What is it? Marketing mix is a set of tools that marketers use to meet customer needs and develop a company. Their composition may vary depending on the goals of the business.
What elements does it consist of? The basic set of marketing mix is usually called 4P, and it includes: Product, Price, Promotion, Place. The composition and number of components may vary.
The article explains:
What is marketing mix in simple words
A Brief History of the Marketing Mix
Elements of the 4P Marketing Mix
The most important element of the 4P marketing mix
Benefits of the Basic Marketing Mix
Marketing mix 5P-7P
Marketing mix 8P, 9P, 12P
Marketing mix models 4C and SIVA
List of Marketing Mix Forces
Factors determining the composition of the marketing mix
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
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What is marketing mix in simple words
By this complex term, marketers mean a set of specific interconnected decisions, the overall goal of which is to set specific business stages. Simply put, it is a set of tools that increase demand for a product.
The marketing complex “marketing mix” in its basic 4P model includes 4 components:
Product. Defines the quality, functionality and appearance of the product, as well as the packaging design and trademark. Warranty, service and technical support conditions are also set here.
Price. Determines the amazon database actual cost policy, including payment terms. Various promotions and discount programs are also included in this element.
Promotion. Combines all advertising materials and the budget allocated for PR campaigns.
Place of implementation. This includes the logistics chain of sales of a specific product and all its participants, as well as the geography of sales and overall market coverage.
What is marketing mix in simple words
Taken together, the presented factors should satisfy the needs of the target audience and increase business efficiency. The desired result is achieved only when using the entire set of tools in a complex. Moreover, sales are only one of several components of the marketing strategy. Marketers need to participate at the stage of product manufacturing to ensure the implementation of certain consumer qualities. Specific retail prices and points of sale are also set, and if delivery is available, its methods are selected. The target client is informed of the advantages of this product, thereby motivating him to conclude a deal.
The purpose of the marketing mix is to form a marketing strategy aimed at increasing the value of a product or service in the eyes of a potential buyer. This ensures the growth of the company's profit in the long term.
Fierce competition requires precisely this kind of comprehensive approach. This is the only way for a business to stand out from other market players. Changing any component of a marketing strategy can ultimately affect the entire company's operations.
Thus, the overall vector of business development as a whole is determined by the marketing mix. Examples of the influence of individual components of the strategy:
growth of the customer base by reducing prices or introducing free delivery;
attracting the target audience by continuously changing and expanding the product range;
formation of a base of regular customers by including a discount program;
increasing the average bill by offering additional goods or services;
reducing advertising costs through detailed information to new customers.
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