Do I understand my customers? Do I address their full experience? Do I have the right talent? These are the questions that concern virtually all marketing executives. The Marketing Mix concept was developed to ease these pains, but our Marketing Mix presentation allows marketers and business leaders not only better plan a successful product offering, execute marketing initiatives and increase customer satisfaction and company revenues, but also communicate the strategy to their teams and stakeholders.
The Marketing Mix, also known as the 4Ps (Product, Price, Place, Promotion), is a framework that helps businesses plan and execute their marketing strategies. It focuses on understanding customers and addressing their full experience. Other marketing frameworks, such as the Value Proposition Canvas, focus on the value a product or service provides to customers. The Business Model Canvas, on the other hand, looks at how a company can deliver that value in a profitable way. Each framework has its own strengths and can be used in conjunction with others to create a comprehensive marketing strategy.
Almost any company can benefit from the Marketing Mix concept. For instance, Apple Inc. can use it to further enhance their product strategy. They can use the Product element to ensure their devices meet customer needs, the Price element to set competitive prices, the Place element to ensure their products are available in all major markets, and the Promotion element to effectively communicate their offerings to potential customers.
4Ps in marketing stands for Product, Place, Price and Promotion. Use this slide to introduce and explain the 4P's in detail and while creating your promotion strategy, remember to consider the tactics used by your competitors.
7Ps is an extended, modified version of the 4Ps and stands for People, Process and Physical Evidence on top of Product, Place, Price and Promotion. This slide can be used to elaborate on how 7Ps can improve the overall marketing strategy.
Use this slide to list and explain the complete 15Ps of marketing mix: Product, Price, Place, Promotion, Public, Personalization, Packaging, Protection, Positioning, Presentation, Payment, Purse, Pouch, Promise and Principles.
Application
Marketing automation platform, Mailchimp, broke down the 7Ps elements and implementation of the 4Ps marketing mix concept:
Product – your customers care solely about what your product or service can do for them. So implement the approach called "product-led marketing." In a marketing mix, product considerations involve every aspect of what you're trying to sell, including design, quality, features, options, packaging and market positioning.
Price – consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy, the experts say. Make sure that you ask the following questions when selling products: Will there be offerings of higher-end versions at an additional cost? Will the costs need to be covered right away? Will there be sales promotions?
Promotion – this includes TV and print advertising, content marketing, coupons or scheduled discounts, social media and email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more.
Place – the same market research that informed your product and price decisions will inform your placement, which goes beyond physical locations. Here are some considerations when it comes to "Place": Where will people look for your product? Will they need to hold it in their hands?
People – "People" means anyone who comes in contact with your customer, directly or indirectly. To ensure your "people" are making the right impact on your customers, develop your marketers' skills so they can carry out your marketing mix strategy (think company culture and brand personality).
Packaging – a company's packaging grabs the attention of new buyers in a crowded marketplace and reinforces customer retention. To make your packaging work harder for you, you can design for differentiation, provide valuable information and add more value.
Process – the more specific and effortless your processes are, the more smoothly your staff can carry them out, the experts say.
Expert Advice
CMOs and other C-suite leaders know their job, but even the most seasoned of them may feel lost during uncertain times. Experts from Deloitte list the following advice for marketing in crisis:
Build trust – in a time of great uncertainty, people will remember how brands respond to the crisis. A recent brand trust survey from Edelman showed that 71% of respondents indicate they will lose trust in a brand forever if it appears to prioritize profit over people.
Lean in to purpose – businesses that lead with authentic purpose create deeper connections with customers and employees and organizations that had a strong purpose before the pandemic hit may be better positioned to weather the storm.
Boost human experiences – many organizations have turned to live video platforms to connect people online for virtual lunchtimes, watch parties, business conferences and concerts. Engaging in those platforms in a human way, with empathy, will help to elevate experiences beyond the enabling technology to true connection.
Leverage fusion – the nation's biggest tech giants are collaborating to help better track outbreaks. Businesses, institutions, and governments are finding that fusion can lead to innovative solutions with great and immediate impact.
