Marketing Mix

Do you know what makes a product/service successful in the market?


The first step is to get the Market Mix right!

The marketing mix is about putting the right product or a combination thereof in the right place, at the right time, and at the right price.


There are broadly 2 concepts in the marketing Mix: 4PS & 7PS


4 Ps

E. Jerome McCarthycreated the Marketing4Ps in the 1960s. It stands relevant even today and is used by various companies for their GTM strategy.


4Ps of Marketing

product:

A product is anything tangible and intangible which fulfill our customers’ needs

wants. A product must be relevant & adaptable to the changing needs of the user.



Three levels of a product model :


Product Model


5 Levels of the Product

Price :

To Buy or Not to Buy? Probably the main question that comes to our mind after seeing the Price tag. Dynamic PricingPrice keeps on changing as per time & demand.E.g.: Airline Ticket PricingA great product at the wrong price can fail terribly. E.g. Blackberry's Z10. The strategy to price this device on the premium side backfired as it had to compete with low-cost Android devices. The Primary determinants of Pricing of a product are the perceived value, the utility of the product, and the price the target segment is willing to pay.


Pricing Techniques

Place:

So how does a product move from production to consumption? Places basically the channels of distribution a company chooses to increase the reach of its products.


Various distribution channels that can be used:


• Direct Sales: Door to door, Selling at Manufacturer’s Plant

• Indirect Marketing Channel: One-LevelChannel, Hybrid Distribution Channel, or Multi-Channel Distribution System.

• Ecommerce


Promotions:

How does a new product reach people? It begins with the inception of the new product idea, the price is fixed and then the product is distributed…..but how will people know about it?

Promotions play a major role in increasing the awareness of the product. Promotion helps in increasing brand/product awareness and in lead generations. Marketing campaigns include promotional activities to engage and attract consumers.


There are two types of Promotions:


• Sales Promotion: Bundle offers, Discounts, BTL activities, etc.

• Marketing Promotions: Digital Campaigns, Sponsorships, etc.