Quite a number of things influence what we see in the market. Though the market may vary and change from time to time, there are factors that remain constant. These factors are perceived as controllers of the market because they determine the changes that occur in the marketplace. The marketing mix or the 4Ps as it is popularly known is a factor that no entrepreneur can ignore.
Global business experts understand that the marketing mix is an essential ingredient for measurable growth. This group of persons have paid keen attention to their target market and are conversant with the ‘ins’ and ‘outs’ to raking in continuous profits.
The marketing mix is widely considered as the foundation model for businesses. It consist of marketing tools used to attain marketing objectives in any target market. The marketing mix further represents four levels of marketing that directs the decision of an entrepreneur. These 4Ps are Product, Price, Place, and Promotion.
However, there is an updated version to the marketing mix with the addition of Process, Physical Environment and People, making it a total of 7Ps. The relevance and influence of the marketing are inexhaustible. These 7Ps obviously sound familiar but many enterprises have failed due to lack of knowledgeable marketers. Therefore, the first step is having a better understanding of the concept.
The marketing mix concept is like a puzzle that entails you fix the right product in the right place at the right time and at the right price. The trick to it is to know the right combination that eventually leads to success.
The first part to the marketing mix is the product. For any entrepreneur launching into the market, building or designing the right product needed in the market. During the process of developing the product, an extensive research on the product’s life cycle should be conducted. The life cycle of every product includes the growth stage, the maturity stage, and the sales decline stage. Studying any product’s life cycle will guide marketers in revamping a product when it gets to the sale decline stage, thereby retaining its position in the market.
The second piece on the marketing mix puzzle is price, which is usually the amount customers pay to purchase the product. Pricing is a necessary part of the marketing mix because it is determines the profit margin of the company. Whenever price is adjusted, sales will be affected. Most business owners consider pricing very sensitive as it forms a perception of a product in the minds of customers. Pricing can be quite tricky, as a product with low pricing could be perceived as inferior while one with a high price could be seen as too expensive.
After designing a great product and determining the best price for it, knowing where to place it is another crucial part of the puzzle. The product has to be positioned in readily and easily accessible places. To achieve this, entrepreneurs must first understand their target market and the best distribution channels.
In order to gain more traffic and attention to a product, promotion must come to play in the puzzle. This brings more recognition to the brand, boost its image in the eyes of prospects, and communicate the values of the products. Promotion can be done through the following ways, advertising, sales promotion, public relations, sales organisation and the ever-effective word of mouth.
Though this is an extension of the marketing mix, it is also an important aspect businesses should put into consideration. Researching about the people and their needs will help in designing a good market strategy. It is also necessary to hire and equip the right staff for any company seeking expansion. Basically, every person involved in making the business a success should be paid attention to.
Process is another addition to the puzzle but still is an imperative part of the business. The process of an organisation determines it execution. Any organisation thriving in the world has a well-detailed process that minimises cost. In defining the right process, every segment of the enterprise must be thoroughly deliberated.
The last thing on the puzzle is physical evidence. After every delivery, there should be a physical evidence. Physical evidence refers to how a business is perceived in the market, or the impact of its presence and literally everything that help shape consumer’s perception about the product or brand’s.
There you have it; we hope you begin to fix these Ps rightly.
Written by Jennifer Chioma Amadi
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