The Marketing Mix is one of the core and most basics parts of Marketing; it started as the 4 P’s, but now includes 7! Product, Price, Promotion, Place, Physical Evidence, People and Processes. You may look at these elements as part of your audit when trying to understand your current situation, or when you’re creating your Marketing plan or campaign. Let’s break each one down:
Your product range must meet your customer’s needs and add value to them. Are there any gaps in the market which a new product could fill? At what stage is each product in the product life cycle? Does your product portfolio have a good mix of ‘Stars’ and ‘Cash Cows’? (Taken from the Boston Matrix (BCG)) How attractive are your products? and is your business strong enough to support them?
Your price point must be in line with customer’s expectation. To expensive or to cheap, means low sales. Does the price of each product complement your other products? Does your price line up with your brand? Would a discount be appropriate and help sales? How does your price compare to your competitors?
There are a range of promotional tools which will help you position your product. You’re looking to create customer satisfaction and loyalty. Are people aware of your brand? Would a display ad on LinkedIn boost sales? How about sponsoring a TV show? Should you set up a loyalty scheme?
Your products should be available to buy wherever your customers want them. Should you sell online? In a petrol station? At the supermarket? How accessible are they?
Mainly for services – physical evidence builds the confidence and gives something tangible to your customers. Do you have brochures? How about using some case studies or testimonials? What will bring confidence to your customers that if they buy your services, they will get value?
The most important part of any business is their people. Your employees are the ones who think of that great idea, deliver that great customer service and represent your brand. Do you have the skills to deliver your products and services? Have you got the right blend of experience? Do you have/need a steady flow of graduates?
Processes looks at how well your staff have been trained and how well your customer facing process work. How many rings does your customer need to wait until the phone is answered? Does each member of staff get on the job training? Are the processes in place for your staff to deliver great customer service?
*You may also hear ‘Service Marketing Mix’ which is made up from Physical Evidence, People, Processes and sometimes Periodicity (which basically means, when do people want the service? e.g. selling ice cream when there is nice weather)
So they are the 7 P’s of the Marketing mix. You will need to get these right for your products and business to be successful. Your marketing mix can be the same across your product range or different for each product and campaign; focus on your customer and you will get the mix right.