Marketing Mix is currently being mentioned and used by many businesses to apply to their products. If you are also looking to use this plan. But still don’t really understand what Marketing Mix is? What are these strategies? Please refer to the sharing below.
What is Marketing Mix?
Marketing Mix is also known as Marketing Mix. It is understood that businesses will coordinate many different advertising methods, working together to bring the highest business efficiency to their businesses.
Previously, the Marketing Mix was classified according to the 4P model as Product (product), Price (price), Place (distribution), Promotion (promotion).
Later, due to the gradual development, it is according to the research assessment of the needs and desires of customers. Marketing Mix develops according to 7P model, in which 3Ps are further developed which are Process (process), People (people), and Physical Evidence (physical evidence).
|Marketing Mix aka Marketing Mix</td >
Role of Marketing Mix
As we all know, Marketing is a method that companies use to bring their products closer and reach a larger number of customers. And Marketing Mix is no exception, some important roles of Marketing Mix that we cannot ignore can be mentioned as:
- Help businesses to orient specific products for potential customers.
- Helps to allocate human and material resources of the enterprise reasonably.
- Increasing the competitiveness of enterprises in the market.
|Marketing Mix is a measure to help bring products closer to customers
Marketing Mix Strategy
Currently, businesses are often using 2 main Marketing Mix strategies, to bring their products closer to customers. Let’s learn about Marketing strategies together below.
Marketing Mix 4P or 7P Strategy
The 4P strategy is one of the first foundations of today’s Marketing Mix. Normally, all businesses are applying the 4Ps, but the many levels of strategic focus are not the same.
However, now businesses often apply additional 7Ps. Here we will take a closer look at each letter P in the Marketing Mix strategy of today’s businesses.
|The 7P Marketing Mix Strategy is an extension of the 4P Strategy
Marketing Mix Product Strategy
Product is the key to the success or failure of a business. Products will have two main forms: tangible products and intangible products (logos in services).
The products will be aimed at different target customers, according to their interests, ages, or regions…Each product will normally go through more than 4 processes in its cycle that is formation, development, maturity and eventually decline.
|Select products according to market demand
To decide how the product will be marketed, and how much is expected, will be based on research on the needs of the target customer. Therefore, when implementing product strategies. Businesses often have to be able to answer the following questions:
- What is the name of the product? Does the name really stand out and attract?
- What style, color and shape will the product hit the market?
- What makes your product stand out from your competitors’ products?
- What do customers expect from your product?
- Where and when will customers use your product?
- Is there any point where the product has not met the customer’s expectations?
- Which product details are redundant and inappropriate for customers?
Marketing Mix Promotion
The next Marketing Mix strategy is roughly understood as incentives and promoting their products. This not only helps to promote the image but also promotes the ability to sell effectively.
Usually the promotion strategy will include elements such as sales organization, public relations, advertising and marketing programs. Businesses can implement their Promotion strategy by:
- Advertisement on television, radio or mass media.
- Advertisement with banners, posters, flyers.
- Advertisement through events, press conferences or product launches.
- Advertisement on social networking sites, blogs, websites.
- Advertising from feedback, customer feedback about products…
|There are promotions and product promotions to customers
Marketing Mix Price Strategy
The next Marketing Mix strategy is Price, or the product’s pricing strategy. This is also one of the extremely important factors, and determines the success or failure of the product.
Before the product is launched on the market, businesses need to research carefully, about the price that is most suitable for target customers. This price can be set according to three main strategies:
- Penetrating Pricing Strategy.
- Skimming pricing strategy.
- Concentrated pricing strategy.
And to have the most accurate decision about the pricing strategy that businesses should set, businesses need to research and answer questions such as:
- How much does it cost to produce a product?
- What is the value of the product to the customer?
- Will the customer’s market share increase much when the selling price is reduced?
- Is this price suitable for the target customer?
- Can the price be competitive with competitors?
|Research to offer the most suitable price for target customers
Marketing Mix Place aka product distribution system. In this strategy, businesses will have to research and determine how to plan to distribute products to reach the most target customers.
Currently, products in general have 4 main distribution strategies: exclusive distribution, wide distribution, selective distribution or franchising.
To implement this strategy effectively, businesses should note the following issues:
- Where do customers often visit to choose to buy your products?
- Where can customers access your products?
- Does the business need to expand its distribution system?
- What distribution channels can businesses reach?
- How is your distribution system different and competitive with your competitors?
Marketing Mix People Strategy
Regarding the Marketing Mix People strategy, people here will be talking about 2 main objects: customers and employees.
- For customers: Businesses need to conduct market research to learn about the tastes, needs and desires of customers. To have the most suitable products.
- For employees of the company: Each employee of the company is one of the marketing channels of the product. Therefore, when selecting employees, it is necessary to choose the right people to bring in the greatest profit.
|Wisely choose the most suitable employees for your company
Marketing Mix Process Strategy
Marketing Mix Process is the strategy of processes and systems to bring products to customers.
In this strategy, businesses have a most suitable process from selling goods, payment, shipping to customers. So that it is fast, suitable, convenient and cost-effective.
Marketing strategy mix physical evidence
The final P in the Marketing Mix 7P strategy is the strategy of facilities and materials. This is the strategy of where customers will approach or interact with your products, where customers use services.
In addition, this strategy is also considered as making the mark of the product on customers. Just like when you think of soft drinks in a meal, you will immediately think of Coke.
|Create a unique impression on customers with real products
Marketing Mix 4C Strategy
The next Marketing Mix strategy is the 4C. 4C is the broader strategy of 4P. In this strategy, each part of the 4P strategy will be associated with the letter C (Customer) – Customer. We will go into detail about these 4 Cs.
Marketing Mix Customer Solution
The first strategy is the solution for the customer. This letter C will be attached to the letter P which is Product.
In this strategy means, each product launched must be a solution of the customer. Not that these products are only meant to bring profits to the business.
Therefore, to implement this strategy, businesses need to study and research the market. In addition, it is necessary to research the needs and desires of target customers, before deciding and how the product will be marketed.
|Research the market to understand customer needs
Marketing Mix Customer Cost Strategy
The next C is the cost that customers will spend on their products. This C will be attached to the letter P which is Price. Here, businesses need to take into account the costs that customers need to spend to use the product.
This part of the cost will not only be about the amount of the product purchased, but it must also be related to the cost of use, maintenance and maintenance or the spiritual values that the product brings.
Sometimes a cheap product but the cost of the product later will be expensive, it is not necessarily the choice that customers appreciate.
Marketing Mix Strategy Customer Convenience
The third C is Convenience which means convenience, associated with the letter P – Place. This is to say that the product must be concerned with the convenience of the customer. The easier the product is for customers to buy, the more it sells.
For example, target customers who are office workers cannot be located in rural areas. And one of the typical strategies we can clearly see the convenience for customers, that is the supermarket system VinMart +, or Circle K.
|Create the most convenient for customers when buying products
Marketing Mix Customer Communication Strategy
The last C in the Marketing Mix 4C strategy is Communication. This C associated with the letter P is Promotion.
In this strategy is the communication back and forth between the business and the customer. Businesses listen to customer reviews about their products. Then convey to customers what the product means to them. This creates a longer customer engagement with the product.
Above are all the shares about Marketing Mix, and Marketing Mix strategies that are being applied commonly today. Hopefully, this information can help businesses develop more products to serve the needs of customers.