Marketing Mix or Marketing Mix consists of many elements, which Marketing Mix is part of a comprehensive marketing plan (Holistic Marketing). Currently, Marketing Mix has developed to have 7 components together. Also known as 7P, the elements in each model are different. It depends on the industry and the marketing goals of that business. However, every model has the same 4P or 4 elements of the Marketing Mix : Product, Price, Placement, and Promotion.
Effective marketing focuses on broad analysis or multiple elements rather than focusing on just one factor. Planning according to Marketing Mix 4P will help entrepreneurs or marketers focus on the essentials of each factor in marketing better. Moreover, the use of 4P Marketing strategy also gives organizations a tool to help launch new products or modify existing products to be effective.
The selling price of a product reflects the value of the product that consumers are willing to pay. Marketers must consider the costs associated with research, development, production, marketing and distribution. also known as cost price There are many strategies for pricing products. also known as Pricing strategy
The type of products sold is important to consider when defining a distribution area. Basic consumer goods such as paper products are often available in many general stores, however, premium consumer goods are only available in select stores. Another consideration is whether the product will be placed in a physical store, online, or both.
Sales mix (Promotional mix), also known as joint marketing campaigns (Joint marketing), promotional activities can solve advertising, price reductions sales by employees (personal selling) or public relations (Public relations); It is also important in the Marketing Mix strategy.
Marketers should carefully plan the implementation of the Marketing Mix strategy in their 4P marketing mix so that brands and products can reach their target audience effectively. Using media in marketing that is suitable for target customers, including the marketing message that is conveyed to the consumer is also an important factor in making the strategy as effective as possible.
However, not all marketing is product oriented. A service business, the Marketing Mix mix may differ from a business that sells physical products. Therefore, marketers tend to adopt a consumer-centric marketing mix approach and additional 3P elements of the Marketing Mix are implemented.
These additional 3P Marketing include People, Process, and Physical evidence.
Process means a method or procedure for providing services to customers. Often includes a service performance review. and customer satisfaction
Physical evidence refers to the area where employees provide services or counter customers. This includes amenities and decorations such as furniture, signs and sofas.
In addition, marketers often study consumers who tend to influence strategies related to services or products. It also requires a strategy for communicating with consumers in terms of receiving feedback and defining the type of feedback needed.
Marketing begins with determining consumer demands and ends with the delivery of the final product or service and its marketing. The primary focus of modern marketing is the analysis of consumer requirements and behaviour. This tool aids in the planning of a marketing mix by putting the client first and analyzing shifting consumer wants brought on by technological advancements. Additionally, creating a plan to increase client loyalty is crucial for boosting sales.