The marketing mix a strategic tool to demonstrate the marketing strategies of a company to meet specific goals. According to Philip Kotler and Gary Armstrong, the marketing mix definition goes as:
‘a set of tactical marketing tools (product, price, place and promotion) which an organization blends to produce the response it wants in the target market.’
In simpler terms, the marketing mix is a set of strategic tools used by an organization to influence the purchasing decision of the customers in the target market. These tools are namely: product, price, place and promotion can be used to attract the target customers and motivate them to purchase specific products. As highlighted by the marketing mix definition, an organization “blends” these tools together to get the desired result, which in this case is to attract the customers towards a set of product offerings to drive sales, resulting in revenue generation.
For a business management student, the marketing mix is one of the fundamental theories that you must learn, in order to prepare a stellar marketing essay. By the end of this article, you will be able to use marketing mix on your own when you write paper to either highlight the existing marketing strategies or to propose new ones.
As highlighted in the marketing mix definition, the marketing mix is a set of strategies which encompass the product, pricing, placement and promotional strategies, which are commonly termed as the marketing mix 4Ps. Let us get you a good writing help and look at each one of them individually.
Product: The product strategy involves the goods and services that a company is offering or is willing to offer to a group of customers. It is the most crucial aspect of any business plan. While discussing product strategy, talk about everything that the company is selling to its customers, that includes the goods and the services and also the unique value proposition. You may talk about all the product variants offered by the company and what each of them brings to the table for the target customers. It is important to know that the product is what the customer is going buy in exchange for money, which satisfies a specific need. Therefore, while designing a new product strategy you must ensure that the proposed products are able to meet the needs of the customers, just well enough to convince them to make a purchase.
Price: The price is simply the amount of money the customer has to pay to obtain the products offered by the company. The company decides to ask for a specific price, which ensures profitability for sustaining the business and to offer an attractive value proposition for the customers. You must know that value of a product is determined by the features and benefits offered to the customers, but it is also largely dependent on the price. A product with lower price will have more value to the customers, in comparison to another product with same benefits but with higher price. Therefore, while designing the pricing strategy, you must always keep in mind about the value sought by the target customer groups. It is important to understand that while discussing the price in marketing mix, we talk about the pricing strategy, not the actual price of the product itself. The pricing strategy may include:
Each of these pricing strategies allow a marketer to appeal to different customer segments by offering different value propositions.
Place: The place strategy involves the activities that make the intended product available to the customers. It determines the availability of the product in a market and the distribution channel used by the company to ensure that product can reach the customers. When talking about the place strategy, you can highlight if a company uses its own retail stores, multi-brand retail partners like Wal-Mart or Best Buy, or uses online platforms like Amazon. The company can also choose to use its own online platform. You must also mention the geographic boundaries of the product availability. Usually a product is available in specific market locations, that also includes online digital services. It is important to understand that the place strategy also determines the target market of the company.
Promotion: The promotional strategy encompasses all the activities of the company which helps to communicate the attributes, benefits and value of the product to the target customers. To put it simply, this involves the advertising strategies. There are various advertising strategies that a company can adopt depending on the nature of communicational message, the target customers and the advertising budget. While discussing promotional strategies, you need to identify which promotional medium is appropriate to reach out to the target customers. For example, you want to target the young audience such as college students, then social media marketing or influencer marketing can be good choice, since that population group spends a lot of time on social media platforms. On the other hand, if you are targeting a niche customer segment, with high disposable income and belongs to a matured age, then you may want to adopt traditional marketing mediums like TV commercials, print ads, etc. Apart from the medium of communication, designing the communicational message is also important. You can discuss about the nature of advertising that the company may use so that it resonates best with the target customer segment.
The marketing mix 4Ps as discussed above is mostly focused on products involving tangible goods. While it can help you to cover most marketing college essay topics, but this framework is sufficient for companies which are strictly operational in the services sector. In case of a professional essay on any service based company, you need to use the extended marketing mix, which also known as the 7Ps. The 7Ps marketing mix adds three more strategic tools apart from the four that we have already discussed.
People: People refers to the service personnel, the individuals who are responsible for rendering the service and are inseparable from the service delivery process. The quality of the service largely depends on the skills and abilities of the service personnel. For example, the quality of hair cut in a salon will largely depend on the skill set and experience of the personnel who is providing the service. In order to maintain consistency in service quality, companies often hire experienced employees and also train them to follow the desired protocols.
Process: The process refers to the process of service delivery. The service process largely determines how well the service is delivered to the customers and how well it has been able to meet or exceed their expectations. The processes adopted by services providers can help in increasing customer satisfaction, reduce their waiting time, streamline cost of service delivery and improve the overall quality of the service. A company may implement innovative ideas to improve the service process, such as implementation of automation technologies, which speeds up the workflow and maintains consistency.
Physical Evidence: The physical evidence covers the tangible aspects associated with the service delivery. Although the core value offering of a service is intangible, but there can be some tangible elements associated with it. For example, a movie theatre is offering entertainment service, but the presence of tangible elements such as availability of snacks, quality of chairs and the hygiene of the theatre space can largely contribute to the overall service experience of the customer. Thus, companies should focus on the tangible aspects of the service, while maintaining the desired service quality.
We have learnt that marketing mix can be implemented to any business venture, whether it offers tangible goods like cars or intangible service such as online assignment help. This article should provide you sufficient with writing help on your next marketing online essay that requires the marketing mix framework.
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