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What variable are included in the marketing mix

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

Marketing Mix Definition of the 4P's and 7P's

What are the 4Ps of marketing? It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.

There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy.

Retailers pay a premium for the right location.

  1. Convenience — The product should be readily available to the consumers.
  2. It is important to not take this literally.
  3. How can you send marketing messages to your potential buyers? But handled wrong and the business could take years to recover.

In fact, the mantra of a successful retail business is 'location, location, location'. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade.

It can also include consumer schemes, direct marketing, contests and prizes. What is the importance of the marketing mix? All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success.

Marketing Mix

But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

How does Marketing Mix help your business? It is the first set of data which the company analyses before making any investment decision. Marketing intelligence is usually the first data set analysed by a company about a specific market.

It could be related to population age in that area, infrastructure facilities, spending habits of consumers, state or government regulations etc. Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company.

  1. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features. Public relations, on the other hand, are communications that are typically not paid for.
  2. Do you need to sell in an online store?
  3. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features. Harnessed effectively and it has the potential to be one of the most valuable assets you have in boosting your profits online.
  4. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Price Pricing decisions should take into account profit margins and the probable pricing response of competitors.

A purchase department in a company would need a different data set under marketing intelligence, while a sales department would need something different. There are four main corner stones of marketing intelligence. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding.

It is about analyzing strengths and weaknesses of the competitor.

The Marketing Mix 4P’s and 7P’s Explained

The basic goal of competitive intelligence is to make better business decisions. Product Intelligence is related to gathering information about your own product. The focus around product intelligence is on gathering information about the quality and performance of the product.

This is usually an automated process. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features. Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly.

Finally, understanding the customer is the utmost important aspect in the life of any product. It is key to the success of the product pre- and post-sales.