value of a product or service company is delivering to its customers, what is the price points, competitors, are there any fixed price point in that product or service line, is customer price sensitive may be a small increase in price can increase profit margin but it can lead to decrease in total sales so every factor has to be studied before deciding the price.
Place: This process starts with moving the products from manufacturers to the end-user. It includes different channels of distribution such as distributors, wholesalers, and retailers Now a day’s internet has become one of the biggest markets place, where we can find different varieties in a single store.
Place includes transport, channels, locations, coverage, assortments, and inventory. By deciding the right place a company can increase its sales and can maintain them over a longer period of time.
Promotion: Promotion are those activities which includes the communication of each product of company to their customers. Here company start communicating with customers about the benefits and features of products, which result in awareness among the customers about their product.
Marketing communication drives sales and brand equity for the company in many ways. Let’s look at some of the promotion tool: Advertising, which permits the seller to repeat a message many times and result in pervasiveness. There are certain forms of advertisement such as advertisement on TV, newspaper, Internet.
Sales Promotion: Companies use various sales promotion tolls such as coupons, contests, premiums etc. It draw the attention of consumer towards product and may lead the consumer to the product.
Let’s look at the modern elements of marketing mix which has been updated and now there are 7 Ps of marketing, which is used by the companies for making strategies. The marketing mix model is used for conducting SWOT and competitor analysis.
7 Ps of marketing mix
We have already discussed the 4 ps of marketing now we will look at the next 3P’s which are newly added, and are mainly used for making service marketing strategies. Modern marketing mix has 7 Ps of marketing.
Process: Here manager has a responsibility to design a process for successful service delivery. It shows all the creativity, discipline, and structure brought to marketing management. It represents the best way, process, or method of providing service to the customers so they are satisfied.
Physical Evidence: Physical evidence is the surroundings or environment of the shop or place where customers visit for purchasing a service or product. Let’s take an example of the restaurant so here restaurant manager has to make sure that the interior, furnishing, color of walls all should look good dresses of employees.
People: People are the part of internal marketing and they play a critical role to marketing successes.
If a company has the best people inside the organization they will have the best marketing aswell. Marketers have to take care of their people also if their people are not satisfied with the product then their customers can’t be satisfied.
So, this was all about 4 Ps of marketing mix and 7 Ps of marketing mix which comes under the elements of marketing mix. It is an important model that is used for strategy building and defining the market.
Who gave the 4 Ps of marketing?
The concept of the 4 Ps of marketing was given by Mr. McCarthy, he is an American author who wrote the basic marketing book in 1960 where he gave the concept of 4 Ps of marketing. The basic marketing book includes other marketing concepts such as market research market segmentation and consumer behavior.
Keep visiting our blog [ DailyInformation ] to know more about marketing, tech, and daily updates. Comment below and share your views.