Marketing is one of the most important functions for businesses, and so is the marketing mix. Planning is needed to determine the place of the product in the market, which is the key marketing approach. Moreover, it is necessary to determine this plan according to the target customers. Today, businesses appeal not only to the national market but also to the international market. Product diversity and technological developments have increased competition. This has led to an increased need for marketing and the emergence of its importance.
For businesses, the introduction of the product or service to the market is very important. Preparing a marketing plan to achieve success in highly competitive environments is critical from start to finish. One of the most important strategies used by companies when designing this is marketing karma.
This process, called 4P for short, is named after the words Product, Price, Place (distribution), Promotion. The importance of all stages during planning is equal to each other. One change directly affects others. Let’s take a closer look at this 4P, whose impact is very important when creating a marketing strategy.
It is a process in which all stages from the production of the product to reaching the consumer are planned. This process, which we can say in 4P in short, takes its name from the words Product, Price, Place, and Promotion.
Elements of Marketing Mix
It is a product or service to meet the needs and needs of consumers. If companies want to satisfy the consumer, the experiences they gain from the product should also appeal to emotions. In this way, it is possible to separate the product from its competitors.
The amount that the consumer must pay for the product. There are many factors to consider when determining this amount, such as costs. At the same time, the prices of competing products, the market, and the target audience of the product are of great importance when determining the price. In addition to all this, the benefit of the product must be directly proportional to the price.
Includes delivering the product to the customer. The consumer’s inability to find the product when it needs it will cause it to turn to alternatives. Therefore, it is important to adjust the location of the product to be easily accessible to the consumer.
Companies determine how to market the product and the impact it has on the customer through a retention strategy. This part should be planned very carefully to be successful in a competitive environment and to successfully stand out from alternative products. These facts are important to make the promotion is the key element of the marketing mix. Introducing the product to a def audience and being able to transfer its functions correctly is the best start at this stage. But it’s not enough. Companies should continue their retention efforts after introducing the product to the customer. Methods such as public relations, personal sales, advertising, direct marketing are the most common methods used by brands.
Extended Marketing Mix
All the elements mentioned above have emerged with the development of marketing to date. As the expectations of consumers changed, these elements began to change and become more comprehensive. With the increase in product diversity we mentioned earlier, the competition has started to heat up. This led to the introduction of new strategies. One of them is participation marketing, which aims to make the consumer more active, especially in the digitalized world.
It would be wrong to look at this type of marketing as just a strategy. This method also determines the language of communication between the consumer and the company and the way they interact. With this customer-oriented approach, People, Process, and Physical Evidence have entered the marketing mix. So the marketing mix reached 7p. Let’s also talk about what these elements mean.
People: Refers to all the people who make the consumer reach the product, introduce it, design it, produce it. Both sides need to be in touch with the right people.
Process: The process of purchasing the product is also included in what the consumer is buying.
Physical Evidence: Firms present the environment of the product. The environment actually is the place where the consumer interacts with the company.
As people’s consumption habits change, these elements will continue to change and develop.
Why Is Marketing Mix Important?
For businesses, the introduction of the product or service to the market is very important. Preparing a marketing plan to achieve success in highly competitive environments is critical from start to finish. One of the most important strategies that companies use to design this is marketing karma.
What’s in the Extended Marketing Mix?
With this customer-oriented approach, People, Process, and Physical Evidence have entered the marketing mix. So the marketing mix reached 7p.
For further reading, you can visit the website of the University of Maryland Extention.
I have a degree in chemical and bioprocess engineering and am now a project manager at Hera Healthcare, and I also have a clothing brand that I co-founded and I am an amateur artist. I have a huge obsession with art history (especially renaissance, baroque and rococo) and I think life imitates art!