Understanding the Marketing Mix: The Foundation of Success

The marketing mix is a tool used in digital and social media marketing to determine a product’s or brand’s offering. The marketing mix which is also known as the 7 Ps of Marketing, is used by businesses and marketers to determine the offering of a product or brand.

Initially, the marketing mix consisted of only 4 Ps, which are Product, Price, Place And Promotion. Acting as a framework for marketing decision-making, the four Ps were proposed by E. Jerome McCarthy in 1960. In 1981, Booms and Bitner proposed Process, People And Physical Evidence as an addition to the 4 Ps that are considered and used to create an organized strategy in marketing planning. This applies to in-store sales as well as online stores and digital marketing.

Product

The first component of the marketing mix is product, which is the product or service being sold. This component includes all features, advantages and benefits that customers can enjoy by purchasing the product or service.

When developing a product, the company should look at current and future customer needs and wants. The manufacturers must also ensure the product quality meets customer expectations.

Product design and quality alone are insufficient, however, and it is important that the product is promoted. If the company website, for instance, does not highlight the features and uses of the product, they are missing a great marketing opportunity.

A digital marketing agency may also offer website optimisation services that will further enhance the marketing opportunities for a product or service on the company website. Graphic design services can also be used to add expressive and indicative imagery to make the product stand out on the website.

Place

The next factor to consider is where and how customers can purchase the product or service as well as how the product will reach them. This is what is referred to by place and it should attract customers and also make the process simple and easy.

When it comes to where the product is available, the company should consider the purchasing patterns and preferences of the target consumer. Depending on the product and the target consumer, the product can be made available in-store, via mail order, or online.

With the growing popularity of e-commerce, social media platforms, dedicated online stores and online marketplaces have become some of the best places for customers to purchase products.

Price

The pricing strategy for the product or service will definitely have an effect on the customer and a business can implement pricing strategies like discount codes, online vouchers, price cutting and packages and bundles.

Ontomatrix or any other digital marketing agency in Sri Lanka may use these pricing strategies as part of their digital and social marketing campaigns to draw more customers to a product.

Promotion

The fourth P introduced by McCarthy is promotion, which consists of the activities implemented to make customers aware of products and services. Promotional activities include advertising, public relations, sales promotion, and personal selling.

When it comes to digital marketing, websites, e-banners, email, SEO, PPC, and influencer marketing are tools that can be used to promote a product.

Process

Various processes are involved in delivering the product or service to the customer and this component of the marketing mix has become even more important with the increase in online purchases. Website optimization services as well as content marketing teams may look at factors like website speed, device optimization, e-commerce optimization, and conversions in order to improve user experience as well as user journey.

People

When marketing or promoting a product or service, the business must take into account their staff and salespeople. Such personnel are included in the people category, which is seeing an increased use online with advancements in technology and artificial intelligence.

From chat bots to social media marketing, the people element of marketing is extremely important.

Physical evidence

There is a lot the customer sees when interacting with a business. From the physical environment or online platform where a product or service is offered and its layout and design to packaging and branding, the physical evidence aspect of digital and social media marketing is a key component of the marketing mix.

Both customer expectations as well as industry standards must be considered in this regard.