What is Marketing Mix? Marketing Basics That Entrepreneurs Should Know
Posted: Sat Dec 07, 2024 3:40 am
When starting a business of any kind, understanding the basics of marketing will enable us to manage products and services to achieve business success. Or even marketers who come to work for various business brands, the basics of marketing factors that should be known, such as Marketing Mix, which many people often forget and are very important to business development. Marketing Mix can be adjusted to create marketing strategies very effectively. So today we will take you to get to know Marketing Mix, what it is, how to use it, let's see.
Table of Contents
Get to know what is Marketing Mix?
What are the components of the 4P Marketing Mix?
What's new in the 7P Marketing Mix?
How does Marketing Mix benefit businesses?
summarize
Get to know what is Marketing Mix?
Marketing Mix, or what many people call the 4Ps, which currently has 7Ps, is a marketing mix consisting of the main factors of a business brand: Product, Price, Place (distribution channels) and Promotion (sales promotion). It is considered the foundation for marketers to understand in order to help analyze data and plan strategies so that businesses can present products and services that meet customer needs effectively.
What are the components of the 4P Marketing Mix?
As we have mentioned, the 4P Marketing Mix consists of Product, Price, Place and Promotion. Let's go over each of them in detail to review basic marketing knowledge.
Product
To start a business, a company or entrepreneur must have a product, which is something that the business offers to customers, such as goods or services. The product that you will offer to customers or target groups must take into account quality, design, function, and market demand so that the product can meet customer needs.
Price (Price)
It is another key marketing factor that affects interest. The price set must be appropriate for the value of the product, including taking into account the cost, competition, and ability to pay of the target group. Marketers can use pricing as a marketing strategy to attract interest or build credibility for the product, such as setting prices based on cost plus profit or setting prices according to competition.
Place (distribution channel)
When there is a product that needs to be offered for sale linkedIn database and a suitable price, the next thing to consider is the sales channels that will distribute the product or service to the general public or the desired target group. Choosing a distribution channel to effectively reach the consumer will allow the product or service to be sold more consistently. Currently, it is possible to use online stores, e-commerce channels , or physical stores, including choosing a delivery method to reach a wider group of customers.
Promotion (sales promotion)
In order for a product or service to gain attention and stimulate sales, there must be sales promotion (Promotion) through advertising or activities that help increase awareness and encourage customers to decide to buy the product, such as advertising through online channels, public relations, discounts, or giving away freebies. Using online and offline channels that are appropriate for the target group is also an important part of sales promotion.
What's new in the 7P Marketing Mix?
For modern businesses, after the Marketing Mix, it has been expanded to 3 more Ps, which can make marketers or business owners manage, analyze, and create marketing strategies more easily and accurately, with the following additions:
People
Employees or individuals who play a role in providing services or producing products are very important in producing products or providing various services that meet standards. Because creating for the team or employees will result in quality products and services that business owners must train employees to be experts, provide various knowledge that leads to further organizational development.
Process
Whether it is the method used to deliver products or services, especially for online businesses, transportation is very important in building trust and confidence in online orders, or even Customer Service is a very important process for sales.
Physical Evidence (Physical Environment)
Physical factors that can be touched or seen related to the product or service that influence consumer decision making, such as the online store format, business website, brand physical storefront or office, are things that create convenience and support customers who want to pick up the products themselves.
How does Marketing Mix benefit businesses?
Certainly, the 4P's or 7P's of the Marketing Mix are the foundations of doing business and marketing that will create strength for your products or services. If you have an understanding of your own elements, you will be able to set a strategic framework that will allow your business to plan and execute marketing effectively and completely in all aspects of presenting products and services in line with the target market.
Understanding the various elements of the Marketing Mix will help you identify weaknesses that you may think need to be improved, which will allow you to adjust your promotional strategies or set appropriate prices when facing competition in the market and promote long-term business growth.
Related Articles What is STP marketing? How important is it to businesses today?
summarize
Marketing Mix is a very basic business and marketing concept that you need to understand. It is not just about understanding the principles, but also about understanding your business based on various factors so that you can use the information to develop products and services, and to plan effective marketing strategies for your business accurately.
For businesses that need an online marketing team to help promote and create interesting content, we are a digital marketing agency that provides advice and helps your business reach its target audience and grow strongly. We offer services such as SEO , Facebook Marketing , Shopee Lazada Marketing , and many more.
Table of Contents
Get to know what is Marketing Mix?
What are the components of the 4P Marketing Mix?
What's new in the 7P Marketing Mix?
How does Marketing Mix benefit businesses?
summarize
Get to know what is Marketing Mix?
Marketing Mix, or what many people call the 4Ps, which currently has 7Ps, is a marketing mix consisting of the main factors of a business brand: Product, Price, Place (distribution channels) and Promotion (sales promotion). It is considered the foundation for marketers to understand in order to help analyze data and plan strategies so that businesses can present products and services that meet customer needs effectively.
What are the components of the 4P Marketing Mix?
As we have mentioned, the 4P Marketing Mix consists of Product, Price, Place and Promotion. Let's go over each of them in detail to review basic marketing knowledge.
Product
To start a business, a company or entrepreneur must have a product, which is something that the business offers to customers, such as goods or services. The product that you will offer to customers or target groups must take into account quality, design, function, and market demand so that the product can meet customer needs.
Price (Price)
It is another key marketing factor that affects interest. The price set must be appropriate for the value of the product, including taking into account the cost, competition, and ability to pay of the target group. Marketers can use pricing as a marketing strategy to attract interest or build credibility for the product, such as setting prices based on cost plus profit or setting prices according to competition.
Place (distribution channel)
When there is a product that needs to be offered for sale linkedIn database and a suitable price, the next thing to consider is the sales channels that will distribute the product or service to the general public or the desired target group. Choosing a distribution channel to effectively reach the consumer will allow the product or service to be sold more consistently. Currently, it is possible to use online stores, e-commerce channels , or physical stores, including choosing a delivery method to reach a wider group of customers.
Promotion (sales promotion)
In order for a product or service to gain attention and stimulate sales, there must be sales promotion (Promotion) through advertising or activities that help increase awareness and encourage customers to decide to buy the product, such as advertising through online channels, public relations, discounts, or giving away freebies. Using online and offline channels that are appropriate for the target group is also an important part of sales promotion.
What's new in the 7P Marketing Mix?
For modern businesses, after the Marketing Mix, it has been expanded to 3 more Ps, which can make marketers or business owners manage, analyze, and create marketing strategies more easily and accurately, with the following additions:
People
Employees or individuals who play a role in providing services or producing products are very important in producing products or providing various services that meet standards. Because creating for the team or employees will result in quality products and services that business owners must train employees to be experts, provide various knowledge that leads to further organizational development.
Process
Whether it is the method used to deliver products or services, especially for online businesses, transportation is very important in building trust and confidence in online orders, or even Customer Service is a very important process for sales.
Physical Evidence (Physical Environment)
Physical factors that can be touched or seen related to the product or service that influence consumer decision making, such as the online store format, business website, brand physical storefront or office, are things that create convenience and support customers who want to pick up the products themselves.
How does Marketing Mix benefit businesses?
Certainly, the 4P's or 7P's of the Marketing Mix are the foundations of doing business and marketing that will create strength for your products or services. If you have an understanding of your own elements, you will be able to set a strategic framework that will allow your business to plan and execute marketing effectively and completely in all aspects of presenting products and services in line with the target market.
Understanding the various elements of the Marketing Mix will help you identify weaknesses that you may think need to be improved, which will allow you to adjust your promotional strategies or set appropriate prices when facing competition in the market and promote long-term business growth.
Related Articles What is STP marketing? How important is it to businesses today?
summarize
Marketing Mix is a very basic business and marketing concept that you need to understand. It is not just about understanding the principles, but also about understanding your business based on various factors so that you can use the information to develop products and services, and to plan effective marketing strategies for your business accurately.
For businesses that need an online marketing team to help promote and create interesting content, we are a digital marketing agency that provides advice and helps your business reach its target audience and grow strongly. We offer services such as SEO , Facebook Marketing , Shopee Lazada Marketing , and many more.