What Are the Components of Marketing Mix?
The marketing mix has been used for decades as a way of streamlining the marketing process to identify issues at various stages and ultimately boost sales.
But what are the components of the marketing mix?
The four Ps of marketing are as follows:
These four elements are what make up the marketing mix. They are essential ingredients in a successful marketing campaign for any product or service.
First established in the 1950s, the marketing mix is still going strong to this day, playing a significant role in the marketing strategies of many businesses, both large and small.
So, how do you make the most of the marketing mix?
First things first, you need to understand each of the four Ps, as understanding each element thoroughly will put you in good stead to improve the process.
Put simply, the product is what you offer to your customers, be it a physical product or a service. According to the marketing mix, you need to know the life cycle of your product and why customers would want to buy it.
Pricing is much more complex than you may initially think. The price of a product implies the value it brings to the customer but also factors in everything from competitor prices to the costs of supply.
By adding a third option, such as medium size, you pick the most expensive option as the price difference between medium and large appears minimal. Psychology also plays a key role in pricing, and it works, since we’ve all fallen for the decoy effect. If you’ve ever bought a large popcorn when you only wanted a small one, then you’ve likely fallen for it.
Place refers to where you sell your product. Ever wondered about product placement in the supermarket? There’s a reason why products are placed where they are, as they’re designed to draw the attention of shoppers.
Product placement is another popular marketing strategy which is when you feature your product in a TV show or movie, in the hope that by association with it, viewers consciously or not feel the urge to buy it.
Promotion is the part of marketing most people first think of, as it’s a direct line of communication to the customer.
With the promotion of your product, you need to convince the customer as to why they should buy it. The promotion often goes hand-in-hand with place, as you want to target customers through the most appropriate mediums, be it social media or TV commercials.