The Marketing Mix Made Easy

THE MARKETING MIX A CLOSER LOOK AT THE 4PS Zeno | Marketing Tit-Bits I No. 1 ..and the 7Ps actually! So, what's this marketing mix all about? Well, to market your business SUccessfully it is essential to address a number of key issues. These include: what your company going to produce; how much it will cost; how you will get it to the customer; and how you will promote your products and service to the customer. This is often referred to as the 4 Ps, or the marketing mix. THE FOUR PS... The product is what your business is taking to market. It is common that this is the first decision, resulting in a product being retro-fitted to a market, the most successful companies will understand the needs are develop the right product. These are the four most used Ps.. Product, Price, Place and Promotion Price is a market-led element. The value of a product is the perception held by the market, it's not what it costs to purchase or make. Pricing should be competitive, which does not necessarily imply cheap. Pricing correlates to market position, therefore customer and competitor insight is essential in setting the right price point. Place is ultimately about making your products accessible to your customers by distributing your product to a location where it is convenient for your customers to buy THE SHOP at the right place and time. Promotion focuses on how you gain the attention of your customers, providing an appealing and compelling reason for them to purchase your product over a competing product or service. This includes activities such as advertising, direct marketing, search engine marketing, PR, events, sales management and offers. 4 BUT WAIT. THERE'S MORE... As marketing has become more sophisticated over recent years 3 additional Ps have been introduced to the marketing mix, namely People, process and Physical Evidence. Now the marketing mix is know as the 7 Ps. The first Pis applicable to all business, however Process and Physical Evidence are typically, but not exclusively, used by business-to-business marketers. The additional 3.. 5 People, Process and Many customers cannot distinguish between a service or product and the person providing it. Therefore the people representing your company are the guardians of your reputation. The people representing your brand should be motivated, have the right attitude and be trained to the appropriate level. Physical Evidence. Process is one of the Ps that is most commonly overlooked. Although customers are not typically concerned with how your company works they want to be assured there is a system that works. Carefully planned processes that are followed diligently will benefit customers and companies alike through the consistent delivery of service and product. 6. Many customers find purchasing services risky business because you can't experience something that is intangible before if's delivered. Providing physical evidence, such as case studies or testimonials, will help your customers visualise what you deliver, reinforcing your promise to deliver whilst providing vital credibility. MARKETING U MIXOLOGY A BRIEF HISTORY OF THE MARKETING MIX As James Culliton noticed in 1948, successful marketing is like mixing ingredients. The analogy of the marketing mix as recipes is an extremely effective way to visualise marketing. Although essentially we have the same 4 to 7 ingredients we apply them in different ways depending on circumstances, such as consumer evolution, or depending on the requirements of specific markets. Biggest ad budget, used to mean biggest share. Of the market... .not anymore! The term marketing mix was coined in an article written by Neil Borden called "The Concept of the Marketing Mix." He started teaching the term after he learned about if from an Promotion Product TIME EVOLUTION Price associate, James Culliton, who in 1948 described the role of the Promotion Place Place marketing manager as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried. Price Product 2012 1948 Price Product MARKETS Product http://www.wikipedia.org/ Promotion Promotion Place Check how inportant Businesses purchasing behaviour is process driven, so is often more balanced. your product is to consumers., Place Price B2B B2C zeno Zeno are a full service, outsourced marketing department. Find out more at our website. e ezenoSquad f /zenomarketing O /zeno-marketing CC www.zeno-marketing.co.uk 000 Physical Evidence Process People Promotion Place Price Product