Marketing mix (MM) – what is it?
Marketing mix is a list of actions aimed special database at winning and retaining the company’s clients. It involves developing and using several areas of interaction with the audience at the same time to engage and retain them.
Another common name for the marketing mix is the marketing mix.
The main goal of the KM
The main goal of the marketing mix is to satisfy the needs and desires of the target audience by combining and using different marketing tools. In particular, the marketing mix allows:
- raise awareness of a product or service;
- create and maintain competitive advantages;
- increase the company’s sales and income;
- satisfy the main needs of the target audience;
- improve the brand image and reputation.
Each marketing mix model ako govorimo o glavnim konkurentima chatbota is aimed primarily at creating value for both consumers and businesses, thus ensuring long-term sustainability and success in the marketplace.
The basic concept of KM
When we talk about the concept of KM, we often mean the 4P model, which was proposed by marketer Jerome McCarthy back in 1960. The concept is based on the assertion that marketing planning is built on four basic coordinates (four “P”):
- Product – product or service
- Price — cost
- Promotion — promotion, advertising
- Place – distribution
It is believed that the 4P marketing mix concept covers all product parameters necessary to stimulate interest in it from the target audience. Despite the “age” of this concept and certain criticism from some marketers, it is the 4P model that remains one of the most popular even after more than 60 years.
Elements of KM 4P
As we said, the 4P marketing mix model is built on four components. Let’s look at them in more detail.
- Product
This is the key element of the concept, representing aqb directory the product or service of the company. To increase the value of the product, it is necessary to ensure that its functionality and properties correspond to the needs and wishes of customers, it has high quality indicators, it is competitive and can give the consumer those advantages that competitors do not provide.
- Pricing
The company’s pricing policy is often one of the decisive factors in the choice of potential customers. A product that is too expensive makes it inaccessible to some consumers, while one that is too cheap raises concerns about quality. The ability to maintain a price balance is one of the important tasks of any modern business.
- Distribution (place)
It’s not just what you sell that matters , but where you sell it. Multiple distribution channels are an opportunity to reach more potential customers. But at the same time, they mean additional advertising and promotion costs. That’s why this part of the marketing mix requires the ability to balance wisely.
- Promotion
This element of the marketing mix is responsible for communication between the brand and its customers. It includes direct or indirect advertising, public relations (PR), sales promotion, the use of search engine optimization (SEO), SERM, etc.
KM models
As was said earlier, the 4P marketing complex model is considered by some marketers to be outdated, such that it does not take into account the modern realities of the market and the growing needs of customers. On the one hand, this is too loud a statement, because this concept is still relevant and quite effective. But on the other hand, there are indeed newer complex models that are significantly more effective in some cases.
5P
By and large, this is the same 4P marketing complex, but with the addition of one more element – people. The 5P model provides for the creation and implementation of mechanisms for building connections between participants in market relations, including work with personnel, opinion leaders, loyalty program participants, etc. It has received particularly wide application in the service sector. In particular, among owners and marketers of hotels, beauty salons, restaurants, etc.
6P
As you might guess, this concept is based on the same 4P model, but adds two new elements – public relations and politics. According to this concept, successful promotion of a product or service involves shaping public opinion, as well as obtaining support from organizations that regulate the modern market. It was proposed by the famous marketer Philip Kotler for those business representatives who work primarily for foreign markets.
7P
The 7P model is based on 5P and supplemented with two components – process and physical evidence. It is about the process of interaction between consumers and the company and the creation of a comfortable atmosphere for the client. In the B2C sector, this concept is practically not used, but in B2B it has become quite widespread. The main reason is that in this case, a rather long and step-by-step process of interaction between consumers and the brand is required. And for the B2C sector, speed is a priority.
SIVA
SIVA is an alternative marketing mix concept that uses its own elements:
- Solution – search for the optimal solution in order to satisfy consumer needs.
- Information is any information about a product or brand that may influence a purchasing decision.
- Value is the value of a brand’s product or service for the consumer, which can be found out by analyzing competitors, studying market offerings and calculating added value.
- Access is the availability of a product at a time and place convenient for the consumer.
The SIVA model is one of the relatively new ones. It was introduced in 2005 and quickly gained popularity as one that seeks to solve consumer problems rather than focusing primarily on the product, as others do. SIVA is considered the opposite of the “four”, although this statement is not entirely correct for the marketing mix.
Results
Marketing complex is a fundamental concept, without which it is almost impossible to organize the successful functioning of a modern business. At the same time, the number of CM models is gradually increasing, which is why it is difficult to choose the most suitable solution.
If you want to choose the optimal marketing mix, you will need:
- analyze the market and target audience;
- define the main goals and objectives;
- consider different models, evaluate their advantages and disadvantages;
- analyze the company’s resources and capabilities;
- conduct testing and adaptation;
- carry out monitoring and evaluation of the result.
Yes, all this requires time, effort and involvement of relevant specialists. But if everything is done correctly, you will find the best solution that will give the maximum effect specifically for your business. Accordingly, you will increase profits and reduce further expenses on promotion.
