In the business world, time is one of the scarcest and most valuable resources out there. Therefore, any tool that helps to optimize it is acclaimed by all.
In this sense, the Marketing Mix plays a fundamental role. Thanks to it, it is possible to launch the product that the customer wants to have on the market, at the right time, in the exact place and with the ideal price. This translates into a higher probability of success and a lower investment of time in correcting errors or repeating processes.
Next, we will talk in depth about this concept. We will see what the Marketing Mix and the 7Ps are, what it is for and what its components are.
What is the Marketing Mix and what is it for?
Before giving a definition of Marketing Mix, it is important to highlight that it is possible to find several versions of the same concept. Thus, for example, there are authors, books, magazines or blogs that talk about the 4Ps of the Marketing Mix.
Others do it from the seven p’s of marketing. And there are those who even add two more and address how to make a marketing plan under the concept of the 9P.
In this case, we are going to treat it from the perspective of the 7Ps of the Marketing Mix. These are: people, product, place, price, promotion, processes and physical evidence. They are called the 7Ps: people, product, place, price, promotion, process Y physical environment.
That said, let’s see what the impact is on businesses.
➽ Marketing Mix: Definition
What is the Marketing Mix? It can be said that the Marketing Mix is the set of strategies that are planned, designed and executed to sell a certain product or service.
But, the peculiarity of this concept is that it is carried out taking into account essential business variables. These variables respond to the 7P’s that I was talking about before.
And the fact of analyzing and considering them in the definition of the strategy means that, when launching a new product or service, the margin of error is less.
In this way, as we said before, we manage to sell the product that our customers are waiting for, in the right place, at the right time and at the best price.
➽ Marketing Mix: Example
Let’s now look at an example of Marketing Mix. And what better way to help you understand it than with a well-known brand: Coca Cola. These are your 7Ps:
- People – People. After analyzing the concerns of their users, they found that a high percentage were concerned about the high sugar content of the drink. With this information they launched new products.
- Product – Product. As a consequence of the above, they released the light, caffeine-free or zero version of their drink.
- Place – Place. The brand carries its products to practically every store in the world, from the largest to the smallest.
- Price – Price. The price is totally affordable for all your audience. Their goal is that everyone can have one of their soft drinks whenever they want. Therefore, they adjusted the price as much as possible.
- Promotion – Promotion. This brand spreads its products especially through television, press and radio. Not to mention billboards or bus shelters. The purpose is to have a massive impact.
- Process – Processes. The company has simple processes that facilitate the work of its employees, as well as the packaging and transportation of beverages.
- Physical environment – Physical evidence. Every time it has released a new version of its product, the brand has offered free samples to consumers. This has greatly helped its sale.
Marketing Mix: The 7Ps
Once we have seen what the Marketing Mix is for, it is time to delve into the 7Ps. As well as defining each of them.
1) People – People
This first variable of the Marketing Mix is based on analyzing and evaluating the needs of a specific audience or target. This information will define the type of product, communication and relationship that we will have with our clients.
2) Product – Product
The product is what you are going to offer to consumers. And it not only covers the product or service itself, but also places special emphasis on the added value that the customer will receive. It is essential that whatever it is, it solves your problems or fulfills your wishes.
Note: When you go to define your offer it is important that you determine: needs it covers, functions, advantages, characteristics and differential value.
3) Place – Place
This other element of the seven PEs of the Marketing Mix refers to the distribution and sales channels. That is, the ways in which the offer will reach your audience.
In the first instance, we can think of a website or an online store, but there are many other places where we can offer products or services and that are visible.
4) Price – Price
The fixed price must leave benefits to the company, but also be consistent with market values. Otherwise, the survival of the business or sales will be complicated.
Here the ideal is to find the perfect balance between profitability and market to ensure the validation of the product and the permanence of the business.
5) Promotion – Promotion
The next P is promotion and it is based on defining the actions to publicize the brand’s offer. For example, establish which social networks will be impacted, what type of content is the most appropriate, if you are going to invest in advertising or if you are going to have influencers.
6) Process – Processes
All brands should have processes that help streamline the procedures and procedures of the company. So, for example, having automation marketing processes will help make sales uninterrupted. Or establish testimonial collection processes, it will be something very favorable to use in other promotional activities.
7) Physical environment – Physical evidence
Finally, the Marketing Mix considers this point as the contribution of tests that help to demonstrate to the client that your product or service is of quality. Here we can talk about videos, opinions, photographs, testimonials, free samples …
Ready to implement the 7Ps of the Marketing Mix? Go ahead and delve into each of them and create the perfect strategy for your business.