In this video, we will explain the elements of the marketing mix (Also known as 4Ps). Visit www.aimhigh.in for FREE educational ebooks and videos. Found it useful? Kindly spread the word and share the joy! 🙂
Video Content:
In this video, we will be explaining the marketing mix — which is the tactical part of a marketing plan.
The marketing mix is also called the 4 Ps and the 7 Ps.
The 4 Ps are price, place, product and promotion.
The services marketing mix is also called the 7 Ps and includes the addition of process, people and physical evidence.
Let us understand this concept with the cake analogy. Cakes usually contain eggs, milk, flour and sugar. However, we can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake, we add more sugar!
It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements.
Let us look at each of the elements:
Product:
For many, a product is simply the tangible, physical item that we buy or sell. You can also think of the product as intangible or as a service.
Price:
The company’s goal in terms of price is really to reduce costs through improving manufacturing and efficiency, and most importantly the marketer needs to increase the perceived value of the benefits of its products and services to the buyer or consumer.
Place:
Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods or services are moved from the manufacturer or service provider to the user or consumer.
Promotion:
As with marketing mix, marketing communications has its own promotions mix.
Promotions mix comprises many promotions elements such as advertising, sales promotion, public relations, direct marketing and personal selling.
Physical Evidence:
Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence: Buildings, signs and logos, brochures, your website, and even your business cards.
People:
People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the individual needs of the person consuming it.
Process:
Process is more about the customer interface between the business and consumer and how they deal with each other in a series of steps in stages.