Marketing mix is a group of variables that are used by organisations to determine the brand or product offerings. In other words, it is considered as an important tool used by firms to produce the marketing objectives in the target market. It is a combination of factors controlled by organisations in order to influence the purchasing power of customers. Further, the marketing mix is a set of actions that are adopted by companies to promote their products and services. The 7 P’s of the marketing mix such as Product, Price, Place, Promotion, People, Process and Physical Evidence helps the organisations to promote the products and services.
Elements of marketing mix
The elements processing marketing mix influence the demand for the products and services offered by organisations. Generally, the marketing mix is associated with the 4 P’s but in service marketing, there are 7 P’s of marketing mix which is discussed as follows:
- Product – It is considered as an important item which is generated or developed for satisfying the requirements of a significant group of people. The product can be tangible or intangible because it can be in the form of goods or services. There is a significant lifecycle of a product which includes growth phase, maturity phase, and sales decline phase.
- Price - Price of the product is generally the amount which is paid by the customers in order to get the product. It is also considered as an important element in the definition of the marketing mix because it determines the survival and profit of the organisation.
- Place - Distribution or placement is considered as an essential part of the definition of the marketing mix. The organisation needs to efficiently distribute and position the products in places which are accessible for the consumers.
- Promotion –Promotion plays an important role in the marketing component because it can effectively increase sales and brand recognition. There are mainly four elements compromised in the promotion such as sales promotion, advertising, public relations and sales.
- People - The people and target market are directly related to the business. Detailed research is essential in order to find out whether there are enough audience or people in the target market which is in demand for particular types of services and products.
- Process - The process and systems of the organisation affect the service execution in an adverse manner. Thus, the organisation must ensure that they have an excellent process in place to increase profits and reduce costs.
- Physical evidence - In various organisations, there must be physical evidence of the delivered services. In addition, how the products or business are perceived within the market is effectively pertained by the physical evidence which acts as the proof of the establishment and presence of an organisation or business.