The Marketing Mix is the analysis of a variety of components that help in strengthening a company’s brand, resulting in setting its products or services. The assets that will need to be assessed are known as The 6 Ps – Product, Price, Place, Promotion, People and Performance.
Putting together the perfect Marketing Mix will make a crucial difference in your marketing strategy. Here we will explore these concepts and learn how to properly perform their analysis.
- Understanding the Marketing Mix
Getting to define what your product is and how you are going to market it, requires an analysis of all the levers the marketer has at their disposal. The result is your Marketing Mix, which contains the points of your business that need to be assessed.
When creating a marketing analysis, there are different strategies to follow. One of the most important parts is the SWOT analysis. This contains an internal and external analysis of your business strengths, weaknesses, opportunities and threats.
The other half of the Marketing Mix are The 6 Ps. These represent different aspects of your business that your company uses as assets to reach the desired sales target. This includes: Product, Price, Place, Promotion, People and Performance. Each of these contain a detailed analysis of your clients’ needs and your business needs.
After performing these strategies and having assessed your marketing analysis and your marketing needs, your business is ready to apply your marketing strategy and get your value back.
- The 6 Ps
The 6 Ps constitute the other half of the Marketing Mix, representing different aspects of your business that serve as assets in achieving your sales goals. These elements are Product, Price, Place, Promotion, People, and Performance, each requiring an in-depth analysis of your clients’ needs and your business’s requirements.
With these strategies and a thorough understanding of your marketing analysis and needs, your business will be prepared to execute a successful marketing strategy and reap the rewards.
Product
Defining your product is crucial in order to craft a sales strategy. Your product is anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want. It also can be a service that you offer and the experience that your customer will have when buying your product. Your product can be something that already exists on the market or something new that you are offering – it is what you intend to sell.
During this stage, pay attention to:
- Features
- Quality
- Branding
- Packaging
- Services
- Warranties
For instance, let’s consider Apple’s iPad as a product. While it’s a tablet computer, it serves multiple roles, functioning as a smartphone, computer, and notebook when paired with the Apple Pencil. It boasts unmatched speed and superior resolution compared to its competitors. Available in three distinct colours, it’s also eco-friendly, crafted from recycled materials, and comes with a generous two-year warranty.
Following this guideline, you should be able to describe your product similarly.
Price
Pricing is the only element that generates revenue, making it of utmost importance. The key challenge lies in understanding what creates meaningful value for your customers, ensuring that the price reflects the perceived value.
In other words, does your customer think that the value they are paying for your product is equal to what they are receiving in return?
During this stage, focus on:
- Price strategy
- Pricing
- Allowances
- Discounts
- Payment terms
Returning to Apple’s iPad example, their pricing strategy caters to a diverse audience, offering a diverse range of prices and options, starting at £399.
Customers can choose from different payment methods and opt for a 12-month instalment plan. Students enjoy a 5% discount, and if they trade in their old iPad, they receive a discount equivalent to the old device’s value.
Using this example, you can define your product’s price strategy effectively.
Promotion
The promotion stage is the heart of the 6 Ps, encompassing the delivery of your concept. During this phase, various tools are employed to communicate customer value and foster customer relationships. These tools include advertising, sales, personal selling, public relations, and digital marketing, among others.
It’s crucial to integrate communications with your target audience in mind, striving to achieve different objectives and engage specific customer groups. Develop your strategy by following these steps:
- Identify your target audience – To whom your message will be directed
- Determine your objectives – Why will you share this message
- Design the message – What will be said
- Choose the media to send the message – How and by whom it will be said
- Select message source and collect feedback – How was it received
For instance, Apple relies heavily on online marketing, particularly on social and digital media, given its primarily online target market. They complement this with TV and physical ads, using the concise and impactful message: “Loveable. Drawable. Magical.”
Place
When it comes to Place, we focus on the distribution of the product. This is a fundamental part of the strategy and there are other departments of a company that play a role in this, such as sales, logistics, finance, production or operations.
With evolving marketing trends, delivery methods are in constant flux, significantly impacting product success. Understanding your target audience and their shopping habits is instrumental in deciding how to distribute your product effectively.
Concentrate on the following aspects:
- Channels – online or in store
- Market coverage
- Assortment
- Location
- Inventory
- Transport
Apple’s iPad is accessible online, in Apple stores, and in other technology retailers, ensuring broad market reach. It’s available globally, thanks to a robust and efficient supply chain that guarantees swift and successful product delivery.
People
Within the 6 Ps framework, your employees stand as the most immediate conduits for communication with your customers, rendering them invaluable assets in shaping your business’s success. They also play a pivotal role in providing valuable insights into your audience’s needs.
Exceptional customer service is the cornerstone of any thriving business. When your employees are trained to deliver outstanding service, it creates a positive impression on your customers, fostering loyalty and trust. Customer service is not just about problem-solving; it’s about creating memorable experiences that customers will cherish and share.
Employee training is a critical investment. It equips your team with the skills and knowledge needed to engage with customers effectively. It ensures that they understand your products or services thoroughly, which is essential for addressing customer inquiries and resolving issues promptly.
In addition, adopting a customer-centric approach is a strategic move that can transform your marketing mix. It means placing your customers at the core of every decision and action within your organisation. This approach recognises that satisfied customers are more likely to become loyal advocates and repeat buyers.
For example, when you walk into the Apple store, you’ll find trained employees that will solve your doubts, make recommendations based on your needs and assist you through the purchase process and afterwards. Moreover, you can find different products on display ready to be tried, providing the customer with a full purchasing experience.
Processes
In this stage of the 6 Ps, we delve into the critical importance of efficient business processes. Streamlined processes not only boost internal efficiency but also have a significant impact on customer satisfaction.
Efficient business processes are the backbone of a successful operation. They are the gears that drive your business forward, ensuring that tasks are completed seamlessly, resources are optimally utilised, and customer interactions are smooth and hassle-free.
Efficiency leads to cost savings, quicker response times, and improved resource allocation. When processes are efficient, you can allocate more time and resources to strategic activities such as innovation, marketing, and customer service.
Customers appreciate businesses that value their time and deliver on promises promptly. Streamlined processes contribute to a more efficient and consistent customer experience, which in turn leads to higher satisfaction levels.
For example, Apple offers an easy website navigation, where they can find the information they need, and make a purchase without friction. This makes them more likely to return and recommend your business to others. Efficient order processing, on-time delivery, and responsive customer support all contribute to a positive perception of your brand.
In an ever-changing market, flexibility and adaptability are paramount. Continually assess your marketing mix and be prepared to adjust it to meet evolving market conditions. Remember, the 6 Ps are not static; they are your toolkit for navigating the dynamic landscape of marketing and ensuring that your business thrives.
By mastering the art of the 6 Ps, you can craft a marketing mix that not only propels your business forward but also forges lasting connections with your customers, making your brand unforgettable in their minds. Your journey towards marketing excellence begins with a deep dive into the 6 Ps, but the destination is a flourishing business that stands the test of time.