Understanding the marketing mix and the 7 P’s can raise many questions. Below, we’ve answered some common questions to help you identify and establish your own marketing mix.
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A good example of a marketing mix might be a convenience store. In this case, we can consider a network of convenience stores that provide a wide range of products including fresh and packaged food, appliances, household and kitchen appliances, novelties, magazines, etc.
Products: primarily, food and various goods that are placed and packaged in a way that provides convenience and usability.
Price: prices will be considered competitive with supermarkets, with a few exceptions where comfort, novelty and fun add a special appeal.
Location: the location should fit the value proposition of convenience. Thus, the location should be strategically located near residential areas, shopping centers, educational centers, etc.
Promotion: advertising will mostly be limited to posted promotional materials, the outlet building itself, local social media pages, and so on.
Here, we’ll consider the customer experience as an opportunity to access simple meals, snacks, and a variety of helpful products for Home, Leisure, and more.
Another example might be streaming services. Here our 4 P’s are as follows:
Product: original quality entertainment and convenient viewing access.
Pricing: free trial offer, premium plan, and commercial-free subscription tier.
Location: customer digital devices.
Promotion: expanded advertising across multiple channels and platforms, including high-value metropolitan billboards, magazines, and word of mouth.
Here, the customer experience is engaging, long-form video content mainly in the form of popular TV, movies, comedy specials, and more with an emphasis on the comfort of home viewing.
What are the types of marketing mix?
In reality, there are as many types of marketing mixes as there are functioning businesses in the world. To make things easier, we can try to make our model fit into one of the 7 common and established types of marketing mix as listed below.
Product Mix
Product development and Product Life Cycle
Market coverage mix (aka positioning mix)
Service Mix
Marketing Program mix (or promotion mix)
Channel Mix / Vertical Integration
Global marketing mix (or international marketing mix)
As you can see, making the value proposition and promotional needs of a particular company fit into one of these categories may not work well. An example of our convenience store might fit into the service mix because convenience is the main value we will offer. But our streaming service may also be called a” service mix”, or even a ” product mix.”
In most cases, it is best to produce an original marketing mix that describes the marketing needs of a real-life organization.
What are the 4 P’s of marketing mix?
The 4 P’s are Product, Price, Place, and promotion.
Product: a product is a good or service that is sold. For marketing purposes, we must consider Who and why they want it. We must also consider and compare our offers with those of competitors.
Price: this is the amount that the customer is willing or required to pay. Often, making prices competitive is a significant challenge. In cases where the price cannot be lowered below the market benchmark, additional value may need to be added to the offer.
Place: this is the location where the product or service can be accessed and used. For a restaurant, location is everything. For streaming services, it is the user’s home or the location where they purchased the device and Computer Services.
Promotion: it describes how, where and how often the advertising material will be produced and where it appears. With our one-stop shop, promotional materials are mostly in and of themselves in the store. With our streaming service, it will be in locations across the web and other locations/media as appropriate.
The takeaway
The marketing mix and the 7 P’s of marketing are guidelines for crafting and creating an outreach campaign for any given commercial enterprise. They are guidelines that help us cover all our bases in terms of brand reach. Keep in mind that branding considerations are not covered by the concepts covered by this promotional framework.
The elements of these guidelines work together to create a functional framework for the creation of a complete marketing plan.
Develop your marketing mix and integrate it into your marketing essentials. As you develop your marketing mix, consider how each element influences the others to create a unified brand experience for your consumers, from the user experience to the perceived value of your products. Think about how the price of a product changes its promotion strategy, how specifications will contribute to pricing, and how your people run the process. Make sure your people and the tools they use can communicate with each other, and use the right tools to reach the right people.