Core Marketing Mix Components
Product
Product strategies are a lot more than developing product features and specifications. All of the diverse components that make up the entire value-added offering, including items such as warranties, after-sales service, packaging design, and branding tactics, are essential parts of the product strategy. It is strongly aligned with the target market and is the heart of the 4 Ps, as it links segmentation and positioning with the marketing mix strategies.
Price
The price component of the marketing mix entails a lot more than the listed price and how it's derived. Pricing strategy plays a crucial role in supporting the positioning of a product and creating perceived value. It also includes developing long-term pricing strategies, such as skimming and penetration pricing, as well as short-term pricing tactics, such as loss leader. Implementing the most effective combination is highly intricate and essential for optimal results.
Place
Place refers to the channels through which products or services are available to consumers, with the traditional examples obviously being online and in-store. Modern examples also include channels such as automated retail, for example the rise of vending machines worldwide for a large variety of small electronic products. The goal is to deliver channels that are accessible, convenient, and aligned with the type of offering, to provide a highly satisfying consumer experience.
Promotion
Many organizations focus on traditional advertising and more recently, social media, but the promotional mix in marketing is made up of six essential components, which are:
- Mass Advertising
- Sales Promotions
- Public Relations
- Personal Selling
- Direct Marketing
- Internet Marketing