In this article we describe the Marketing Mix, this is a combination of instruments that an organisation can use for fulfilling its marketing strategy.
What is the Marketing Mix?
Marketing Mix is the combination of instruments that an organisation can use for fulfilling its marketing strategy. It is often practiced by marketeers in implementation of a formulated strategy and can therefore form an important component of the marketing plan (Part 4: Action plan).
The subsectors of Marketing Mix have mutual interaction and interdependence. They are also influenced by the outside (external) and the internal. A Situational Analysis is therefore a good basis to implement changes in the marketing mix. Big changes are strategic changes and only really needs to be implemented when triggered by findings in a strategic marketing plan. Tactical, small changes can often be implemented on the basis of lesser preliminary research such as a Situational Analysis.
The different subsectors of the Marketing Mix must be attuned in the correct manner, through which an optimal combination arise. This is the work range of the marketer.
What does Marketing Mix consist of?
- (Personal) --- services marketing
All factors that are influential on the key product, tangible product and extended product or service.
Examples: Key product --- “what does the customer by?” one does not buy TV but a form of entertainment or pastime Tangible product --- the packaging, the quality, etc. Extended product --- extra services such as, for example, home-delivery service for the TV
All factors that are influential on the price. Example thereof: Marketingmix - prijs Which price will we implement? Are there possibilities for discount? Are consumers ready to pay a higher price? e.d. More about the P of Price in the following article: Marketing Mix Price Remark: Bad way to success in the long term. Marketers often go no further than “price lowering” resultering in more clients but without profit margin. Anyone can lower the price but only a good marketer can make the product or the service better. Think of, for example, marketers who have created a better product by setting a very high price while it is essentially the same as the cheap competitor.
All factors that are influential on the communication and outreach to the target group. Examples: Advertisement --- tv, radio, internet, magazines, daily papers, etc. Personal sales --- personal presentation Sales promotion --- short-duration special actions Public relations --- building on a good image, for example, by sponsoring Direct marketing --- mailing, post, telephone, fax, email, etc.
In the “P” of place, it concerns all factors that are influential upon the link between the supplier and the product. Think of the distribution channel, logistic functions, direct marketing (straight to the client) etc. In what way can I get the service to my client? This “P” must give an answer for this.
Personal (optional) - Marketing mix
Personal constitutes no part of the original four marketing P’s, but these days it constitutes an increasingly greater part of the marketing mix with the rise of services marketing. It is therefore particularly necessary for services to take this factor into the marketing mix. Here it concerns all factors that are influential on the way the service is provided.