Do I understand my customers? Do I address their full experience? Do I have the right talent? These are the questions that concern virtually all marketing executives. The Marketing Mix concept was developed to ease these pains, but our Marketing Mix presentation allows marketers and business leaders not only better plan a successful product offering, execute marketing initiatives and increase customer satisfaction and company revenues, but also communicate the strategy to their teams and stakeholders.
The Marketing Mix, also known as the 4Ps (Product, Price, Place, Promotion), is a framework that helps businesses plan and execute their marketing strategies. It focuses on understanding customers and addressing their full experience. Other marketing frameworks, such as the Value Proposition Canvas, focus on the value a product or service provides to customers. The Business Model Canvas, on the other hand, looks at how a company can deliver that value in a profitable way. Each framework has its own strengths and can be used in conjunction with others to create a comprehensive marketing strategy.
Almost any company can benefit from the Marketing Mix concept. For instance, Apple Inc. can use it to further enhance their product strategy. They can use the Product element to ensure their devices meet customer needs, the Price element to set competitive prices, the Place element to ensure their products are available in all major markets, and the Promotion element to effectively communicate their offerings to potential customers.
4Ps in marketing stands for Product, Place, Price and Promotion. Use this slide to introduce and explain the 4P's in detail and while creating your promotion strategy, remember to consider the tactics used by your competitors.
7Ps is an extended, modified version of the 4Ps and stands for People, Process and Physical Evidence on top of Product, Place, Price and Promotion. This slide can be used to elaborate on how 7Ps can improve the overall marketing strategy.
Use this slide to list and explain the complete 15Ps of marketing mix: Product, Price, Place, Promotion, Public, Personalization, Packaging, Protection, Positioning, Presentation, Payment, Purse, Pouch, Promise and Principles.
The Marketing Mix concept addresses the full customer experience by considering all aspects of the customer's interaction with a product or service. This includes the 4Ps: Product, Place, Price, and Promotion, which cover the product itself, where it's sold, its price, and how it's promoted. The extended 7Ps model adds People, Process, and Physical Evidence, which consider the people involved in providing the service, the processes that deliver it, and the physical evidence that supports it. The comprehensive 15Ps model further expands on these elements to include aspects like public perception, personalization, packaging, protection, positioning, presentation, payment methods, purse (budget), pouch (packaging), promise (brand promise), and principles (company values). Each of these elements plays a part in shaping the customer's overall experience.
When creating a promotion strategy using the Marketing Mix concept, consider the following tactics:
1. Understand your target audience: Know their needs, preferences, and behaviors to tailor your promotional messages effectively.
2. Use a mix of promotional tools: This could include advertising, sales promotions, public relations, and direct marketing.
3. Leverage the power of social media: Social media platforms can be a cost-effective way to reach a large audience.
4. Create engaging content: Content that educates, entertains, or inspires can attract and retain customers.
5. Monitor and adapt: Keep track of your promotional efforts and be ready to adapt your strategy based on the results.
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Marketing automation platform, Mailchimp, broke down the 7Ps elements and implementation of the 4Ps marketing mix concept:
Product – your customers care solely about what your product or service can do for them. So implement the approach called "product-led marketing." In a marketing mix, product considerations involve every aspect of what you're trying to sell, including design, quality, features, options, packaging and market positioning.
Price – consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy, the experts say. Make sure that you ask the following questions when selling products: Will there be offerings of higher-end versions at an additional cost? Will the costs need to be covered right away? Will there be sales promotions?
Promotion – this includes TV and print advertising, content marketing, coupons or scheduled discounts, social media and email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more.
Place – the same market research that informed your product and price decisions will inform your placement, which goes beyond physical locations. Here are some considerations when it comes to "Place": Where will people look for your product? Will they need to hold it in their hands?
People – "People" means anyone who comes in contact with your customer, directly or indirectly. To ensure your "people" are making the right impact on your customers, develop your marketers' skills so they can carry out your marketing mix strategy (think company culture and brand personality).
Packaging – a company's packaging grabs the attention of new buyers in a crowded marketplace and reinforces customer retention. To make your packaging work harder for you, you can design for differentiation, provide valuable information and add more value.
Process – the more specific and effortless your processes are, the more smoothly your staff can carry them out, the experts say.
The marketing mix, consisting of product, price, promotion, and place, plays a crucial role in increasing company revenues. The product must be designed and positioned to meet customer needs and expectations, which can drive sales. The price should be set strategically, considering the value perceived by customers and the company's profit margins. Promotions, including advertising and discounts, can attract more customers and stimulate sales. Lastly, the place or distribution channels must be chosen wisely to ensure the product is easily accessible to the target market. All these elements, when effectively managed, can lead to increased sales and revenues.
The marketing mix concept can help in planning a successful product offering by providing a framework to consider all essential elements of marketing. These elements are Product, Price, Promotion, and Place.
Product considerations involve every aspect of what you're trying to sell, including design, quality, features, options, packaging, and market positioning.
Price involves determining the right pricing strategy that aligns with your marketing strategy. It includes considerations like whether there will be higher-end versions at an additional cost, whether the costs need to be covered right away, and whether there will be sales promotions.
Promotion includes all the ways you communicate with your customers, such as advertising, content marketing, social media, email marketing, and more.
Place involves determining where and how you will sell your product, informed by market research.
By considering all these elements, the marketing mix concept ensures a comprehensive approach to planning a successful product offering.
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Expert Advice
CMOs and other C-suite leaders know their job, but even the most seasoned of them may feel lost during uncertain times. Experts from Deloitte list the following advice for marketing in crisis:
Build trust – in a time of great uncertainty, people will remember how brands respond to the crisis. A recent brand trust survey from Edelman showed that 71% of respondents indicate they will lose trust in a brand forever if it appears to prioritize profit over people.
Lean in to purpose – businesses that lead with authentic purpose create deeper connections with customers and employees and organizations that had a strong purpose before the pandemic hit may be better positioned to weather the storm.
Boost human experiences – many organizations have turned to live video platforms to connect people online for virtual lunchtimes, watch parties, business conferences and concerts. Engaging in those platforms in a human way, with empathy, will help to elevate experiences beyond the enabling technology to true connection.
Leverage fusion – the nation's biggest tech giants are collaborating to help better track outbreaks. Businesses, institutions, and governments are finding that fusion can lead to innovative solutions with great and immediate impact.
According to the Edelman brand trust survey, if a brand appears to prioritize profit over people, 71% of respondents indicate they will lose trust in that brand forever. This loss of trust can have severe consequences for a brand, including decreased customer loyalty, reduced sales, and a damaged reputation that can be difficult to repair.
The Marketing Mix framework addresses the full customer experience by considering four key elements, often referred to as the 4Ps: Product, Price, Place, and Promotion.
Product: This refers to what the company is offering to its customers - the goods, services, or experiences. It's about understanding the needs and wants of the customers and creating products that satisfy them.
Price: This is about setting a price that customers are willing to pay, while also ensuring profitability for the company. It involves understanding customers' perceptions of value.
Place: This refers to where and how the product is distributed. The goal is to ensure that products are available in the right place, at the right time, in the right quantities.
Promotion: This involves communicating with customers about the product. It includes advertising, sales promotions, public relations, and direct marketing. The aim is to reach the target audience and persuade them to buy.
By considering all these elements, the Marketing Mix framework ensures a holistic approach to delivering a great customer experience.
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