Marketing is almost always defined as the activities that a company conducts to promote the purchase of a product (good or service) by consumers. While marketing may seem simple and easy, a lot of work actually goes into ensuring that this is successful. For instance, a product may be excellent, but advertisements that fail to reach the target consumers will likely result in lack of interest in the product. In order to ensure the success of a product, companies use a model known as the marketing mix. The marketing mix can be described as a set of tools that companies use to ensure that the objectives of bringing a product to the target market are attained. In other words, the marketing mix helps a company formulate the right strategy when bringing a product to a market.
The original marketing mix was composed of 4 Ps, namely Product, Price, Promotion, and Place).
Product. The first component of the marketing mix is the product, which is a good or service that satisfies a need. As an essential part of the business model, product can be tangible (i.e. a good such as food or clothing) or intangible (i.e. a service such as haircut or plumbing). While product directly refers to the actual good or service, it also involves other features such as quality, packaging, design, branding, warranties, and guarantees among others. For this post, we will use haircut as the product and young professionals as the target market.
Place. Place refers to the methods of distribution of the product. For instance, more traditional methods of distribution include retail locations, storefronts, and delivery. On the other hand, the rise of digital media has yielded new distribution methods, such as downloading and streaming for digital products (e.g. music and videos). When determining the place, it is necessary to identify where your target market can easily access your product—this is important for your market segmentation. For example, your salon should be located in a place where young professionals gather such as in central business districts, trendy malls, or downtown mixed-use developments.
The marketing mix was later expanded to become the 7 Ps by adding People, Process, and Physical Evidence. The modified marketing mix was specifically adapted for service industries, since the additional components are essential features of services.
People. This component refers to people directly related to the business such as those who manufacture the goods, those who render the services, and those who manage the daily operations. The success of a business greatly relies on the competence of the people behind it. Personnel should have the knowledge, skills, and experience necessary for carrying out their duties and responsibilities. People who believe in the business and its product are especially important in optimizing operations. In the example provided, key people include receptionists, managers, assistants, makeup artists, SEO article writers, and skilled hairstylists among others.
Physical Evidence. Physical evidence refers to the physical elements that are part of or result from providing the product. Even if the product is intangible such as in the case of a service, there still are physical evidence involved such as the place where the service is rendered, materials used, facilities, furniture, and even invoices and receipts. However, physical evidence may also involve less concrete aspects such as interior design, layout, and aesthetics. For example, a hair salon primarily provides services, but its physical evidence include the completed haircut, the tools and equipment used by its personnel, and the salon itself. Physical evidence can also be used to win over consumers, such as in the case of creating an environment that appeals to the target market. For example, a sleek, modern, comfortable, and luxurious design for a salon perfectly fits with the expectations of young professionals.
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The marketing mix is an excellent tool for developing strategies. However, it is important to note that what goes into each component of the marketing mix depends on the product and the target market. Therefore, knowing what your product is and who your customers are is essential for developing the full marketing mix.
There are plenty of reasons why marketing is already a vast field in and of itself. Unlike more "traditional fields," however, the nature of marketing relies on ever-evolving social dynamics; what was relevant a few years ago surely would not prove to be as effective a year from now. Ask any marketing graduate and you'll surely be overwhelmed with their answer. And correspondingly, not because someone is a marketing professional does it mean that his degree is enough. It simply means he continued studying marketing's ever-changing nature. But like more traditional fields, the principles remain the same. If you are currently majoring in marketing and clueless as to how to start your marketing research paper or marketing essay writing task, enlist the assistance of expert writers here at CustomEssayMeister, the premier online writing service help. The custom written marketing paper that you will receive shall surely serve as guide you in the future. Do not hesitate to place your order.