“Marketing mix are the set of marketing tools that firm uses to pursue its marketing objects in the target market.” –Philip Kotler
WHAT IS THE MARKETING MIX?
Philip Kotler, who is also known as the father of modern marketing defined the concept of the marketing mix in various ways. One definition we have already mentioned above, in another definition, he says, “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response.”
In simple words, we can say that marketing mix refers to the tools or the variables which a marketer uses or mixes in order to communicate and interact with the target market. It is the building block of any marketing efforts of a firm.
WHAT IS THE STRUCTURE OF THE MARKETING MIX?
The primary structure of the marketing mix has two ends. At one end there is the customer and on the other end, there is the marketer or the producer.
To have a successful transaction with the customer firm has to go through the levels of decision-making regarding their products and services. These include designing, packing, branding, naming, labeling, promoting, distributing, etc. All these decisions are the core of the marketing mix.
WHAT ARE THE ELEMENTS – 7P’s?
E. Jerome McCarthy was the first person to suggest the four initial elements named as the 4P’s of the marketing mix in 1960.
But in the late 70’s marketers acknowledged widely that this theory that McCarthy proposed, should be updated.
This led to the invention of an Extended Marketing Mix in which Booms & Bitner added three more elements to the 4P’s.
The 4P’s proposed by McCarthy are:
- PLACE/PHYSICAL DISTRIBUTION
The new additional elements by Booms & Bitner are:
- PHYSICAL EVIDENCE
According to marketers these elements together makes up perfect and complete marketing. Hence these are combinedly termed as the 7P’s of the marketing mix.
Let us understand all the 7p’s in detail:
The product is defined as a bundle of utilities. Product as the element of the marketing mix signifies the utilities offered to the customer to satisfy their needs and wants.
It is the value of a product that the buyer or customer gives to the seller or producer in order to purchase it. Price is a very important element of the marketing mix as the customers are very sensitive towards it. Price is normally expressed in terms of money.
Place or physical distribution involves the decisions that firms should take in regards to the availability of products. Involves two things right place right time. The key point here is that the product should be available to customers at the right time and the right place.
This element refers to the process by which products or goods are transferred from the place of production to the place of consumption.
Promotion refers to the activities involved in the communication with customers. This communication aims at informing and convincing the target audience in buying the product that the firm manufactures. Advertising, sales promotion, Public relations personal selling are the tools of promotion.
A company relies on staff as much as it relies on the products it makes. Having the right people working for your company is an important resource and can affect your company on a large extent. This is element deals with the decisions related to the people working in your company.
The process by which you deliver your products or services to the consumer comes into this element. Delivering a service or a product includes various aspects like planning, monitoring, and tracking.
The physical element is that element of the marketing mix which refers to the physical environment customer experiences. It can be anything like a product that the customers purchase or the services that they consume.