The classic marketing mix, as established by the professor of Marketing at Harvard University, Prof. James Culliton in 1948 and expanded upon by Jerome McCarthy, incorporated Product, Price, placement, and promotion into a marketing theory that has become important to industry. for more than 70 years.
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Since then, the theory has been extended to the 7 P’s of marketing. Namely: products, prices, promotions, places, people, packaging and processes.
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Today, we refer to it interchangeably as the 7 P’s or as the marketing mix. Here, we will discuss this concept, its components, and answer some common questions about the marketing mix and its application.
marketing mix
What is a marketing mix?
The marketing mix is a selection of marketing tools that include several focus areas that can be combined to create a comprehensive plan. The term refers to a classification that began as the 4 P’s: product, price, placement, and promotion, and has expanded to product, price, promotion, place, person, packaging, and process.
What are the 7 P’s of Marketing?
The concept of the 4 P marketing mix (later known as 7 P marketing) was introduced by Jerome McCarthy in his book: “basic marketing: a managerial approach”. It refers to a carefully designed blend of strategies and practices that companies use to drive successful business and product promotion. Initially 4, these elements were Product, Price, Place and promotion, which were later expanded to include people, packaging and processes. These are now considered elements of the “7 P ” mixture.
It can be difficult for a small business owner or marketing manager to figure out how to create a unique selling proposition or reach the right customers, especially on new platforms like the internet, with digital marketing.
Fortunately, the 7 P’s of Marketing give you a framework to use in your marketing planning and essential strategies to promote effectively to your target market.
You can also consider mixed elements in your day-to-day marketing decision-making process with the aim of attracting the right audience to successfully market through your marketing campaign.
The 7 elements of the marketing mix include the following:
product packaging
Product (or service)
Your customers only care about one thing: what your product or service can do for them. Therefore, prioritize to make your product as good as possible and optimize your product line. This approach is called ” product-led marketing.”In the marketing mix, product consideration involves every aspect of what you’re trying to sell. These include:
Design
Quality
Features
Options
Packaging
Market position
There are five components to successful product-led marketing that are important for product marketers to consider:
Get out of my way. Let your product or service sell itself. Focus your marketing efforts on getting consumers to try what you have to offer so they can learn the value for themselves.
Be an expert (on your customers). Know your customer’s needs and use that knowledge to help communicate the value of your product.
Always helpful. Position yourself as an ally by creating informative content that meets the needs of your target customers, and they are more likely to buy from you. (This is also called Content Marketing.)
Share authentic stories. Encourage happy customers to share their experiences and tell others why they value your brand.
Develop a product mindset. Focus on your product before you consider how to sell it. Invest in development, and product quality will take care of the rest.
Price
Many factors go into the pricing model. Possible brands:
The price of the product is higher than that of competitors to create the impression of a higher quality offer.
Put a price on a product that is similar to competitors, and then draw attention to features or advantages that other brands do not have.
Price products lower than competitors to break into crowded markets or attract value-conscious consumers.
Plan to raise the price once the brand is established or lower it to accentuate the value of the updated model.
Set the base price higher to make the bundling or promotion more attractive.
Consider what you want to achieve with your pricing strategy and how pricing will work with your other marketing strategies. Some questions to ask yourself when selling a product:
Will you offer a high-end version for an additional fee?
Do you need to cover costs right away, or can you set a lower price and consider it an investment in growth?
Are you going to offer a sales pitch?
How low can you go without people questioning your qualities?
How high can you go before customers think you’re overpriced?
Are you considered a Value brand or a premium brand?
Promotion
Promotion is the part of the marketing mix that the public cares about the most. These include television and print advertising, content marketing, scheduled coupons or discounts, social media strategies, email marketing, display advertising, digital strategies, marketing communications, search engine marketing, public relations, and more.
All of these promotional channels bring together the entire marketing mix into an omnichannel strategy that creates a unified experience for the customer base. For example:
Customers view in-store promotions and use their phones to check prices and read reviews.
They look at the brand’s website, which focuses on the unique features of the product.
The brand has requested a review discussing the feature. These reviews appear on highly rated review sites.
A customer buys a product and you’ve sent them a thank you email using marketing automation.
Here’s how you can use these channels together:
Make sure you know all the available channels and make the most of them to reach your target audience.
Embrace the step towards personalized marketing.
Segment your promotional efforts based on your customer behavior.
Test responses to different promotions and adjust your marketing spend accordingly.
Remember that promotion is not a one-way street. Customers expect you to pay attention to their interests and offer solutions when they need them.
Places
Where Are you going to sell your product? The same market research that informs your product and pricing decisions will also inform your placement, which goes beyond the physical location. Here are some considerations when it comes to placement:
Where will people look for your product?
Do they need to hold it in their hands?
Will you get more sales by marketing directly to customers from your own ecommerce website, or will buyers look for you in third-party marketplaces?
Do you want to communicate directly with your customers when they buy, or do you want a third party to resolve customer service issues?
People
People refer to anyone who relates to your customers, even indirectly, so make sure you hire the best talent at all levels-not just in customer service and sales reps.
Here’s what you can do to make sure your people make the right impact on your customers:
Develop your marketers ‘ skills so they can execute your marketing mix strategy
Think about company culture and brand personality.
Hire professionals to design and develop your product or service.
Focus on customer relationship management, or CRM, that creates genuine connections and inspires loyalty on a personal level.
Packaging
The company’s packaging attracts the attention of new buyers in a crowded market and reinforces the value for returning customers. Here are some ways to make your packaging work harder for you:
Design for differentiation. Good design helps people recognize your brand at a glance, and can also highlight certain features of your product. For example, if you are a shampoo company, you can use different colors on the packaging to label different hair types.
Provide valuable information. Your packaging is a great place for product education or brand reinforcement. Include clear instructions, or unexpected elements to surprise and delight your customers.
Add more value. Exceed your customers ‘ expectations and give them well-designed branded extras they can use, such as a free toothbrush from their dentist, a free estimate from a roofer, or a free styling guide from their hairdresser.
Process
Prioritize processes that overlap with the customer experience. The more specific and seamless your process, the more smoothly your staff will be able to carry it out. If your staff isn’t focused on navigating procedures, they have more attention available to the customer-translating directly into a personalized and exceptional customer experience.