What is marketing mix

Intangible Products. These are touchable and physical items, for example, a mobile device, a marketing book, MacBook Pro laptop, a Car. These are untouchable and nonphysical items, but you can feel it, for example, marketingtutor. Consumer Products and Services These items are bought by end users for personal consumption, for example, dairy items, shirts, motorbike.

On the other hand, consumer services include postal services, salon haircut, educational institution etc. Industrial Products and Services. Those items bought for further processing or use in a business. The industrial services include business advisory services. Every marketer must understand the target market , in this way, he will know what benefits to offer, how to position the product and what will be a unique selling proposition.

Core Product. The core is not the physical product but consists of all the benefits associated, that make the actual product more valuable. A good example is speed, it can help you to travel quickly. Actual Product. It is the physical and tangible product.

In this stage, additional benefits and customer value is added which can differentiate the product. Take the example of a car you can test drive and buy. All these five characteristics are carefully combined to provide core benefits. A comfortable and safe drive. Augmented Product. The people part of your marketing mix simply refers to the people involved in selling your product.

Your employees play a key role in marketing your product, speaking to customers, and even delivering the end result. When digging into this step, think about how staff appear to customers and what kind of experience they give buyers. Every business runs on processes.

And, usually, these processes will impact how a product or service is created, presented, and delivered. This part of the equation takes into account how employees perform key tasks, what your customer support system looks like, and how performance is tracked and measured. Any activities that are repeatable or required in order to sell your product or service come under this step in the marketing mix.

Before you start firing up Facebook ads, printing billboard campaigns, and handing out flyers in the mall, wise up on your marketing mix and the different elements that make up your product or service. Once you have a good idea about its price point, the value it brings to customers, and where the best place is to promote it, you can craft marketing messages that truly resonate with the people who matter. In addition to the usual four Ps, the seven Ps include physical evidence, people, and process.

A digital marketing mix is how a business achieves its marketing goals using digital technologies. As more business is done online, digital marketing tools become important to all types of businesses, not only those in the tech industry. A digital marketing mix follows the same principles of a traditional marketing mix. However, those elements are adapted to the way the Internet influences new technologies and consumer behavior. In the s, the four Ps were adapted to the four Cs to place less focus on the business and more on the customer.

In some instances, the four Cs may be more applicable to a digital marketing mix than the four Ps. To bring in early sales and build a customer base, any business must begin by identifying its marketing mix. The first step in this process is identifying your target customer. Once you know who your customer is, you can start to understand their relationship with your business.

Next, identify your goals for sales and growth, as well as your budget for marketing initiatives. Then, choose a marketing tactic that will help you reach your target audience and achieve those goals. Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company.

A purchase department in a company would need a different data set under marketing intelligence, while a sales department would need something different. There are four main corner stones of marketing intelligence. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding. It is about analyzing strengths and weaknesses of the competitor.

The basic goal of competitive intelligence is to make better business decisions. Product Intelligence is related to gathering information about your own product. The focus around product intelligence is on gathering information about the quality and performance of the product. This is usually an automated process. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features.

Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly. Finally, understanding the customer is the utmost important aspect in the life of any product. It is key to the success of the product pre- and post-sales. Markets A market is defined as the sum total of all the buyers and sellers in the area or region under consideration.

Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements. Description: What are the 4Ps of marketing? Price: refers to the value that is put for a product.

It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product. Product: refers to the item actually being sold.

The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy.