The marketing mix is perhaps the most basic tool used in marketing. Getting to know the marketing mix is a first step in developing a proper marketing plan by identifying each component individually, and then gradually adding to it. If you are not familiar with marketing concepts but interested in knowing a thing or two before venturing onto your big business idea and making a startup, then go ahead and have a read.
The traditional marketing mix also called the 4 P’s consist of 4 items, you guessed it right, starting with P’s while the 7 P’s are an extension of the marketing mix that help provide a positive experience to the customers. The more time and effort you put into making this list complete, the more chances of success you have and the easier you can identify what area needs to be improved.
Product: Everything that you offer to your clients or customers. Products including physical products, digital products, apps, adverts, music productions, or any other forms of product that you intend to sell in the market place comes right here. Keep in mind that services are also considered here, so if you are offering photography services, Dj-ing gigs, or even customer surveys, they all fall in the product category.
Place: This is the channel you use to reach the market place with your product or services. It can be in your shop, on your web-store, or even in re sellers.
Price: Details of your pricing strategy comes here including your base prices, discounts, forms of payments, and any other issue related to the cost of your products.
Promotion: How you intent to reach your desired customers are defined by using the promotion elements. This can include the direct mails, advertising, banners, online ads, billboards, loyalty programs, social media, and any other form of channel you use to promote your brand’s product or services.
People: Unless your business is run totally by AI, robots, or other forms of fully automated services, there will be the human element involved. You have to be able to say who does what in your organization and what is expected of them and how they should behave and manage customer expectations and response to their needs.
Process: Defining a clear process, from the perspective of the customers can help businesses identify their SPOF or single point of failure. If you map out exactly what happens when your customers reach you (on the phone, chat, or visit) until the moment they get delivery of their product or service then you can start to pinpoint where things could go wrong or where could add value for the customer to enhance their experience.
Physical Evidence: The physical evidence is everything that your client or customers see, touch, and interact with. It is important that everything seamlessly binds together and matches in terms of brading color, quality, and even the smell. Think about what your physical evidence communicates to your customers and how you can match customer expectations. Imagine a 5 start hotel that you book on your holiday, and then you visit the room and it smells bad, what kind of message is the hotel sending you!