The marketing mix is a blend of marketing variables that determine the level of marketing efforts on the target market. 4P’s and 7P’s of the marketing mix are – People, Product, Price, Promotion, Place, Process and Physical Evidence. 4C’s – Customer, Cost, Convenience, Communication; fit marketing mix perfectly.
The marketing mix is the mixture of controllable marketing variables that the firm uses to influence and pursue the sought level of sales in the target market.
It is the tools use to influence or persuade the wants, needs, and demands of the customer for PSI (product, service, or information).
In simple terms; the marketing mix is the tool that is used to influence the target market and its demand for product, service, or information.
Usually; the marketing mix describes the combination of the 4 inputs which constitute the core of a company’s marketing system: the product, the price structure the promotional activities, and the distribution system.
4P’s of Marketing Mix
4p’s of the marketing mix are; (1) product, (2) price, (3) place, and (4) promotion.
7p’s of the marketing
7p’s of the marketing mix includes the 4p;
Modern marketing has added 3 new P; making it 7p;
- Physical Evidence.
Let’s try to learn what each marketing mix P means;
The product is something like good, service, information, etc. that satisfies the wants of a company’s target market.
Products must follow a logical product lifecycle and marketers or producers need to understand and plan for the stages of the product lifecycle and their core challenges.
The product must answer some questions, for example, what problem the product will solve, is the consumer or customer needs the product, and/or what will be the components of the product?
Price means the number of dollar customers or consumers must pay to obtain/use the product. It is the amount paid by the customer to a business.
For example, a bottle of Wine that may cost $100.
Prices set by the business depend on the business policy those it may be adjusted through discounts, allowances, and/or credit terms.
Place indicates the company activities that ensure a product or service available to target consumers.
It includes all activities like distribution channels, logistics, transportation, and locations offered by the company.
A company may have many stores offering its products across the United States, but there may still locations where customers or consumers will not access that company’s products.
This is a great loss for the company. So that it must ensure that products are available to target customers or consumers.
Promotion refers to the activities that communicate the merits of the product to target customers and influence to buy it.
One of the major factors of promotion for products or services is advertising.
Indicates the employees representing the company. They interact with clients or customers for various purposes.
The process is the procedures, mechanisms, and flow of activities by which the service is delivered to the clients/ customers.
Physical evidence refers to the area or space where the company representatives will interact with the customer. It works as a tool for reassuring our customers.
For example, a company might have impressive buildings, a well-trained staff, great website. Considerations include furniture, signage, and layout.
4C’s of Marketing Mix – Modification of 4P’s
So what is the 4C’s of the marketing mix;
Customer or Consumer is the king in the competitive world. In a competitive environment, the product will not create its demand if it isn’t wanted by the consumer.
First, you must need to study the consumer needs and demands and then develop the product as it satisfies the needs, wants and demands of the desired customer or consumer. demand.
Price is only a subset of the total cost incurred to satisfy the want or needs of customers or consumers. Cost is the most important element of marketing mix which affects the decision of the customers.
The marketers must need to give special attention to the cost of a product or service.
Convenience is the most important tool for more sales. The convenience of purchase products helps most of customers or consumers to choose that product.
Take an example of heavy pieces of machinery products like the fridge and air cooler.
If the companies sell these products and do not give you delivery and installation service.
You may not buy the product as you won’t be ready to pick up the machine and install it yourself. You will be looking for your convenience product.
A marketer should consider communication instead of a promotion.
Promotion is manipulative, it starts from the seller while Communication requires a give and take between the buyer and seller.
How 4P’s and 4C’s of Marketing Mix fit?
- So when the company thinks about its product, it needs to consider what solutions it is providing for its customers.
- When the company thinks about the price of PSI, it should consider what cost, the customer is willing to pay to get their PSI.
- As the company reviews the place of PSI, it could evaluate how convenient it is for their customer to find, buy, and get in their hands.
- As the company plan, the promotions consider the type of communication their customers prefer and through which channels they will be more receptive.
The Marketing mix is a mixture of controllable marketing variables that firms use to pursue the sought level of sales in the target market.
4P’s and 7P’s of the marketing mix are – People, Product, Price, Promotion, Place, Process and Physical Evidence. 4C’s – Customer, Cost, Convenience, Communication; fit marketing mix perfectly. 4Ps, the 7Ps, or the 4Cs, marketing mix is crucial for creating a plan that increases sales and profitability, customer satisfaction and brand recognition,
So understanding the basic concept of the marketing mix and its extensions in important for achieving success in marketing.