Contents
What is the marketing mix?
The marketing mix, also known as the marketing complex, is a set of interrelated actions aimed at attracting and retaining market share. This conceptual plan for marketing activity includes the selection of tools that depend on various factors, such as strategic goals, product features and industry characteristics, the current market state, and the capabilities of the company itself.
Marketers adapt their tools, taking into account both external and internal conditions. At the same time, there are standard marketing mix models that can serve as a basis for forming a marketing strategy. It is important to understand that marketing encompasses not only advertising activities but also all aspects that influence the buyer's decision. For example, in the case of the Hot Dog Bulldog chain, this may include the appearance of the establishment, associations with the founder, product quality, pricing policy, and location in the shopping center.
Objectives of developing the marketing mix
The main goal of creating a marketing mix is to develop a strategy that will help formulate the most attractive offer for consumers. The marketing mix model provides the opportunity to thoroughly work out all key areas of marketing activity without missing any details. This comprehensive approach allows for increased product value in the long term and positively impacts the company's profit growth.
The marketing mix concept emphasizes the importance of marketing for business as a whole. The 4P model is focused on allocating the company's resources to satisfy customer needs, including interaction with production, product, and sales departments.
Basic 4P marketing mix model
To simplify and systematize marketing tools, American marketers N. Borden and E. J. McCarthy developed the basic marketing mix model known as 4P. This model includes four key elements: Product, Price, Place, and Promotion. For each of these components, action plans are developed aimed at solving the company's marketing tasks.
All four elements of the marketing mix must work in harmony to create a unified and manageable conceptual offer in the market.
Product
The product is the foundation of any marketing strategy. It includes both goods and services that hold value for consumers. To enhance the product's value, it is important to consider the following parameters:
- Functions and characteristics that meet customer needs.
- The brand under which the product is offered, including trademarks and corporate identity.
- Appearance and quality, which should align with the preferences of the target audience.
- Product range and updates.
- After-sales service, including warranties and support.
Pricing
The pricing policy determines the product's positioning in the market and influences demand. Marketers choose pricing strategies based on market research that considers consumer and competitor opinions.
Distribution
Distribution includes the selection of sales locations and methods of delivering the product to the end consumer. It is important to create an efficient supply chain to ensure the product is accessible to the target audience.
Promotion
Promotion is responsible for communication between the company and customers. The main tools in this area include advertising, public relations, and sales promotions.
Extended marketing mix models
With the development of the market and technologies, marketing mix models have been adapted and expanded. The 5P model has emerged, adding the element of "People," reflecting the importance of human relationships in business. This element is particularly relevant for companies operating in the B2B sector.
The 7P model adds two more elements: Process and Physical Evidence. These components emphasize the quality of services and the environment in which they are provided, which can significantly impact the consumer experience.
Alternative marketing mix models
There are also alternative models, such as 4C and SIVA. The 4C model, developed by R. F. Lauterborn, focuses on customer needs, suggesting consideration of costs, customer wants and needs, convenience, and communication. The SIVA model also emphasizes consumer needs, highlighting Solution, Information, Value, and Access.
Each of these models offers a unique perspective on marketing and helps companies interact more effectively with their customers, adapting their strategies to the needs of the target audience.