The Marketing Mix

Marketing-MixThis traditional term is used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a specific target customer group. Its a good way of understanding the broad scope of Marketing.

The ‘mix’ comes down to you offering what your customers really need and want, at just the right price, at a time and place they find most convenient and having heard about you in a way that encourages them to buy.

 

 

The Seven Ps

The original marketing mix was called the 4Ps, and then to address the special difficulties of services marketing – 3 more ‘Ps’ were added

  • Product

Targeting the market and making the goods and services appropriate to the market segment you are trying to sell into.

  • Price

What are your customers prepared to pay?  Price may be used to communicate the position and values of the product/service.

  • Place

How and where the customer obtains the product/service. It needs to be available at the right place, at the right time and in the right quantity.

  • Promotion

The means and mix of activities used to promote the product or service, for example: advertising, point of sale promotion, sponsorship, direct marketing, PR, exhibitions and trade shows.

  • People

Staff selection, motivation and particularly customer care training are critical.

  • Physical Evidence

The decor and ambience of your premises, staff & vehicles are very much part of the offer. All can have an impact on how you are perceived.

  • Process

The efficiency of the process is what provides the benefits for the customer. Measurers of performance, e.g. based on satisfaction questionnaires and ‘mystery customer’ surveys, can monitor efficiency.