Not having an educational background in marketing does not mean you do not learn about marketing. With the help of the internet you can now learn things related to marketing without having to go to college. One important concept in marketing that you need to understand is marketing mix.
Maybe you’ve heard this term in a seminar, television, or in the newspaper. However, have you ever studied it further? If not, this article is the right material to start learning the marketing mix concept.
Understanding Marketing Mix
What is a marketing mix? Marketing mix is a collection of marketing variables that are used to achieve marketing goals in a targeted market. This term was first introduced by Neil Borden, Harvard marketing professor, in 1948.
At that time Neil Borden had just introduced the term, but had not yet arranged the components in the marketing mix. In 1960 E. Jerome McCarthy only introduced four main marketing mix variables, namely product, price, place, and promotion.
Marketing mix has long been used by business owners in many countries to develop effective marketing strategies for a business. This concept can be used by both start-ups and long-running businesses.
The concept of Marketing Mix 4P-7P
Initially the marketing mix only included four elements, namely product, price, place, and promotion. However, in its development there are various modifications of the elements of the experts.
One of the most widely known developments in the marketing mix concept is the Marketing Mix 7P. This concept was introduced by Booms and Bitner which contained four 4P elements plus three new elements, namely physical evidence, people, and process.
Here is a complete explanation of the seven main elements of the 7P marketing mix:
1.Product
Products are anything that is produced to meet people’s needs, can be in the form of services, goods, or virtual products. In this digital age, products are not limited to physical products or services. You can also create virtual products such as websites, applications, and the like.
2. Price
Price is the amount of money spent by consumers to use your product. A price that is too low can jeopardize business continuity. On the other hand, prices that are too high will also discourage buyers.
3. Place
Place is the physical location where a business or distribution channel operates to reach the target market. A business needs an ideal sales location to reach your target market easily.
4. Promotion
Promotion is any effort to increase brand awareness and product sales. Promotion can be done using a variety of media, from websites, social media, newspapers, radio, television, digital ads, online media, online videos, to podcasts.
5. Physical Evidence
Physical evidence or physical evidence is not limited to physical products. Physical products are just one of many physical evidences. Physical evidence can be in the form of logos, brochures, souvenirs, access to contact customer service, employee uniforms, events, and official websites.
6. People
People referred to here are the human resources that run the business, from directors to staff. Human resources are the most important asset in your business. Choosing the wrong human resources can be fatal for your business.
7. Process
Process is a procedure, mechanism, or flow that consumers need to do to use your service. For convenience, the process is the customer’s experience from the beginning of knowing your product until he makes a purchase.