The term “marketing mix”, is a framework model for companies, historically focused on price, product, location, and advertising. The marketing mix was first defined in a way that implied a three-tier model, which included the customer, the marketer, and the provider. However, the definition of this mix has expanded in recent years, expanding the original three-tier model into a much more complete model.
Basic Marketing Mix
The original marketing mix was the four Ps – Price, Product, Place, and Promotion represent the basic elements in any effective marketing mix. There are other optional elements for consideration if you wish to customize your marketing mix, but these represent the core components upon which many companies begin their strategy. When combined, these four elements form the foundation for services marketing, which can provide a company with a distinct competitive advantage. In fact, these elements form the foundation upon which all other marketing models are based. Even nowadays, with social media marketing being the norm, and businesses resorting to using SocialWick to buy Instagram likes, a solid marketing mix is needed as a basis of the social media marketing strategy.
Understanding The Four Ps Better
The four Ps or the Price, Product, Place, and Promotion are each important in their own right. Price includes the cost of the product or service, while the Product represents the services or benefits offered by the product, and Place refers to the physical location where the product is offered. When combined, Price, Product, Place, and Promotion form the foundation upon which all other marketing models rest. This is why, as an effective services marketing management strategy, your marketing mix should be a carefully balanced combination of these four Ps.
Examples Of The Marketing Mix Applied
Marketing that reflects the balance between these four Ps is referred to as Price, Product, Place, and Promotion, or PSPM for short. The PSPM marketing mix makes use of a variety of mediums to get the attention of consumers, as well as deliver the marketing message in a format that appeals to the majority of consumers. For instance, if your brand offers dry cleaning services, you can make use of radio advertising, print media, as well as Internet advertising, to reach a large audience. It is through the process of Price, Product, Place, and Promotion that you are able to maximize your target audience and reach out to your specific niche.
This PSPM marketing mix is not so much formulated or ordered as it is formed. For instance, while it would be best for you to use a combination of radio spots, print ads, and Internet marketing, you cannot simply place all of these elements in a single radio spot or in a single advertisement on the Internet. Each of these mediums has its own strengths and weaknesses. For instance, print tends to be a better choice for advertisers looking to create brand awareness, but it can be expensive to print properly.
Further Considerations
When it comes to services marketing, the most important aspects of the PSPM marketing mix are: Brand Awareness, Exposure, and Profit. In order to achieve high levels of brand awareness, your advertisements must be strategically placed in media that target your consumers. There are many effective places for you to expose yourself and your services to the general public, such as newspapers, magazines, brochures, websites, etc. Similarly, your advertisements should be strategically placed on relevant sites where consumers will find them.
Another important aspect of this digital marketing mix is exposure. This refers to using promotional means such as websites, blogs, press releases, and social media in order to distribute the information about your product or service to the right target audience. It is best to target potential customers through methods such as print, television, and radio promotion, but you can also go a step further by creating sales promos through your website. For example, if your brand offers cleaning services, you can create promotional videos using YouTube and other video sharing sites, as well as featuring promotional offers in online classified ads.
Profit is the last component of the marketing mix, which is measured through conversion rates. This refers to the number of people who purchase a product or service after reading the advertisement. It is best to keep track of customer response to your promotions because this will determine whether your efforts are working or not. You should also pay close attention to conversion rates in order to determine which promotional methods are more likely to convert leads into customers. You may also need help from an expert if you want to ensure a high level of conversion, so consider hiring a consultant or an advertising agency to help you create a profitable mix.
