Companies use a set of steps or operation known as "The Marketing Mix" to encourage and promote their label throughout the market. The Marketing Mix started off with a set of four P's; Price, Product, Promotion and Place.
Today there at least seven P's;
- Place
- Price
- Product
- Process
- Physical Evidence
- People
- Promotion
The marketing mix is very important as all the elements connect with each other and when done correctly can make up a successful business.
Place- Place is where and how the product is purchased. The product must be available in places where customers shop and are willing to find it. The product must be available at the right time, when a customer wants to buy a product it must be available at that moment. If the product is not available then the customer will find somewhere else to purchase it, this is why it is so important for the product to be where it has to be at the right time.
Price- Price is one of the most important elements of the marketing mix as the price has to support all of the other elements of the marketing mix. If the product is priced too high or too low the company can fall in sales. Companies usually follow a pricing strategy that breaks down each level of pricing to help them come up with the best possible price.
Product- A product must be able to satisfy the needs of its buyer. For a product to be successfull it must fulfil the markets needs.
Process- Process is how the service is delivered. This is part of what the customer is paying for, it can be from an online experience or how the product is delievered.
Physical Evidence- Physical evidence can be what the customer is paying for. At least all services have certain physical evidence that make their products apealing to buy. The physical evidence is the evidence at the end of what service has been given. An example would be the completed hairdo at a hair salon.
People- People is all about have the right people working at a company and giving out positive attitudes and offering good service. This is all about how the employers treat the customers and are always willing to deliver good service and step out of their way for a customer.
Promotion- Promotion is what companies do to get their products noticed and encourage people to buy them. It can be anything from advertising, social media, personal selling and it is everywhere you go.
Acutt, M. (2015, May 23). Marketing mix definition - 4Ps & 7Ps of the marketing mix. Retrieved November 24, 2016, from http://marketingmix.co.uk/
Product- A product must be able to satisfy the needs of its buyer. For a product to be successfull it must fulfil the markets needs.
Process- Process is how the service is delivered. This is part of what the customer is paying for, it can be from an online experience or how the product is delievered.
Physical Evidence- Physical evidence can be what the customer is paying for. At least all services have certain physical evidence that make their products apealing to buy. The physical evidence is the evidence at the end of what service has been given. An example would be the completed hairdo at a hair salon.
People- People is all about have the right people working at a company and giving out positive attitudes and offering good service. This is all about how the employers treat the customers and are always willing to deliver good service and step out of their way for a customer.
Promotion- Promotion is what companies do to get their products noticed and encourage people to buy them. It can be anything from advertising, social media, personal selling and it is everywhere you go.
Acutt, M. (2015, May 23). Marketing mix definition - 4Ps & 7Ps of the marketing mix. Retrieved November 24, 2016, from http://marketingmix.co.uk/