Marketing Mix ( What is it and what is its importance and explanation 4Ps)

Marketing Mix ( What is it and what is its importance and explanation 4Ps)

Marketing mix The term is very important for everyone interested in marketing, whatever the quality of the service or product you want to shop him your knowledge of marketing mix elements is essential.

For this, we will interpret the term marketing mix that many companies and institutions depend on so that some marketers rely on some of its elements and they do not know this.

And not only that, but we will also define all the elements that together make up the marketing mix, known as the 4PsThis term is very popular, so don't be surprised to ask about it in job interviews, or even hear it at marketing conferences.

All of this will be step by step, without the need for complexity, with all aspects covered, until you finally come out and you are fully aware of what the marketing mix is, and its importance in the job market.

What is the marketing mix?

The marketing mix is ​​the main pillars that must be relied upon to develop any successful marketing plan for any product or service, these columns are known as (4Ps of Marketing), or the four columns for marketing.

4ps: It is named that because it stands for 4 words, all beginning with a letter P!

This term came to light in 1950 as an attempt to set definitions and basic rules to help American marketers succeed in their work by the American Marketing Association.

These elements must be understood by any company or business owner who intends to put anything on the market for people to buy, so these four elements must be well studied.

When studying these four elements, it will be easier for the decision-maker to determine the marketing channels on which to rely, the budget needed for the marketing plan, the analysis of the results and the monitoring of the market.

These four elements consist of the following:

(Product): The end product or service that people are offered, for which they pay money.

(Price): The cost of the service or product that indicates the true value of the product and the extent to which people benefit from it.

(Place): The place where the product or service will be sold until the interested person obtains it.

(Promotion): How to promote this good or service to anyone interested in it.

In the following points, we will talk about each of these elements in detail so that the image becomes complete for you, dear reader.

Marketing mix of services

Because of the evolution of the marketing process itself, and until all the factors and elements affecting the marketing plan of any company are analyzed to reach the best possible results.

Three other elements appeared in the marketing mix, these elements are for companies or business that depends on providing services to customers, and not just selling a good or a tangible product.

Hence the concept of the marketing mix became the 7Ps Of Marketing, This is the most comprehensive term that combines all the elements that affect the entire marketing process.

And these three additional elements are:

(Physical Evidence): Physical evidence that proves the quality of the service provided.

(People): The persons responsible for the service provided.

(Process): The process or method by which the service is provided, from contracting with the customer to the required delivery.

With this complete, all elements of the marketing mix that you have to keep in mind before thinking about any marketing plan, and as I mentioned earlier, each of the seven elements will be fully explained after a little.

The importance of the marketing mix to any marketer

The importance of the marketing mix lies in the fact that if you fail to evaluate one of its elements, your entire project or marketing plan will fail, whatever the quality of the product, your company’s reputation, or anything else.

Let me explain this to you in a practical example. Suppose now that you are the owner of a small garment factory, let's look at the following scenarios.

The quality of the clothes you provide is not good and does not suit your target audience. You may use old fashion even though you are targeting young people.

The cost of your clothes is very high compared to the market and the value you offer or is cheaper than necessary to gain customer satisfaction, in which case you are losing money too.

The place where your products are shown is bad and not up to the standard, or the way products are shipped or the online store you depend on provides a bad experience for customers.

Your advertising method is ineffective, it may depend on TV ads but it is not directed, or it may depend on the poor advertisement and not suitable for your audience.

If you look at all of these scenarios, you will find that they represent the failure of one of the four elements of the marketing mix, I think you now realize the importance of these elements.

Because the failure of any one of them will lead to the failure of your project because it will make you lose money, either you will pay more than necessary, or you will get a fee less than you deserve.

The development of the marketing mix

The marketing mix is ​​a rule and foundation for everyone to walk to reach the best possible marketing plan, but the concept of development may mix with some marketers, especially beginners.

The development of the marketing mix is ​​not related to concepts and principles, but rather to application only, let me give you an example that shows the image to you completely.

What are the elements of the football game? These elements are (the stadium - the players - the referees - the fans - the management and organization system ), no matter how the football game develops, these elements are fixed.

In the past there were only 3 rulers, then there was a fourth and fifth ruling, and now we rely on technology such as the mouse to issue decisions, the arbitration method itself has changed, but it is still an element that still exists.

This is what you should realize about the elements of the marketing mix, they are fixed elements, maybe the ways to deal with them may change and develop, but they are stable pillars that you have to deal with.

The emergence of the term 4Cs For the marketing mix

If you hear the term al 4Cs Four words that begin with a letter C Before, you should know that it is another image or other interpretation of the marketing mix of 4Ps Which we have explained before.

In 1990 an economist ( Lauterborn )By presenting this proposal to the marketing mix interpretation , it is quite similar to the previous explanation, but the focus rather than on the product is on the consumer.

Thus, the elements of the marketing mix are as follows:

(Customer) instead of (Product).

(Cost) instead of (Price).

(Convenience) instead of (Place).

(Communication) instead of (Promotion).

As you can see are the same elements, but they are viewed from the customer’s side, and not from the company’s side. Instead of thinking about the price of the product for us as marketers, we think about its cost to the customer.

Since these elements do not differ from the previous one, and because any marketing plan depends mainly on thinking about the customer, we will explain the elements of the marketing mix in its classic, more commonly recognized form.

7Ps Of Marketing Mix

Now each of the above elements will be interpreted further with practical examples to illustrate the idea, and also we will show the most important characteristics of each element that each marketer has to take into account.

1- (Product)

The product is the primary and most important component on which any marketing plan is built. The price, the place of selling the product, and the advertising plan all of this depends on the product itself.

For this you have to think carefully about the product or service that you want to provide to the market, then ask yourself several questions that in turn will determine the position and value of your product in the market.

The most important characteristics of the product in the marketing mix

As I mentioned earlier, these characteristics are answers to a group of very important questions, and the most important of these questions are the following:

Have you thought well about customers, is this product really necessary for them, or will they solve a problem or help them achieve a specific goal?

Is your product widely available?

Is there another company that provides the same product for free, for example, or is it part of several products?

What characteristics does your product provide? Is it different from what is on the market? Is there a product that offers more features?

How will the consumer use your product? Is it easy to use or requires expertise?

The product and brand packaging process, how do you think about it?

What makes you different from competitors? Why do people buy from you, not from others?

Will there be a warranty on your product or service? Will there be a re-replacement service?

Do you need to provide after-sales service (customer service - maintenance)?

The answer to these questions is a complete study of your product, and how you look at it from all aspects so that you can evaluate it well, and present it to those interested appropriately.

2- (Price)

This element has a very special place in the marketing mix, because it is the main driver of the profit process, and everyone knows that the goal of all these analyses and studies is to achieve the maximum possible amount of money, right?

Because determining the right price for any product or service is one of the most important factors on which a customer depends, so it is necessary to analyze all angles regarding the cost of the product.

Price component properties in the marketing mix

As usual, things become clear when we start to ask ourselves a set of questions, and the most important questions that make you know the characteristics of the process of pricing any product are as follows:

What is the maximum and lowest cost for your product, based on which you can determine the maximum and lowest price for you to sell?

Have you reviewed the production process, operating fees, and all expenses to keep in mind as you calculate the cost of the product?

What is the true value your product offers to the consumer, does your product live long, saves a lot of time and effort? The higher the value, the higher the price.

Do your target people depend significantly on the price in the selection of products (such as middle class - mothers)?

Do you make a reduction or a discount a little more sales? Will it affect the sales percentage, or not?

What price do competitors sell?

Do competitors rely on price in their plans to promote their products? Or promote quality, speed of delivery and other things, because that will make you determine how you compete with them in the market at the right price.

After answering these questions, you will find yourself putting a perfectly appropriate price for your product on the market, without prejudice to any element of your marketing plan so that you achieve the highest return on your investment.

3- (Place)

This element of the marketing mix is ​​a mechanism for your customers to obtain your product or service, and the more simple and easy this process does not take time, the better.

Place element properties in the marketing mix

To understand well the importance of the place in any marketing plan you have to answer the following questions:

Do your customers need to go to a specific place to get your product or service?

Is the location or location you depend on suitable for your product? (For example, if you intend to open a store, do you think that the place you have chosen is suitable and will bring you enough customers)?

Do you rely on channels to distribute your products ( perhaps you are the owner of a factory or a big store, and you need to rely on small shops and distributors to show your products to people )?

Do you need to send samples to anyone interested? Does anyone need to buy from you to obtain specific data about your products (catalogs - pictures - data)?

What are your competitors doing in the market? Are there flaws that you can take advantage of in your favor?

Can you make the process of selling your services, product, or even part of it online? Or do you need direct contact?

In this way, you will have been able to determine the place where your products will be presented in the best way so that you can take advantage of this in the process of promoting your services and products.

4- (Promotion)

Promoting any product or service is very important, as it makes customers know what you offer, and the more people present your products in a way that suits them and suits their language and desires, the better results they achieve.

Therefore, studying the marketing mix cannot be free from defining a clear plan for promotion, especially since this plan will be the result of the effort exerted in the rest of the marketing mix elements.

Because the strong points related to the price, price or location will depend on any promotion plan, and therefore any error at this stage will waste all the effort exerted previously.

The properties of the promotion element in the marketing mix

Have you identified the strengths of your product compared to competitors to use it to promote accurately?

Have you understood your target audience, and knew the language that suits them in their promotion (addressing mothers to sell them something other than addressing young people and adolescents)?

Did you set the budget for the promotion at first?

What are the best channels that must rely on them in marketing ( marketing through television advertising - marketing by radio - posters and leaflets - marketing through social media - marketing influencers - marketing through public relations with companies and institutions )?

Have you identified an appropriate way in which to evaluate the results?

Is the market affected by the timing of the season ( holidays - seasons of the year - national occasions - weather conditions )?

What do your competitors in the market do in their advertising campaigns? What are the corners that they depend on in marketing?

5- (Physical Evidence)

This element of the marketing mix may not be apparent to some people, but let me explain to you what is meant by a practical example, and you may have already passed it yourself..

Now imagine yourself entering a restaurant for you and your family, and when you look at the place you find it untidy and the decor is bad, or maybe those who work at the place do not wear a suitable costume.

Or maybe the food scene is not suitable, or there is an unpleasant smell, will you eat in this place, do you advise your friends to go to it? Can you trust the quality of the food after only one of the previous defects I mentioned to you?

This is in contrast to an elegant restaurant, the workers have good looks, clothes, and style, and the place is clean and the presentation of the food is excellent, in this case, you will feel more confident and will accept to eat with great appetite?.

This is what is meant by the physical guide in the marketing mix. Is your service provided appropriately, in a way that creates confidence in the same consumer, so that he can buy from you when he is satisfied?

If you sell through an online store, is the online store good in design, is all the information available, is the registration or sale process easy?

And if you depend on the headquarters of a company, factory or store, the general view is appropriate. Do you meet your clients warmly and regularly? Do you give them all the facilities and information without asking about them?

All of these things make your service to people of high value and achieve excellent sales.

6- (People)

People are the true front for any service provider, the employees you rely on to deal with clients represent your company, they represent you personally if they are not at the level you will lose everything.

Characteristics of the People Element in the Marketing Mix

They must be trained adequately.

All comfort and tools must be provided to make their work easy so that they can do their job to the fullest.

They should be continuously monitored, and the results and transactions analyzed according to the goals that are required of them.

Their nature and style of dealing with clients should be well suited to your company style and culture.

The communication process between everyone working in the various departments should be fast, clear and have specific controls.

This way, it will be the most important component of the marketing mix of providing services at its best.

7- (Process)

In the world of providing services in the market, both companies and each other (B2B- Business to Business), Or between companies and clients (B2C - Business to Customer) It all depends on the stages of providing the service.

So that the customers' desires are understood and providing the service that suits each customer, and this ensures that this customer continues to cooperate with your company or factory.

The characteristics of the service delivery process element in the marketing mix

You should consider the following:

Individual orders per customer, can they be met or not?

Steps in the process of providing the service, and its simplicity or complexity.

Customer responsibility When receiving the service, should he take certain steps himself or herself that will be done by you and your company?

The company's policies in dealing with customers ( data preservation - price - service cancellation fees)

Is reliance on external companies or institutions within the stages of dealing with the customer, or is everything done within your entity?

All of these things will make the process of providing the service a clear and simple thing for you and for the customers, which helps you to set a suitable price and be different from your competitors in the market.

Decisions related to the marketing mix

You have to put two very important things before making any decisions about any element of the marketing mix, to ensure the success of your marketing plan at all times.

1- harmony

All of the above elements must be consistent, all departments or persons responsible for each component must be fully aware of all other elements so that decisions are interrelated and not confrontational.

2- Flexibility

There are always problems that happen in any market. Prices are affected and changed by social and political conditions in your country and even in the whole world. For this, you must be flexible.

So that you make the right decisions and learn to reduce your profits and reduce production costs or even the volume of production itself, and how to increase this volume at the appropriate times.

In the end, I hope that you fully absorbed all the elements of the marketing mix, so that you can take advantage of them in your marketing campaigns and achieve the goals of your organization.