Marketing Communication Mix
A marketing mix is primarily a tool that covers different elements for enhancing the brand and popularity of a product or service. Therefore, companies have to determine an appropriate marketing mix for promoting their product or brand.
This mix ensures that a service or product is positioned for such promotion according to the right time, the right price, and the right place. The components of the marketing mix can be found in the 4Ps, which is subsequently extended to 7Ps.
4Ps of Marketing
The marketing mix elements of 4Ps are mentioned below -
Marketing Mix Product
Product in marketing mix can either be an intangible service or a tangible good that meets the specific demands of customers. Marketers have to plan for the various stages seen in a product life cycle. The success of a product will be dependent on an increase in the competitive edge that occurs in that course. The re-launching of a brand usually takes place after a product life-cycle is completed.
The benefits offered by a product and its unique selling points have to be incorporated into the strategy that goes behind its production. To that effect, the following aspects have to be kept in mind –
Customer demand and how it may be satisfied
Features that have to be incorporated within the product to meet the need
Customer experience from its usage
Place and how the customers will use it
Differentiation of product from its customers
Marketing mix price
Price is the actual amount an end customer will have to pay for availing a service or buying a good. Quantities of such products that may sell go on to determine the price that has to be paid. It involves the value that is perceived through market demand as opposed to the actual cost of a service or product.
The pricing of a product may induce or deter a customer from purchasing it. In an instance of positive customer value, a product or service may be priced at a higher range. There are a host of other factors such as value chain costs, distribution plans and also competitors’ price. The following aspects have to be kept in mind –
Value of service or product to targeted customers
Existence of established price points concerning service or product within a particular industry
Price sensitivity of customers
Discounts to be offered to buyers
Comparison of price with competitors
Marketing Mix Place
Distribution or placement in a marketing mix has to ensure that there exists easy accessibility of a product for targeted or potential customers. It involves the method by which a product or service will be provided to customers. Therefore, the strategy of placement helps in the determination of the most suitable distribution channel for a product. End-user access contributes to the overall product strategy.
The place is a crucial factor in the marketing mix that involves multiple entities such as wholesalers, distributors, retailers etc. Marketplace over the internet has also become important over the years. If a business undertakes effective placement, a product will experience greater sales due to reaching target customers at the opportune time. The following aspects have to be kept in mind –
Kinds of outlets may include supermarket, boutique, store or via an online platform
Availing correct distribution channels
Engaging a company’s sales reach and outreach
Customers’ requirements from a product or service
Measures adopted by competitors
Marketing Mix Promotion
The promotion element in a marketing mix comprises a communication process that helps in the publicity of services and products. It is one of the most critical elements of a marketing mix and also takes up a significant share of the budget allocation. Promotion helps in attracting customers’ attention, and they are further influenced to purchase that product.
The various techniques and strategies of promotion include sales promotion, advertising, special offers and public relations. The strategy that is to be adopted will have to be necessarily consistent with the product and price. Promotion only amounts to the communication aspect within the whole range of marketing functions. These following aspects will have to be kept in mind –
Method of imparting marketing message to target audiences
Promotional options may include advertisements over television, press or on billboards or through direct marketing e-mails
Determining the ideal time to promote
Formulating promotional strategies after taking into consideration the measures adopted by competitors
7Ps of Marketing
The 7Ps marketing model is an extension of the 4Ps marketing mix, incorporating newer elements with further developments in the business scenario. The added elements are important to deliver services and goods effectively to customers.
Marketing Mix People
People in marketing mix are directly involved in delivering service to customers or clients, and to that effect, training and development are vital for them. Companies are reliant on these people, and they may consist of all individuals, from sales staff handling the front line to upper hierarchy of the organisation responsible for administering that process.
For the best interests of a company, it is crucial to have the right people in key positions to provide the services or products.
An organisation should have a proper mechanism in place, which will allow these people to provide feedback about a business that can be further utilised for a business’s growth. These following aspects will have to be kept in mind –
People engaged in making the product or service to be recruited on expertise and competence
People involved in marketing should undergo consistent training and development to ensure that there is a differentiating factor with competitors
Overall customer service to be enhanced by performance appraisal of the people involved
Marketing Mix Process
Process in marketing mix refers to the flow of activities that come into existence during interactions between a business and its customers. It may include electronic processes, technological processes, direct activities, and indirect activities.
By getting most of the processes right, they stand to derive several advantages. It will be possible for a company to meet the demands of different sets of customers. Furthermore, it may result in loyalty among its customers. It can also get valuable feedback that will help in further improvement of a product and its marketing. These following factors will have to be kept in mind –
Delivering value through all elements of a marketing mix, for instance, an efficient combination of authenticity, processes, and people enhances the good or service offered
Mix can be altered after feedback
Measures to be adopted for retention of customers
Process modified in such a manner that it tailors to different needs of customers
Marketing mix physical evidence
Physical evidence in a marketing mix is the evidence of delivery of service, even if what a customer is paying for is intangible. Branding can be attributed to this concept. Customers experience this environment while availing a service or product. For instance, it may include the layout or design of a website or shop.
Importance of Marketing Mix
A marketing mix is important in several aspects –
Creation of a new mix
In a marketing mix, all elements will have to be compatible with one another. For instance, placement of product and price will have to be consistent. All ‘P’s will have to be intrinsically connected.
To add newer features, existing marketing mix will have to be re-oriented for ensuring chain linkage among all these elements.
Development of a New Product
For new product development, elements of place, promotion, and pricing will have to be necessarily evaluated as it is likely that it may be significantly different from previous products.
Increasing Product Portfolio
A marketing mix helps in increasing product portfolio as changes in the mix itself will lead to certain alterations in the features of a product along with pricing and promotion. Such changes in the product features and marketing mix leads to an enlargement of a product portfolio.
The marketing mix of the competing entities in a particular sector or industry can be made distinct, which will eventually help a particular product to be differentiated from another. Also, promotional measures of a competitor can be analysed to create a better promotional strategy for a product.
Improvement in Business
The improvement in business can become apparent through physical evidence. A business, for example, like a restaurant, may consider improving its interior design. It will lead to the enhancement of the physical evidence of business.
Marketing Mix Example
Let us consider the marketing strategy of a law firm with $5 million annual revenue. The focus is on acquiring new business leads and at the same time retaining existing clients.
The service here is legal advice of varying description such as Employment matters, Human Rights and Workers Safety, among others. The selling points of such services should be mentioned like high success rate, cost-effective advice, lean firm structure, robust business environment, and availability of a comprehensive database.
Price focuses on bundle pricing strategies such as in the capacity of annual retainer. The billings are compared with major competitors annually. Cost analysis can be shown monthly that will also facilitate competitive pricing.
Promotion may involve direct marketing campaigns to the existing as well as targeted clients. It can also include participation in trade associations.
The place or distribution may be direct sales to business clients and retain control over pricing. Maintaining regular contact can also be effective.
Marketing Mix for Products
The products for which marketing mix can be framed are of three types –
Tangible products have actual physical existence like clothing, consumer goods, car etc.
Intangible products do not have a physical existence. Examples of an intangible product can be an insurance policy, video and music files, software applications etc.
Services are also intangible products that arise out of economic activity. However, from the source that it originates does not retain ownership to such service. The service is ultimately availed by an end customer.
Test your knowledge –
1. Who among the following suggested the terminology ‘Market Mix’ for the representation of product, price, place and promotion?
Neil H. Borden
Lorie and Robert
2. In the 4Ps of marketing, which one of the following will be the fourth element apart from product, price and place?
3. Which of the following promotional tools can be considered as the most effective form of marketing?
4. Which of the following elements of a marketing mix is connected with the specification of actual service or good and how it relates to the targeted customer base?
5. Which of the following elements does not fall within the 7Ps of Marketing Mix?
[The answers to the above questions are provided at the end of the article]
To know more about this topic, read the study materials that are available on Vedantu’s official platform.
1. What is the Marketing Mix?
Ans. A marketing mix is a set of strategies or tactics that helps in the promotion of a brand or product within a market. The typical market mix is – 4Ps and 7Ps. It considers different elements that allow for product or brand promotion by way of placing it at the right time, place and price.
2. What is Product Mix in Marketing?
Ans. The product mix in marketing is such a service or good offered to the customers by a company. Each product item comprises a package, services and brand associated with it.
3. What is Physical Evidence Mixed in Marketing?
Ans. Physical evidence is the apparent positioning of brand and purpose, and its objective is to tap into the target customer base. This element is incorporated within a service provided to make it measurable to a certain extent as well as tangible.
(a) Neil H. Borden