What is the marketing mix?
Before defining the marketing mix, we must first explain what marketing is. Marketing means any business that a company undertakes to promote its products or services. The marketing mix is the main structure upon which successful marketing strategies are built.
What are the elements of the marketing mix?
The product consists of two types, tangible (products) and intangible (services). The product is divided into several sections which are, product design, product mix, branding, packaging, services, warranties, returns, and product life cycle. The product offered by the company must be able to solve a customer’s problem as well as create value. Companies should also look for the competitive advantage found in their products or services over competitors.
Price is the element responsible for the impression that potential customers will have about the product or service. It also plays a major role in determining the extent to which customers are interested in the product. Corporate pricing strategies should include product development costs, manufacturing costs and the study of competitor strategies.
Place is the element in which companies identify the places where customers are. Determining the places that customers go to helps raise companies’ sales directly. The study of the places where customers go should include some important points such as geographical concentration of customers, selection of appropriate distribution channels and analysis of factors affecting the selection of distribution channels.
Promotion is the component that identifies the actions that lead to the potential customers learning about the product and considering it as an efficient and practical solution to their problem. Promotion consists of some basic elements which are advertising, personal selling, product promotion and market fame.