Successful marketing doesn’t happen through luck; otherwise, a lot of research and planning is required to be put into action. However, making use of the required elements may seem to be challenging, but in the long run, the marketing mix framework is always a great help to successfully succeed in marketing. The marketing mix concept was introduced by one man Neil Borden in 1953 during a conference in the American Marketing Association and then was implemented by E Jerome McCarthy a famous marketing professor in the year 1967 (Yoo et al., 2000).
The marketing mix consists of different factors, including product, price, place, and promotion, and they influence customers’ decisions to buy goods or services. These four Ps are easier for business owners to control when used together to field desirable results when targeted to the right clients. For instance, on websites, a potential customer may subscribe to a product and eventually make a purchase. Additionally, the elements can further help business owners understand better products and services and how to market them under a successful marketing strategy launch. Marketers and business owners can utilize these strategies to campaign, promote, and sell products and services. As a marketer or a business owner, you can choose to make use of these 4’ps rather than waiting and hoping for a miracle to happen for people to purchase your products, else as a business-minded the person you can utilize the strategic framework of the marketing mix. The marketing mix 4 P’s represents different elements that make a buyer make and process a purchasing decision.
The product symbolizes the tangible goods and the intangible service and how well the clients know and understand it. Clients may be attracted to a product as a result of packaging, the ease of use of a product, design, product features, and also the support offered when clarifying about a product. However, the purchase is entirely influenced by the client’s understanding and experience with a product. It’s the work of a marketer and business owners to know their customer base and what product they care about by creating a customer persona, researching and learning about different clients, and assisting in making rational decisions that appeal to the targeted clients. Also, it’s paramount to choose a sensible price for a product since the clients may question the under-priced product and consider it infective or unfit. Also, an overpriced product may keep customers away. Unless a business is a well-established and known brand, it can be difficult to make sales in case of overpricing (Constantinides, E, 2006). As a business owner, you can apply pricing models such as subscription, economy, bundle, competitiveness and psychological pricing.
The chosen strategy should be based on the product’s value. After setting prices, there’s a need to promote the products and services by using communication tactics to inform the target audience through addressing selling processes such as advertising and public relations. Before you can sell, inform your audience about the worthiness of the products and why it’s worth making a purchase. Subsequently, distribute your products to the right place for the successful purchase of your products. You can choose to sell your products through direct sales or wholesale, depending on the type of your business and the location of your company and your clients. Also, you may utilize online stores since an online store creates a customer’s experience with a given product.
References
Constantinides, E. (2006). The marketing mix revisited: towards the 21st-century marketing. Journal of Marketing Management, 22(3-4), 407-438.
Yoo, B., Donthu, N., & Lee, S. (2000). An examination of selected marketing mix elements and brand equity. Journal of the academy of marketing science, 28(2), 195-211.
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