Marketing Mix

 

Marketing Mix: - This concept is given by Neil Borden. “They are the set of controllable variables that a firm uses to influence the target markets or target consumers” ~ Philip Kotler. There are 4 elements of Marketing Mix given by McCarthy in 1960s: -

1.      Product – Anything which can be sold is a product. No matter what and how a company positions itself, it will always center its brand around your product.

2.      Price – The cost of the product/service from the point of view of consumers.

3.      Placement – Where the product/service is sold. We have to choose the platform where we have to sell the products depending upon the target market.

4.      Promotion – It is making the target consumers aware about you product/service/brand within the market. Why your product is better than the competitive products. Marketers are the best in promoting the products and spreading the awareness about the product.

In 1981, Booms and Bitner they said that the 4 elements were not comprehensive so they added 3 more elements.

1.      Physical Evidence - It is everything that a consumer experiences while purchasing the product. The services after purchasing the product. E.g.; Warranty, invoices, etc. Another example can be Amazon.in which has created a reputation in the eyes of their customers.

2.      People – Anyone who is directly or directly involved with the business side of the enterprise. E.g.; When companies hire employees, they train them so that there is a consonance of the communication between the customer and the company. They must be polite and informative so that it creates a positive image of the enterprise in the eyes of the customers.

3.      Processes – It involves how does your business runs; how are your products packed, delivered, how do you carry out the after sales services?

 

4 C’s of Marketing Mix:-

1.      Customer Solution:

A product is what the business organization offers to its consumers. In order to succeed the

business organization needs to find out what customers want. Focusing on providing customer

solution enables business organizations in creating and bringing those products and services to

the market that have superior value in the eyes of the consumers.

 

The customer is concerned only with the solution that a business organization offers. Customer solution is how one can define marketing mix “products”. It is the solution that a business organization can provide that defines its success in the marketplace

2.      Customer Cost:

The customer centric marketing mix thinks of the traditional marketing mix “price” as the customer cost. The focus shifts from what the organization charges to what the customer pays.

 

The business organizations motive should not be to maximize their profit but to maximize customer value. Thus, the organization needs to think how they can provide more value to the customer for the same cost rather than thinking how to make profit from a product.

3.      Convenience:

The traditional marketing mix element place is replaced by convenience in the consumer centric

marketing mix. With the growth of internet and hybrid models of purchasing the relevance of

place has decreased. Convenience refers to the ease with which a consumer can find information

about a product and buy it. It is imperative for businesses to understand how their consumers

prefer to buy- from a catalogue, over the phone, on the internet, by physically visiting the store

etc. This understanding enables businesses in providing an optimum overall experience to the

consumers.

 

4.      Communication:

The consumer centric marketing mix replaces the traditional element of marketing mix promotion

 

with communication. Customers no longer believe everything that business organizations say at

face value through their advertisements press releases etc. Consumers, today, want to be engaged

and have meaningful conversations with the businesses organizations. It is necessary for

organizations to strive for two way communication ad build relationships with customers.