Marketing Mix Definition
Marketing mix is referred to as the combining of elements such as product, promotion, price and place. The elements are brought together to achieve customer satisfaction. This is essentially what businesses use to give their products a competitive edge and differentiate them from their competitors.
Elements Of Marketing Mix
The element of pricing in marketing mix seeks to address issues relating to credit terms and discounts that can be applied to the product in-order to make it more appealing to its intended market segment. There exists different strategies that seek to address a product’s price including completion pricing, penetration pricing, skimming pricing and premium pricing
The element of place in a marketing mix is mainly concerned with the physical location of where sales are made and product distribution. The inclusion of certain variables like: market coverage, transportation, distribution channels and product intermediaries like wholesalers, retailers and agents are what constitutes place element in the marketing mix.
The element of promotion addresses issues relating to communication of a product which the intent of influencing customers to buy it. There are several methods of product promotion including advertising, personal selling and direct marketing.
The product element is concerned with what customers enjoy in-terms of benefits and advantages.
Marketing Mix And The Product Life Cycle
The introduction stage in a product’s life cycle is the initial stage in a product’s life cycle, the objective would be to increase product awareness. Product awareness through promotion activities is sought as once customers are made aware of the products existence, they can then start enjoying its features and benefits.
During the growth stage in a product’s life cycle, its strategy would be to increase market share and sales. Market penetration strategies are deployed with the aim of establishing product preference. The product’s price is likely to decrease due to increased demand.
Maturity stage of a product’s life cycle brings about marketing strategies that are meant to protect market share. The product’s distribution channel increases due to increased sales. The business’ desire to prolong this phase results in product improvements that increase the product’s use.
The decline phase of a product’s life cycle is characterized by decreasing sales volume leading to increased prices increasing in-order to meet marketing and operational expenses. The product’s market share will be challenged leading to a decrease in distribution channels.
Integrated Marketing Mix
A balance is highly sought through all marketing platforms. The combination of various marketing media such as offline marketing, online marketing and mobile marketing with the purpose of achieving set objectives.
Integrated marketing mix development requires constant assessment of market response and subsequent adjustment
Marketing Mix Benefits
Marketing mix has many benefits and hence its used by many. A proper combination of the various elements aids in the accomplishment of set objectives.
Assists in the allocation of a company’s resources directed to marketing efforts. For effective resource allocation, the consideration of the individual elements that constitutes the marketing mix can be used to bring about proper resource allocation for marketing purposes.
Promote customer satisfaction by implementing the individual elements to address certain aspects of customer satisfaction.