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Unceasing Market and Technological Changes: The Crucial Role of Marketing Mix in Business Success

The market and technology are constantly evolving. The Marketing Mix is the key element for businesses to succeed in commerce. Quality products, reasonable prices, convenient distribution channels, and impressive advertising campaigns help attract customers. Additionally, building credibility and brand awareness are crucial.

Let’s delve into the Marketing Mix strategy with the Admin in the article below.

1. Definition: Marketing Mix Strategy

Marketing Mix is a concept in the field of marketing, referring to the use of a set of strategies and tools to promote and market products or services, thereby influencing and attracting customers to become consumers or buyers.

The Marketing Mix concept was initially proposed by Professor James Culliton at Harvard University in 1948. It was later widely developed by E. Jerome McCarthy.

The Marketing Mix includes crucial factors such as Product, Price, Place, and Promotion.

2. The Role of Marketing Mix Strategy

The Marketing Mix strategy is a marketing strategy comprising elements such as product, price, distribution, and advertising. Therefore, the Marketing Mix strategy plays the following roles:

2.1. For businesses

The Marketing Mix strategy helps them identify and meet consumer needs, differentiate and compete in the market, optimize resources and costs, increase revenue, and profit.

2.2. For consumers

Marketing Mix provides them with quality products and services, suitable for their needs and abilities, offering multiple choices and information, increasing satisfaction, and loyalty to the brand.

2.3. For society

It brings many benefits such as raising public awareness and attitudes about social issues, promoting positive and voluntary actions by citizens, solving complex social issues.

3. Factors Influencing the Marketing Mix Strategy

The Marketing Mix strategy is influenced by the following factors:

3.1. Internal factors:

Marketing objectives: Increase sales, build brand awareness, create potential customers

Marketing Mix strategy: Market segmentation, competitive pricing

Product life cycle stage: Introduction, growth, maturity, decline

Budget: Production costs, marketing, distribution, customer service, R&D

Other internal factors: Corporate culture, resources, systems, teams, technology

3.2. External factors:

Competitive rivals: Strengths, weaknesses, strategies, market share

Customers: Needs, preferences, behavior, purchasing power

Economic environment: Economic growth, inflation, interest rates, exchange rates

Social environment: Culture, customs, lifestyles, trends

Technological environment: Technological advancements, automation, e-commerce

Legal environment: Government regulations, consumer protection laws, competition laws

Physical environment: Climate, geography, natural resource availability

3.3. Uncontrollable factors:

Natural disasters: Earthquakes, floods, hurricanes

Political upheavals: Elections, wars

Epidemics: Diseases, viruses

Unexpected events: Accidents, crises, economic downturns

4. Classification of Marketing Mix Strategies

Explore the three most effective and popular Marketing Mix strategies today:

4.1. 4P Marketing Mix Strategy

The 4P Marketing Mix strategy is the most traditional and widely used marketing strategy, comprising 4 elements:

Product: Characteristics, features, quality, design, brand, packaging, etc., of the product.

Price: The price that customers must pay to purchase the product.

Place: The distribution channels of the product to consumers, such as retail stores, supermarkets, online stores, etc.

Promotion: Advertising activities, promotions, public relations, personal selling, etc., to attract customers and boost sales.

4.2. Marketing 7P

The Marketing Mix 7P strategy is an extension of the 4P Marketing Mix and includes 3 additional elements:

Process: The processes and systems that the business uses to create and deliver products or services.

People: The workforce of the business, including sales staff, customer service personnel, technical staff, etc.

Physical Evidence: Any tangible evidence of the product or service, such as packaging, stores, signage, etc.

4.3. 4C Marketing Strategy

The 4C Marketing Mix strategy is a more modern approach than the Marketing Mix. It focuses on the customer and the value that the business brings to the customer.

The 4C Marketing Mix includes:

Customer Value: The benefits that customers receive when using the business’s products or services.

Cost: The total cost that customers must pay to obtain the product or service, including price, shipping costs, installation costs, etc.

Convenience: The ease with which customers can purchase and use the business’s products or services.

Communication: The channels and means that the business uses to communicate with customers, such as advertising, social media, email marketing, etc.

5. Conclusion

The Marketing Mix strategy is one of the essential factors for businesses to effectively reach and serve customers. By identifying and adjusting product, price, distribution, and advertising factors, businesses can create value for customers and achieve success in commerce.

We hope this article has provided you with useful knowledge about the Marketing Mix and the appropriate Marketing Mix strategies for your business.

Cre: cleverads