The marketing mix (also known as P) is a framework for building a strategic perspective for your product.
The marketing mix consists of;
Product
Price
Square
Promotion
People
Process
Physical evidence
Building the foundation of your product through your marketing mix should result in success, however, it depends on how you implement them and use the principles in practice.
Marketing is a science, by that I mean that there is no hard and fast rule for success; however, there are structures similar to creating music that you must follow. Today’s music is built around thirds and sixths and other combinations are considered to sound wrong, but people will constantly push the limits. Marketing planning is similar – you have to work with the marketing mix to be successful, but you can make your own adjustments and interpret the 7Ps differently.
The story behind the marketing mix comes from Neil Bordon in 1953 and has since been edited, adapted, and improved. The original mix consisted of 4Ps: Product, Price, Place, and Promotion, while People, Process, and Physical Evidence were added later.
Why do I need a strategy?
Some people may think they have a “product that will sell itself” or “will fly off the shelf”; These are all expressions that I have heard before. People who think like this have typically not done their homework or thought about who will buy the product, how much they will spend, or the process to get the item. While they may have a “product that will sell itself” eventually, they still have to tell people that their product exists.
There are too many alternatives to listing all the combinations that companies could use when creating their marketing plan. There must be a marketing mix for each route to market. For example, a furniture company may sell directly to the consumer but also wholesale to other companies. The strategy for bringing the product to market is completely different.
While the product remains the same, that is, the furniture, price, promotion, location, people, process, and physical evidence are different;
Direct to consumer (B2C)
Product: the same product, usually purchased in a unique environment
Price: As this is a one-time price, a discount will generally not be applied, although you may have a special offer.
Venue: In-store sales with customers who come to you
Promotion: through newspapers, brochures, posters, sales promotions or even television.
People: sales team in the store where the end user makes the purchase decision.
Process: direct contact with the consumer
Physical evidence: Are you concerned about the layout of the store, how accessible is it, is it clean, etc.?
Alternatively, the marketing strategy for wholesaling will be completely different;
Wholesaler (B2B)
Product: the same product, usually buying multiple pieces.
Price: Because the business is buying multiple items at once, it can have economies of scale and offer a discounted price (this helps it sell more volume).
Place: you would normally have to deliver the furniture to your client.
Promotion: A sales team or sales contact will be required to keep the customer satisfied and organize repeat purchases.
People – Your company’s B2B sales team, delivery drivers, and business contacts are involved.
Process: the customer will want support and it will not be a one-time sale, there will be relationships to forge and an intermediary support team is necessary. The client will sell their shares and wait for a certain level of contact.
Physical Evidence – Customer is concerned about the assistance they receive from the furniture company, how they are treated, and what standards the furniture store employees set.
Case study
The right strategy can make a company millions. Dell is an example of a company that changed the market, found a niche, and exploited it. Dell only sells computers online, which means cutting out the middlemen and saving the end user money. By having a different distribution / venue strategy, they have created a new model of computer sales and captured a large share of the market. I should mention that Dell has changed many other parts of their marketing strategy as well, including the product – they make their own PCs rather than resell other brands.
Dell has made their marketing mix work for them. They have changed their pricing structure to be cheaper than the competition, the quality is good, they advertise a lot, and they have a well-established brand, the process means you have a point of contact to help you through the process.
I don’t work for Dell and they are not one of my clients. One negative I constantly hear is about their sales team being too “pushy” and people end up buying their computer elsewhere. This needs to be identified through your market research and may be something that will change in the future.
The importance of mixing.
Resume
Successful businesses are built on solid marketing planning that begins with the marketing mix. Always consider your customer, who will be the person who will buy, use and tell other people about your product.
