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What is Marketing Mix? - 4Ps of Marketing.

What is Marketing Mix | 4 Ps of Marketing | Definition of Marketing Mix | Marketing Mix Element with Concept?

What Is Marketing Mix?

Marketing Mix is also called 7 Ps of marketing. It encompasses 7 elements this is why Marketing Mix is also known as "7P's of Marketing". Marketing Mix refers to the set of tactics that a company uses to promote its brand or product in the market.

Nowadays people also associate some other additional elements with the marketing mix. The general marketing mix encompasses 4 main elements :

Marketing Mix - 4Ps

  1. Product
  2. Promotion
  3. Placement
  4. Price

1) Product :

A product is an Article or Substance that is manufactured or refined for sale.
There are two types of Products ;

1. Tangible Products.

2. In Tangible Products.

Tangible Products :

Tangible products are something, which you can physically touch or which have a physical appearance. The product could be a device, an Eating material, machines and more other types of things.

In Tangible Products :

In Tangible products are those which don't have the physical appearance or which is often called digital products. Product making has 2 options

1. Make a different product. It means to make a product which has a different specialty and which doesn't exist currently. In making this type of product you have to discover a different idea, which makes you different from others.

2) The second option is to modify a product which already exists in the market and you are modifying the product to beat your competitors.

2) Promotion :

And here comes the last element of the Marketing Mix. In promoting products we have a variety of tools like advertising products, get help from a magazine, do advertising through sign boards, serving pamphlet, and the main tool of promoting is social media marketing. It means to explore your product on social platforms where people much of their time online. Doing these type of marketing we have to be very sincere about the placement of product.

For example, if you are making pamphlets to promote your product so you have to set pamphlets on a road which has a penalty of traffic or if you are choosing television for marketing so, choose a right channel which mostly watches by peoples.

3) Placement :

In the placement of your product first you have to be known about your target market, and where you have to place your product. For example, if you are making a fairness cream, so obviously you place your product in a city, not in the village, so it is very important for you to understand the right place to do the placement of your product.

But it is not as much easier than you think. It has more elements like, in which area you are placing your product, in fact, you have to think about it very deeply like on which store of which area your product will be launch.

You can also launch your product worldwide because in other countries peoples also purchase the product which you are making, it is a little bit difficult to sell the product worldwide, but selling product worldwide makes more revenue for you.

4) Price :

In product making business and making E-commerce site you have to be known about one thing:

It doesn't matter what type of product you are making but your sales would depend on " Quality, Quantity, and Price of your product ". Making better quality and increasing quantity is in your hand, but when it comes to price, it is a little bit things you have to understand. If you sell your product at a high price so it,s mean you are losing your costumers your self. If a customer sees another peoples product which is of less price than you, so they obviously buy a product from them and you lost your customers. You have to set a low price of your product a much as you can, in order to increase your sales.
There are 2 pricing strategies,

  1. Skimming pricing strategy
  2. Partition pricing strategy

Skimming Pricing Strategy :

In skimming pricing strategy, the company initially announces the product in high worth and after some time the company decreases the worth of the product. When a company is launching a product, they know that peoples are waiting for the product and excited to buy a product, so they initially set the high price of the product. When they think their sales are getting low, so they decrease the product,s price. But in skimming pricing strategy, you have to know about one thing which is that; if you set the high worth of product so people buy it or not. You have to be careful about applying the skimming strategy to your website because taking a wrong step can decrease your sales and decrease your reputation.

Penetration Pricing Strategy :

Penetration pricing Strategy is indirectly opposite to skimming pricing strategy. In penetration pricing strategy product is launched at a very cheap price to compete for the market. When a product has taken some attention and generating revenue than the product price increases because the manufacturer knows that his product is selling very rapidly and that's and generating, so then they increase the worth of the product.

The Elements shown above are the main principles of Marketing Mix. After studying comprehensively about marketing, some additional elements are also knowing as Ps of marketing, which are:

  1. Positioning
  2. Packaging
  3. Segmentation

1)Positioning :

In this P of marketing means to develop a good image in your audience sight. It is a very important fact and it can be developed by these things :

Build trust in your audience that your audience is genuine and according to their needs.

Treat your Customer very comprehensively, so that they would buy more products from you.

show your costumers the quality product and do your work honestly.

Tell your audience about all specification or give them all the information about the product.

By doing all these things, you can develop a good image in your audience,s heart, so, they would be relaxed to buy products from you, and which generally increase your sales.

2) Packaging :

In product, one thing is very important on which marketing department researches is a packaging product. Packaging usually plays an important role in buying decision. For example sometimes when you go to the market to buy a product, your first impression to judge a product would be its packaging. Sometimes it often happens that you do not wanna buy a product but it is packaging looks beautiful, so you like the product, and buy it too. You have to design product packaging, which attracts people to find their needs.

But package good doesn't mean your package creates a problem for your customers to open product.

You can package your product in 1 or 2 layers, not more because packing in too many layers could prevent a bad impression of your product to the customer.

3) Segmentation :

Segmentation is to divide the market in a different group it is very important to do segmentation of the market. In the market, there are many kinds of peoples in the market. Some peoples check the price of the product in their first impression, and some people focus on the quality of a product.

There are 4 types of Segmentation :

Geographic Segmentation :

The geographic type, we talk about peoples lives that in which environment do peoples live. It means division o the bases of physical avocation like country, city, state.

Demographic :

The Demographic means structure of population in business it means that our product refers to which age, which income group.

Psychographic segmentation :

Psychographic Segmentation is to divide peoples of different mindset or different mentality. It matters the personality and attitude of customers after doing demographic segmentation, it is not necessary that the person who is in the same group have the same mindsets. The psychographic segmentation divides the people in a different group to handle them easily.

Behavioral Segmentation :

It is the last type of segmentation. In this type, the groups are divided into used and response of a product. Which means to know what is the buying hierarchy of a person. For example, some peoples buy clothes occasionally like for events, and some peoples buy product loyal customers which every time buy clothes. In this segmentation type the brands desperate their occasional customers with the products and make them loyal costumers.

 Hope you guys Did Enjoy my Blog !!!

Watch this video To know more comprehensively about Marketing Mix.

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