Marketing mix is one of the fundamental concepts in the world of marketing that is important for business people and marketers to understand. This concept has evolved over the years and remains relevant today.
This article will discuss in depth what marketing mix is, its purpose, benefits, and concepts related to it.
Marketing mix is a basic concept in marketing that refers to the combination of elements used by companies to promote and sell their products or services.
This concept was first introduced by Neil Borden in 1964, inspired by James Cullington's idea in 1948. Borden initially compiled a list of marketing mix elements consisting of 12 aspects.
However, this concept was later simplified and popularized by Jerome McCarthy in 1968 into four main aspects known as the 4Ps: Product, Price, Place, and Promotion.
Here is a more detailed discussion of the concepts in the 4P marketing mix:
A product is a good or service offered by a company to meet the needs or desires of consumers. It can be a physical product, service, or even an idea.
In developing a product, companies need to consider quality, design, features, brand name, packaging, and service.
It is important for companies to do extensive research before developing a product, because each product has a fluctuating life cycle.
Starting from the growth phase, maturity phase, to the sales decline phase.
Price is the second important element in the marketing mix. Pricing is a decision that affects the profitability of the company.
Some factors to consider in pricing include:
Place refers to how the product is distributed and made available to consumers.
This includes the selection of distribution channels, logistics, sales locations, and accessibility of the product. In the digital age, “place” also includes online platforms and e-commerce.
Promotion involves all communication activities that companies undertake to inform, persuade, and remind consumers about their products.
This can include advertising, sales promotions, public relations, personal selling, and direct marketing.
Over time, the concept of the marketing mix has evolved. Some marketing experts have proposed adding new elements.
One of the popular ones is the 7P concept, which adds three new elements:
In the 7P marketing mix concept, 'People' refers to all individuals involved directly or indirectly in delivering a product or service to consumers.
These include:
Involves the methods and workflows used to deliver the product or service. This includes:
The environment in which the service is delivered and the interaction between the company and customers takes place. Examples are:
Another concept that has developed is the more consumer-oriented 4Cs. Robert F. Lauterborn proposed these 4Cs in 1990:
The main objective of the marketing mix is to create an effective and comprehensive marketing strategy.
By considering the four 4P elements, companies can:
Quoted from Investopedia, the marketing mix can help organizations make strategic decisions when launching new products or revising existing products.
The application of the marketing mix concept provides various benefits for companies. Some of them are:
The marketing mix helps business people understand the flow of costs and revenues according to market conditions.
The next benefit of the marketing mix is that companies can allocate their resources more effectively.
This concept helps allocate responsibilities for each division with clear tasks.
The marketing mix simplifies and unifies various marketing activities into a more manageable framework.
By considering all elements, companies can create a more effective and integrated marketing strategy.
The marketing mix is an important concept in planning and implementing a marketing strategy. By understanding and applying this concept well, you can create a more effective and integrated marketing approach.
However, flexibility in applying the marketing mix concept is very important. As technology advances and consumer behavior changes, you may need to adjust your approach.
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